Plus Two Economics Chapter Wise Questions and Answers Chapter 5 Market Equilibrium

Students can Download Chapter 5 Market Equilibrium Questions and Answers, Plus Two Economics Chapter Wise Questions and Answers helps you to revise the complete Kerala State Syllabus and score more marks in your examinations

Kerala Plus Two Economics Chapter Wise Questions and Answers Chapter 5 Market Equilibrium

Plus Two Economics Market Equilibrium One Mark Questions and Answers

Question 1.
Complete the statement given below. Free entry and of firms imply that the market price will always be equal to ……………
Answer:
Minimum average cost (P = Min. AC)

Question 2.
Choose the correct answer. The imposition of price ceiling below the equilibrium price leads to ……….
Answer:
Excess demand

Question 3.
Market equilibrium of a commodity shows,
(a) excess demand
(b) quantity demanded greater than quantity supplied
(c) quantity demanded equals quantity supplied
(d) excess supply
Answer:
(c) quantity demanded equals quantity supplied

Question 4.
When there is increase in demand, the demand curve.
(a) shifts reight ward
(b) shifts leftward
(c) shifts downward
(d) remains constant
Answer:
(a) shifts reight ward

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Question 5.
The government imposing upper limit on the price of a good or service is called:
(a) price floor
(b) price ceiling
(c) equilibrium price
(d) fair price
Answer:
(b) price ceiling

Plus Two Economics Market Equilibrium Two Mark Questions and Answers

Question 1.
At what price – higher or lower than the equilibrium price, there will be excess demand?
Answer:
When the market price is lower than the equilibrium price, there will be excess demand.

Question 2.
Make pairs.
Price floor, below equilibrium price, above equilibrium price, price ceiling
Answer:

  • Price floor – above equilibrium price.
  • Price ceiling – below equilibrium price.

Question 3.
Point out the consequences of price ceiling.
Answer:

  1. Black marketing
  2. Malpractices by fair price shops
  3. Sale of inferior quality goods.

Question 4.
What do you mean by control price?
Answer:
Fixation of price of a commodity at a lower level than equilibrium price is called control price. Control price is determined to protect the interest of the consumers.

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Question 5.
Market equilibrium of apple is given below in the diagram below.

  1. Define market equilibrium
  2. Find out the market price and equilibrium quantity

Plus Two Economics Chapter Wise Questions and Answers Chapter 5 Market Equilibrium img1
Answer:

  1. market equilibrium is a situation where quantity demanded is exactly equal to the quantity supplied.
  2. The price of apple is ₹40 and the equilibrium quantity is 30kg.

Plus Two Economics Market Equilibrium Three Mark Questions and Answers

Question 1.
Match the following.

A B
Price lower than equilibrium price Excess demand
Equilibrium price Excess supply
Price higher than equilibrium price Demand = Supply

Answer:

A B
Price lowerthan equilibrium price Excess supply
Equilibrium price Demand = Supply
Price higher than equilibrium price Excess demand

Question 2.
The demand function and supply function of a product are given as qD = 60 – P for 0 = P = 60 qS = 30 + P for P > 10 Calculate equilibrium price.
Answer:
The demand and supply functions are given as
qD= 60 – P for 0 = P = 60
qS = 30 + P for P > 10
Equilibrium price is considered as the price at which quantity demanded is exactly equal to quantity supplied. Therefore we get.
60 – P = 30 + P
60-30 = 2 P
30 = 2P
P = 30/2 = 15
Therefore equilibrium price is ₹15.

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Question 3.
Complete the following statements.

  1. Long-run price under perfect competition will be equal to ……….
  2. Minimum price fixed by government for a product is known as ……….
  3. Maximum price fixed by government for a product is known as ………

Answer:

  1. average cost
  2. floor price
  3. price ceiling

Question 4.
Demand curve for labour is downward sloping. Explain
Answer:
Demand curve for labour is downward sloping indicating that more and more labour is demanded at lower wages. This is due to the operation of declining marginal productivity of labour. Marginal productivity of labodr declines due to the operation of diminishing returns. That is why the demand curve for labour slopes downward.

