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

_________ is an economic agent who consumes final goods and services to fulfil his basic needs.

Money received from the sale of product is called _________.

____________ is the addition to the total utility as consumption is increased by one more unit of the commodity.

Price Elasticity of Supply is always _______ due to direct relationship between price and quantity supplied.

___________ refers to the maximum price of a commodity lower than equilibrium price at which the seller can legally sell their product.

In case of excess demand, central bank should _______ the bank rate.

Macroeconomics theory is also known as the theory of _________.

The cause of upward movement along a supply curve is _______.

In India, the Constitution requires the Central Government to prepare 'Annual Financial Statement', i.e. government budget for the country as a whole. In India, ________ department of government prepares annual budget statement.

1. RBI.
2. income tax.
3. accounts.
4. finance.

Fill in the blank with the suitable definition.
Effective demand is defined as ________.