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Worksheet: Introduction- 1 | Economics Class 12 - Commerce PDF Download

Very Short Answer/Objective Type Questions

 Q1:  Define macroeconomics.

Q2: Which of the following is not a stock variable?
(a) Changes stock  
(b) capital    
(c) money supply    
(d) All of the above

Q3: Who wrote the book General theory of employment and interest?

Q4: ____ variables measured over a period of time.

Q5: Measurement of National income is part of ____ economics.

Q6: Intermediate goods are :
(a) Purchased by firm
(b) They are non-durable nature
(c) Meant for further process of production
(d) All of the above

Q7: Interest is the reward for land as factor of production.

Q8: Define capital goods.

Q9: Give two examples of consumer durables.

 Short Answer Questions

Q10: What is meant by double counting? How can it be avoided?

Q11: Distinguish between intermediate and final goods. Why is the value of final goods not included in national income?

Q12: Distinguish between domestic income and national income

Q13: Distinguish stock and flow variable.

Q14: Machine purchased is always a final good. Do you agree? Explain

 

Long Answer Questions


Q15: Define circular flow of income. Using a flow chart, explain the flow of income in a two sector economic model with financial sector.

Q16: Describe the four major sectors in an economy according to the macroeconomic point of view.

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