Government Budget and Economy — Economics STD 12 Humanities & Commerce — Question

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

Giving reasons, state whether the following statements are true or false:
Average propensity to save is always greater than zero.

Giving reasons, state whether the following statement are True or False.
Ceteris paribus, if price rises, quantity supply of goods will fall.

A good can be an intermediate goods in one case and a final goods in another case.

Giving reasons, state whether the following statement are True or False.
If supply curve touches X-axis, elasticity of supply is greater than one?

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.

The demand for a commodity always increases with increase in the prices of other goods. True or false?

When S > I, level of income and employment tends to shrink. (True/ False)

Giving reasons, state whether the following statements are true or false:
Value of investment multiplier varies between zero and infinity.

Giving reasons, state whether the following statement are true or false:
When there are diminishing returns to a factor, marginal product and total product both always fall or diminish.