Introduction — Economics STD 12 Humanities & Commerce — Question

CRR and SLR are the two components of LRR. (True/ False)

Giving reasons, state whether the following statements are true or false.
In a closed economy, gross national product is always equal to gross domestic product.

Giving reasons, state whether the following statement are True or False.
When price of factor input falls, supply curve shifts rightward.

Giving reasons, state whether the following statements are true or false.
Real GDP includes domestic income at current prices.

Giving reasons, state whether the following statements are true or false.
Economy can never operate outside PPC with the given resources and technology.

Giving reasons, state whether the following statements are true or false.
When demand curve is Rectangular hyperbola, ED > 1.

Giving reasons, state whether the following statements are true or false:
Both depreciation and devaluation of domestic currency have the same meaning.

Giving reasons, state whether the following statements are true or false.
When the quantity of a variable input is increased from 4 to 6 units, the total output increases from 85 units to 105 units. The marginal product of the variable input is 20 units.

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.

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