Money and Banking — Economics STD 12 Humanities & Commerce — Question

Assume the marginal product for a particular good is constant. Describe the shape of the total product function that would accompany it.

A farmer invests his own saving in doing farmings but hires labour to do work. Identify implicit cost.

Define intermediate goods.

Give two examples of services included in Balance of Payment account.

OR

Name two invisible items of the BoP Alc.

Define normative economics.### Define normative economics, with a suitable example.

Will the following items be included or not in National Income of India? Give reason for your answer.
Free uniforms supplies to nurses in a hospital.

Define a commercial bank.

Ms Pratima decided to go for higher studies after her graduation rather than opting for a job. What will be her opportunity cost of going for studies.

Define revenue deficit.

What is meant by the law of demand?