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Scanner Chapter -1 & 2- Introduction (Macro Economics) - Notes | Study Economics Class 12 - Commerce

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Introduction (Macro Economics)

Q.1. Define Macro economics.

Q.2. Give two examples of Macro economics and two examples of micro economics.

Q.3. State related branch of economics for 

  • Cotton Textile Industry 
  • Price determination of a commodity

Q.4. Why is study of the problem of unemployment in India considered a macro economic study?

Q.5. Give two examples of the study of aggregates of the economic system.

Q.6. Is Study of problems of agricultural labour in India a macroeconomics study?

Q.7. Is Study of wages of Computer engineers in India a microeconomics study?

Q.8. State whether the following are Stock or Flow Variables.

  • Population                  
  • Wealth
  • No. of Birth                
  • Cement Production
  • Investment                
  • Expenditure on food by household
  • Deposit in saving account of a Bank

Q.9. What are stock variables?  (1 mark)

Q.10. Define flow variable.   (1 mark)

Q.11. Distinguish between stocks and flows. Give two examples of each.   (4 marks)

Q.12. Flow of Goods & services and factors of production across different sectors in a barter economy is known as:  (1 mark)

Scanner Chapter -2

Q.1. What is the principle of circular flow of income and product?

Q.2. Describe the four major sectors in an economy according to the macro economic point of view.

Q.3. Why should the aggregate final expenditure of an economy be equal to the Aggregate factor payment?

Q.4. Distinguish between stock and flow. Between net investment and capital which is stock and which is flow? Compare it with flow of water into the tank.

General Questions

Q.1. Give an example of money flow from household and firm to govt. and govt. to household and producing sector.

Q.2. State whether the following are Stock or Flow Variables.

  • Exports and imports
  • Distance between delhi and Lucknow
  • Speed of a car
  • Amount of capital
  • Capital formation / Investment
  • Total money supply
  • Changes in Money supply
  • Total number of houses in a city
  • Construction of houses during a year
  • Monetary Expenditure
  • Hundred rupee note
  • Service of Tutor
  • Machinery of Sugar Mill
  • No. of birth

Q.3. Write an equation corresponding to a circular flow model which shows national income of a country.

Q.4. Explain how national income and national products are identical in a circular flow model.

Q.5. Explain 

  • how income flows?
  • how the flow of income is circular?

Q.6. Give the alternative name of Macro economic theory.

Q.7. What are the two main problems studied in macro economics?

Q.8. Define say’s law of market.

Q.9. Household and Firm depend upon each other in the circular flow of income. Justify with two sector model.

Q.10. Circular Flow model establishes the equality between production, income and
expenditure. Explain.

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