Introduction — Economics STD 12 Humanities & Commerce — Question

Is deficit budget a sign of government inefficiency?

The cost of an ice-cream is ₹ 20. Akanksha who likes ice-cream, has already consumed 4 ice-creams. Her Marginal Utility is 4 of one rupee. Should she consume more ice-cream or should she stop the consumption?A consumer attains equilibrium, when

Define microeconomics.

Giving reason, state whether the following statement are true or false:
Real GDP = Nominal GDP.

Explain any two factors that affect the price of elasticity demand.

OR

How do the following affect the price elasticity of demand?

1. Number of substitutes available for the good.
2. Proportion of income spent on the good.
3. Nature of the good.

Where is 'borrowings from abroad' recorded in the Balance of Payments Accounts? Give reasons.

How does the imposition of a unit tax affect the supply curve of a firm?

Complete the following table:

Units of Labour	TP	MP	AP
0	0	-	0
1	-	-	20
2	-	-	26
3	66	-	-
4	-	19	-
5	-	-	4

Explain what happens to losses in the long run if the firms are free to leave the industry.

In India, inflation is rising day-by-day, it is the matter of concern for the government. Explain how RBI helps in controlling inflation?