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

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

What is meant by privatization?

Explain three contingent functions of money.

Define money.

What is meant by a Commercial Bank?

What does the Law of Supply state? List two assumptions of this Law.

What do you understand by supply? How does it differ from stock?

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

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.

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

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.

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

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

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

How does a Central Bank act as a custodian of foreign exchange reserve?

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

What is meant by creeping inflation?

Define Monopoly. Give an example.

What is meant by regressive taxation?

State any two factors which determine capital formation in a country

Mention two adverse effects of mining on the environment.

State two ways in which the government can promote economic development.

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.

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

With suitable examples explain three important classifications of labour

Explain any four special characteristics of labour.

Explain briefly four problems of public sector undertakings in India.

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

Explain the following: Open market operations

Explain the following: Bank rate policy

What is meant by Monetary policy?

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

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

Define land. State any three factors which determine the productivity of land.

Explain two factors affecting supply other than price.

What is meant by a demand deposit?

How does money act as a measure of value?

Draw and briefly explain a perfectly elastic supply curve.

What is meant by Joint demand? Give an example.

Demand is inversely related to price. Explain.

Differentiate between current and savings deposits.

Identify and define the degree of price elasticity of supply from the diagram for the supply curves S₁, S₂, S₃, S₄.

Explain clearly how indirect taxes can be both regressive and progressive.

Give two reasons why indirect taxes are important in developing countries.

Classify the following into direct and indirect taxes

1. Custom duty
2. Professional tax
3. Income tax
4. Entertainment tax

Mention three important differences between direct and indirect taxes.

What are indirect taxes?

Explain clearly four differences between a Central Bank and a Commercial Bank.

Explain the following arguments favouring privatization:

1. Greater flexibility in decision making.
2. Better utilization of resources.
3. Greater employment opportunities.

What is privatization?