Production and cost — Economics STD 12 Humanities & Commerce — Question

Any statement about demand for a good is considered complete only when the following is/ are mentioned in it: (Choose the correct alternative)

1. Price of the good.
2. Quantity of the good.
3. Period of time.
4. All of the above.

Budget is placed before:

1. Lok Sabha.
2. Rajya Sabha.
3. Both Lok Sabha and Rajya Sabha.
4. Parliament.

Potato chips and popcorn are substitutes. A rise in the price of potato chips will .............. the demand for popcorn and the demand of potato chips will

1. Increase; increase.
2. Increase; decreases.
3. Decrease; decrease.
4. Decrease; increase.

________ cost is zero at zero level of production and change with the change in level of output.

1. Fixed.
2. Variable.
3. Implicit.
4. All of these.

The points outside the budget line of two goods (X and Y) are:

1. Unavailable points.
2. Unattainable points.
3. Attainable points.
4. All of these.

Scholarship is an example of:

1. Grant.
2. Transfer payment.
3. Subsidies.
4. Capital formation.

Gross Investment = Net Investment + ______.

1. Net Indirect Tax.
2. Reserve.
3. Depreciation.
4. None of these.

According to law of diminishing marginal utility, while eating cake the satisfaction derived from the second slice of it consumed is:

1. Greater than the consumption of first slice.
2. Less than the consumption of first slice.
3. Not comparable to that from the first.
4. Equal to that from the first.

The duration of a financial year in India is -

The economy in which all important decisions are taken by the government is called -