Question 5.
The market demand function and market supply functions are given as, Find the equilibrium price and equilibrium quantity.
qD = 200 – P for 0 = P = 200
qS = 120 + P for P > 10
Answer:
We find equilibrium price by equating market demand function and market supply functions as shown below.
qD = qS
200-P = 120 + P
2P = 80
P = 80/2 = 40
Therefore equilibrium price is ₹40. Equilibrium quantity is obtained by substituting the equilibrium price into either the demand or supply function equations. Applying the value of price ₹40 in demand equation we have.
qD= 200 – P
qD =200 – 40 = 160
Therefore equilibrium price is ₹40 and equilibrium quantity is 160.

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Question 6.
Prepare a note on market equilibrium.
Answer:
Equilibrium is defined as a situation where the plans of all consumers and firms in the market match and the market dears. In equilibrium, the aggregate quantity that all firms wish to sell equals the quantity that all the consumers in the market wish to buy; in other words, market supply equals market demand. The price at which equilibrium is reached is called equilibrium price and the quantity bought and sold at this price is called equilibrium quantity.

Therefore, qD (P*) = qS (P*) where P* denotes the equilibrium price and qD (P*) and qS (P*) denote the market demand and market supply of the commodity respectively at price P*

Question 7.
Suppose the demand and supply functions of commodity X are given by, Qd = 500 + 3P and Qs = 700 – P Qd = 500 + 3P Qs = 700 – P Find out the equilibrium price and quantity demanded and supplied.
Answer:
Equilibrium price and quantity can be determined by equating the demand and supply functions
Qd = Qs
500 + 3P = 700 – P
4P = 200
\(P=\frac{200}{4}=50\)
Equilibrium price is ₹50. Applying the price in the demand function, we get
500 + 3 × 50
500 + 150 =650
Therefore, equilibrium price is ₹50 and quantity is 650.
Qd = Qs
500 + 3P = 700 – P
4P = 200
\(P=\frac{200}{4}=50\)
Qd = 500 + 3 × 50
= 500 + 150 = 650

Question 8.
The diagram below illustrates the supply and demand for television sets. The original demand curve is D2
Plus Two Economics Chapter Wise Questions and Answers Chapter 5 Market Equilibrium img2
Using the diagram, state the new demand curve (D1 or D3) which will apply after each of the following changes taken place. (The same answer may be used more than once)

  1. A successful advertising campaign for television sets occurs
  2. Income decreases
  3. An increase in the population

Answer:

  1. Demand increases (D2 curve shifts right to D3)
  2. Demand decreases (D2 curve shifts left to D1)
  3. Demand increases (D1 curve shifts right to D3)

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Question 9.
Calculate equilibrium price and quantity based on the following information.
qd= 400 – P (1)
qs= 240 + 3 (p – 4) (2)
Answer:
At equilibrium,
qd = qs
Putting the values,
400 – p = 240 + 3(p – 4)
400 – p = 240 + 3p – 12
400-240 + 12 = 3p + p
172 = 4p
\(p=\frac{172}{4}\)
p =43
Putting p = 43 in the first equation, we get,
qd =400 – 43 = 357 Therefore, equilibrium price = 43 and
equilibrium quantity is = 357 units

Question 10.
The diagram shows relationship between two commodities A and B.

  1. Identify the commodities A and B
  2. Explain what happens to the price and quantity demanded of A when the price of A falls.

Plus Two Economics Chapter Wise Questions and Answers Chapter 5 Market Equilibrium img3
Answer:

  1. A and B are substitutes.
  2. When the price of A falls people will demand more A. So the demand for B will fall. That will result in a decrease in the price of B.

Question 11.
The diagram below shows one of the government intervention programmes in the market.

  1. Identify the programme and calculate the excess supply.
  2. Explain how the government is monitoring the higher price fixed.

Plus Two Economics Chapter Wise Questions and Answers Chapter 5 Market Equilibrium img4
Answer:
1. Minimum price/floor price, 40 unit excess supply.

