The theory of the firm under perfect competition — Economics STD 12 Humanities & Commerce — Question

Giving reasons, state whether the following statement are true or false.
A firm gets maximum profits only if difference between average revenue and average cost is the maximum.

Giving reasons, state whether the following statements are true or false:
When TR is maximum, MR is also maximum.

Giving reasons, state whether the following statements are true or false.
Gross domestic capital formation is always greater than gross fixed capital formation.

Giving reasons, state whether the following statements are true or false.
An indifference curve (IC) is convex to the origin because of increasing MRS_xy.

Giving reasons, state whether the following statements are true or false.
Market price is always more than factor cost.

Giving reason, state whether the following statement are true or false.
Foreign exchange received on account of export of sugar will be recorded in current account.

Purchase of government securities by the central bank in the open market is an appropriate policy to check depression in the economy. (True/ False)

Total product always increases whether there is increasing returns or diminishing return to a factor.

Giving reasons, state whether the following statements are true or false.
Income tax paid is not a part of national income.

Giving reasons, state whether the following statements are true or false.
Exports are a part of net factor income from abroad.