Production and cost — Economics STD 12 Humanities & Commerce — Question

Giving reasons, state whether the following statements are true or false:
If the supply curve is a vertical straight line, change in demand will not affect equilibrium price.

Giving reasons, state whether the following statements are true or false.
Under diminishing returns to a factor, total product continues to increase till marginal product reaches zero.

Minimum level of expenditure is dependent of the level of income in the economy. (True/ False)

Income earned by foreigners working in branch of a foreign bank in India is a part of the domestic factor income of India.

Giving reasons, state whether the following statements are true or false:
When income of buyers increase, equilibrium price falls.

Giving reasons, state whether the following statement are true or false.
When marginal revenue falls to zero, average revenue becomes maximum.

Which of the following statements are true or false?
An economy cannot operate on any point outside the Production Possibility Curve.

Scarcity of resources arises only in poor countries. (True/ False)

The concept of normal resident applies to individuals only.