2. The government announces the minimum price above the market price. As a result of this intervention there occurs excess supply in the market. The government has to remove the excess from the market to maintain the price. So the government store the excess supply in the warehouses and redistribute it at the time of shortage.

Question 12.
Under perfect competition, a market for a good is in equilibrium. There is simultaneous “decrease” both in demand and supply, but there is no change in market price. Explain with the help of a diagram how it is possible.
Answer:
The decrease in demand and supply is the same, and hence the price remain the same. Shows this by drawing appropriate diagram
Plus Two Economics Chapter Wise Questions and Answers Chapter 5 Market Equilibrium img5

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Question 13.
The diagrams below indicate four possible shifts in demand or in supply that could happen in particular markets. Relate each of the events described below to one of them. Also, give reason for the shift.
Plus Two Economics Chapter Wise Questions and Answers Chapter 5 Market Equilibrium img6

  1. How does the lorry strike in Karnataka and Tamil Nadu affect the market for vegetables in Kerala?
  2. People become aware of the fact that Birds Eye Chilly is very much helpful to prevent Cholesterol. What happens to the market for Birds Eye Chilly?
  3. How do you think the rising income affect the market for fish?
  4. A new technique is discovered for manufacturing computer that greatly lowers their production cost. What happens to the market for computers?

Answer:

  1. figure C, supply falls and price rises.
  2. figure A, demand increases and price rises.
  3. figure B, demand increases and price rises.
  4. figure D, supply increases and price falls.

Plus Two Economics Market Equilibrium Five Mark Questions and Answers

Question 1.
Mention the impact of the following.

  1. Imposition of price ceiling below equilibrium price
  2. Imposition of price floor above the equilibrium price

Answer:

  1. Imposition of price ceiling below equilibrium price leads to excess demand.
  2. Imposition of price floor above the equilibrium price leads to an excess supply

Question 2.
Complete the following table to show the impact of simultaneous shifts of demand and supply on equilibrium price and quantity.
Plus Two Economics Chapter Wise Questions and Answers Chapter 5 Market Equilibrium img7
Answer:
Plus Two Economics Chapter Wise Questions and Answers Chapter 5 Market Equilibrium img8

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Question 3.
What will happen if the price prevailing in the market is?

  1. above the equilibrium price
  2. below the equilibrium price.

Answer:
1. If the price prevailing in the market is above equilibrium price, supply will exceed demand. Under such a situation some firms will not be able to sell their desired quantity; so they will lower their price. All other things remaining constant as price falls quantity demanded rises quantity supplied falls, and finally equilibrium price P* will be restored. At P* quantity demanded will be equal to quantity supplied.

2. If the price prevailing in the market is above equilibrium price, demand will exceed supply. Under such a situation some consumers will be ready to pay more prices to get the commodity. This will tend to increase the price. All other things remaining constant as price rises quantity demanded falls, quantity supplied rises, and finally, equilibrium price P* will be restored. At P* quantity demanded will be equal to quantity supplied.

Question 4.
Draw distinction between floor pricing and price ceiling.
Answer:
Floor price means minimum price. Floor price is fixed to protect producers like farmers from price crashes. It ensures a remunerative price to producers. In India, floor prices are fixed for a variety of agricultural commodities like paddy, wheat, coconut, rubber etc.

On the other hand, price ceiling mean maximum price. It is the maximum price fixed by the government. The aim of price ceiling is to protect consumers. Government fixes price ceiling for essential products and medicines to protect the interests of the consumers.

Question 5.

  1. Identify the situations depicted in the following figures in panel A and B.
  2. Why do such policies are followed and explain the impact of such policies?

Plus Two Economics Chapter Wise Questions and Answers Chapter 5 Market Equilibrium img9
Answer:
1. PANEL A – Price ceiling PANEL B –Price floor.

2. Price ceiling is fixed below equilibrium price. Imposition of price ceiling at ‘Pg’ gives rise to excess demand in the market price floor is fixed above equilibrium price. Imposition of floor price at ‘pg’ gives rise to excess supply.

