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Economics 3 Marks Question

Introduction · Rajasthan Board (RBSE) STD 12 Humanities & Commerce (Rajasthan - English Medium). 8 questions.

Questions

3 Marks Question

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8 questions · self-marked practice — reveal the answer and mark yourself.

Question 13 Marks
With the help of suitable example explain the problem of ‘for whom to produce’.
Answer
Goods and Services are produced for those who have the purchasing power or income to buy those goods and services. Therefore, the problem of ‘for whom to produce’ amount to the problem of distribution of income in the society.
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Question 23 Marks
Distinguish between microeconomics and macroeconomics. Give examples.
Answer
Micro economics deals with behaviour of individual economic agents. Macro economic deals with aggregates of the economy.
Examples:-
Micro Eco: Consumer’s equilibrium, etc.
Macro Eco: National Income, etc.
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Question 33 Marks
Explain the problem of ‘what to produce’.
Answer
The economy can produce different possible combinations of the goods and services from the given resources.
The problem is that which of these combinations should the economy produce. This is the problem of choice. If more of one good is produced, then lesser resources are left for producing other goods.
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Question 43 Marks
Explain any two main features of a centrally planned economy.
Answer
  1. Production or allocation of resources through planning.
  2. Distribution of goods and services through planning.
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Question 53 Marks
Which of the following subjects fall under microeconomics and which ones are macroeconomics?
  1. Price determination of a commodity.
  2. Determination of general price level.
  3. Demand of a consumer for clothing.
  4. The problem of unemployment in the economy.
  5. Rate of economic growth of a country.
  6. Determination of the equilibrium level of national income.
  7. Deficit in the balance of payments of a country.
  8. Allocation of resources among different resources.
Answer
  1. Microeconomics.
  2. Macroeconomics.
  3. Microeconomics.
  4. Macroeconomics.
  5. Macroeconomics.
  6. Macroeconomics.
  7. Macroeconomics.
  8. Microeconomics.
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Question 63 Marks
Giving reason, classify the following into capital goods and consumer goods.
  1. Ice-cream purchased by a consumer.
  2. Plant and machinery of XYZ company.
Answer
  1. Ice-cream purchased by a consumer is a consumer good.

Reason: Here, ice-cream is purchased for the direct satisfaction of human wants.

  1. Plant and machinery of XYZ company is a capital good.

Reason: XYZ company uses plant and machinery in the process of production to produce final products.

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Question 73 Marks
Define consumption goods and what are its categories.
Answer
Consumption goods are those which satisfy the wants of the consumers directly. For example, cars, television sets, bread, furniture, air-conditioners, etc. Consumption goods can further be sub divided into the following categories:
  1. Durable goods: These goods have an expected life time of several years and of relatively high value. They are motor cars, refrigerators, television sets, washing machines, air-conditioners, kitchen equipments, computers communication equipments etc.
  2. Semi-durable goods: These goods have an expected life time of use of one year or slightly more. They are not of relatively great value. Examples are clothing, furniture electrical appliances like fans, electric irons, hot plates and crockery.
  3. Non-durable goods: Goods which cannot be used again and again, i.e., they lose their identity in a single act of consumption are known as nondurable goods. These are foodgrains, milk and milk products, edible oils, beverages, vegetables, tobacco and other food articles.
  4. Services: Services are non-material goods which satisfy the human wants directly. They cannot be seen or touched, i.e., they are intangible in nature. These are medical care, transport and communications, education, domestic services rendered by hired servants, etc.
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Question 83 Marks
'All producer goods are not capital goods'. Do you agree?
Answer
Yes, I agree that all producer goods are not capital goods, because producer goods includes:
  1. Goods which are used as raw material like wood, used to make furniture.
  2. Goods which are used as fixed assets like plant and machinery.
Capital goods include only fixed assets of the producers. These are durable goods. On the other hand, goods used as raw material are not capital goods as these are not repeatedly used in the process of production. Thus, all producers goods are not capital goods.
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