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

State the law of diminishing marginal utility.

Categorize the following items into Revenue and Capital Receipts.
Statement-Profits of public sector undertakings.

Draw TC, TFC and TVC curves in a single diagram.

Define short run production function.

When does a demand curve shift?

Define ‘equilibrium price’.

Due to rise in price of the commodity x, the demand of commodity y also rises. What type of commodity they are?

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.

Categorize the following items into Revenue and Capital Expenditure.
10% shares purchased by the government in a private company.

Give reasons for the following statements:

1. A Production Possibility Frontier is always a downward sloping concave curve.
2. An efficient economy would always produce a combination of goods that lies on the given Production Possibility Frontier.
3. Growth of an economy is represented in the form of a rightward shift of a Production Possibility Frontier.