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Question 6.
Mention the factors that cause shift in the supply curve.
Answer:
The factors that cause shift in the supply curves are:

  1. The change in the number of firms
  2. The change in the price of factor inputs
  3. Change in production technology
  4. Change in the prices of related goods
  5. Change in production tax.

Question 7.
How will a change in price of coffee affect the equilibrium price of tea? Explain the effect on equilibrium quantity through a diagram.
Answer:
Coffee and tea are substitutes. If prices of coffee are increased then its demand will decrease and demand tea would increase.lt will shift the demand curve of tea upwards. The equilibrium price and quantity will increase. This is shown in the following diagram.
Plus Two Economics Chapter Wise Questions and Answers Chapter 5 Market Equilibrium img10
In the diagram, when the price of coffee increased then the demand for tea increases. This has resulted in equilibrium price and quantity of tea.

Question 8.
How is price determined in labour market?
Answer:
The price of labour is determined by the forces of demand and supply of labour. The households are the suppliers of labour and demand for labour comes from firms. Labour means the hours of work provided by labourers. The wage rate is determined at the intersection of the demand and supply curve of labour.

The firm being a profit maximiser will always employ labour up to the point where the extra cost it incurs for the last labour is equal to the additional benefit he earns from employment that labour. The extra cost of hiring one more labour is the wage rate. For each extra unit of labour, he gets a benefit equal to marginal revenue product of labour.

Thus firm employs labour up to a point where: W = MRPL Where MRPL = MR x MPL As long as MRPL is greater than the wage rate the firm will earn more profit by hiring one more labour and if at any level of labour employment MRPL is less than the wage rate the firm can increase here profit by reducing labour employed.

Plus Two Economics Chapter Wise Questions and Answers Chapter 5 Market Equilibrium img11

Question 9.
Prepare a table showing differences between price ceiling and price floor.
Answer:

Price ceiling Price floor
Upper limit set by the government for some commodities Lower limit set by the government for some commodities
Imposed on essential goods such as wheat, rice etc. Agricultural goods, workers etc. are benefitted
To maintain price ceiling, fair price shops may be opened To maintain price floor, government needs to buy the excess quantity supplied
Price lower than the equilibrium price Price higher than the equilibrium price
Creation of excess demand Creation of excess supply

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Question 10.

  1. With the help of a diagram show how the wage rate is determind in a free market.
  2. Analyse the impact of an increased entrance of foreign migrant labourers into the labour market.

Answer:
1. The diagram below shows how the wage rate of labour in a free market is determined. DL is the demand for labour and SL is the supply of labour, ‘e’ is the point of equilibrium, ‘ow’ is the wage rate and ‘oq’ is the quantity of labours.
Plus Two Economics Chapter Wise Questions and Answers Chapter 5 Market Equilibrium img12

2. When the foreign migrant labour enters into the labour market, the supply of labour will shift rightward and the wage rate will come down as shown in the figure. ‘ow’ is the original wage rate and ‘OQ’ is the original quantity of labour. ow1 is the new wage rate and OQ, is the new quantity of labourers.
Plus Two Economics Chapter Wise Questions and Answers Chapter 5 Market Equilibrium img13

Question 11.
Suppose we have two equations, one for demand and other for supply.
Demand equation: Qxd = 100 – 10Px
Supply equation : Qxs = 60 + 10Px

  1. Calculate equilibrium price and quantity using the equations.
  2. Construct demand and supply schedules by assigning various prices. Obtain equilibrium price and quantity graphically.

