Market Equilibrium — Economics STD 12 Humanities & Commerce — Question

State whether the following statement is true or false:
‘‘Expected obsolescence is included in depreciation.’’

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 statements are true or false.
When there are diminishing returns to a factor, total product always decreases.

Commercial banks are the principal suppliers of money in India. (True/ False)

Supply curve slopes downwards from the right to the left. (True/ False)

When in order to buy 1 US dollar ₹ 65 are needed instead of ₹ 60 earlier, domestic currency shows appreciation. (True/ False)

Giving reasons, state whether the following statements are true or false.
If marginal product rises, average product must also rise.

Fiscal Deficit = Total expenditure - Total receipts (True/ False)

The demand of a commodity becomes elastic if its substitute good is available in the market. (True/ False)

State giving reasons, whether the following statements are true or false:
As soon as Marginal Cost starts rising, Average Variable Cost also starts rising.