Determination of Income and Employment — Economics STD 12 Humanities & Commerce — Question

What does cost mean in economics?

When is there a deficit in the balance of trade?

OR

What does a deficit in balance of trade account indicate?

If the price of a substitute(Y) of good X increases, what impact does it have on the equilibrium price and quantity of good X?

Define the term ‘tax’.

Because of product differentiation under monopolistic competition, price tends to be higher than what it ought to have been in real terms and hence consumers suffer. How?​​​​​​​

Why are receipts from taxes categorised as revenue receipts?

If it is given that the total variable cost for producing 15 units of output is 3000 and for 16 units is Rs. 3,500. Find the value of Marginal Cost.

If compensation of employees in a firm constitutes 65% of net value added at factor cost of a firm, find the proportion of operating surplus.

Will the following items be included or not in National Income of India? Give reason for your answer.
Purchase of books for children by parents.