Economics

What is meant by urbanization

Economic Applications (10)

What is meant by urbanization? Explain four impacts of urbanization on the environment.

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Define efficiency of labour

Economic Applications (10)

Define efficiency of labour. Briefly explain the impact of technology on efficiency of labour.

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Define a Perfect market

Economic Applications (10)

Define a Perfect market. Explain any four features of a Perfect market.

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An increase in the rate of tax with an increase in income

Economic Applications (10)

State whether the following statements are true or false. Give reasons. An increase in the rate of tax with an increase in income is called proportional tax.

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Savings is essential for capital formation

Productive Mechanism (10) Economic Applications (10)

State whether the following statements are true or false. Give reasons. Savings is essential for capital formation.

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When change in demand is greater than the change in price

Economic Applications (10)

State whether the following statements are true or false. When change in demand is greater than the change in price, it is a case of inelastic demand.

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In a perfectly competitive market producers are price makers

Economic Applications (10)

State whether the following statements are true or false. Give reasons. In a perfectly competitive market producers are price makers.

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Inflation has a favourable effect on producers

Economic Applications (10)

State whether the following statements are true or false. Give reasons. Inflation has a favourable effect on producers.

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Define division of labour

Economic Applications (10)

Define division of labour. Explain one benefit of division of labour.

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Name the market in which there is a single buyer and many sellers

Economic Applications (10)

Name the market in which there is a single buyer and many sellers. Give an example.

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State any two factors which determine capital formation

Economic Applications (10)

State any two factors which determine capital formation in a country

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Explain: Incidence

Banking (10)

Explain the meaning of the following term: Incidence

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Define the term Entrepreneur

Productive Mechanism (10)

Define the term ‘Entrepreneur’. Discuss three ways by which an entrepreneur promotes economic growth.

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Involuntary unemployment

Explain the meaning of the following: Involuntary unemployment.

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Full employment

Explain the meaning of the following: Full employment

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Explain the overdraft facility given by banks

Explain the overdraft facility given by banks.

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If the price of a commodity increases by 50% and its supply increases by 25%

Economic Applications (10)

If the price of a commodity increases by 50% and its supply increases by 25% then calculate the price elasticity of supply following the percentage method. Identify the degree of price elasticity.

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Explain the meaning of contraction in demand and extension in demand

Economic Applications (10)

With the help of appropriate diagram, explain the meaning of contraction in demand and extension in demand.

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What is meant by product differentiation

Economic Applications (10)

What is meant by product differentiation? To which market is it relevant? Explain three features of this market.

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Explain how Commercial banks provide credit facilities

Economic Applications (10)

Explain how Commercial banks provide credit facilities through the methods given below:

  1. Cash Credit
  2. Loan
  3. Over Draft facility

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