Answer:
1. Equilibrium price =2, equilibrium quantity=80
2. Demand & supply schedules
Plus Two Economics Chapter Wise Questions and Answers Chapter 5 Market Equilibrium img14

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Question 12.
Let us take market of commodity ‘X’, which is in equilibrium. Suppose demand for the commodity increases. Explain the chain of effects of this change till the market again reaches equilibrium. Use diagram.
Answer:
Increase in demand leads to disequilibrium-price in-creases – super profit – new firms enter the industry – or existing firms expand production – increase in output – supply increases – supply curve shifts – the process continue until price returns the to the equilibrium level. Draws the diagram, and explains the process.
Plus Two Economics Chapter Wise Questions and Answers Chapter 5 Market Equilibrium img16

Plus Two Economics Market Equilibrium Eight Mark Questions and Answers

Question 1.
Observe the following table.
Plus Two Economics Chapter Wise Questions and Answers Chapter 5 Market Equilibrium img17

  1. Find equilibrium price.
  2. Fill the fourth column
  3. Why ₹35 and ₹40 are not equilibrium prices?
  4. Product surplus drives prices up and shortage drives them down. Do you agree?
  5. Draw a diagram of the above table showing the equilibrium price determination

Answer:
1. The equilibrium price is ₹37. At this price both demand and supply are equal.
2.
Plus Two Economics Chapter Wise Questions and Answers Chapter 5 Market Equilibrium img18
3. At ₹35, demand exceeds the supply causing a shortage in the market. At ₹40, supply exceeds demand causing surplus. Therefore, these prices are equilibrium prices.
4. No. I do not agree with this argument.
5.
Plus Two Economics Chapter Wise Questions and Answers Chapter 5 Market Equilibrium img19

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Question 2.
Discuss the impact of the factors mentioned below on equilibrium price and quantity.

  1. shift in demand to right
  2. shift in demand to left
  3. shift in supply to right
  4. shift in supply to left.

Answer:
1. When demand curve shifts to right (increase in demand), there will be increase in equilibrium price and increase in equilibrium quantity. This change is shown in the diagram.
Plus Two Economics Chapter Wise Questions and Answers Chapter 5 Market Equilibrium img20

2. When demand curve shift to left (decrease in demand), both equilibrium quantity and equilibrium price falls. This is shown in the diagram.
Plus Two Economics Chapter Wise Questions and Answers Chapter 5 Market Equilibrium img21

3. When supply curve shift to right (increase in supply), the equilibrium price deceases and the equilibrium quantity increases. This is given in the following diagram.
Plus Two Economics Chapter Wise Questions and Answers Chapter 5 Market Equilibrium img22

4. When supply curve shifts to left (decrease in supply), the equilibrium price increases and the equilibrium quantity decreases. This is given in the following diagram.
Plus Two Economics Chapter Wise Questions and Answers Chapter 5 Market Equilibrium img23

Question 3.
Suppose the demand and supply curves of salt are given by. qD = 1000 – P qS = 700 + 2P

  1. Find the equilibrium price and quantity
  2. Suppose that the price of input used to produce salt has increased so that the supply curve is qS = 400 + 2P How does the equilibrium price and quantity change? Does the change conform to your expectation?
  3. Suppose the government has imposed a tax of 3 per unit of salt. How does it affect the equilibrium price and quantity?

Answer:
1. equilibrium price and quantity
qD = 1000 – P
qS = 700 + 2P
For equilibrium
qD = qS
1000 – P = 700 + 2P
1000 – 700 = 3 P
3P = 300
P = 300/3 = 100
Put the value of P in supply equation
qS = 700 + 2P
qS = 700 + 2×100
qS =700 + 200 = 900
Therefore the equilibrium price = ? 100 and the equilibrium quantity is = 900 units

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2. For equilibrium
qD = qS
1000 – P = 400 + 2P
1000 – 400 = 3P
600 = 3 P
P = 600 / 3 = 200
Put the value of P in demand equation
QD= 1000 – P
QD = 1000  – 200 = 800
Therefore the equilibrium price = ₹200 and the equilibrium quantity is = 800 units This change confirms to our expectations, i.e., rise in input prices raises prices and lowers supply.

3. qD= 1000 – P
qS= 700 + 2P
When ₹3 as tax is imposed on sale of salt the new demand and supply function will change
qD= 1000 – (P + 3)
qS= 700 + (2P +3)
In part A equilibrium price was ₹100 which goes up to ₹103 with imposition of tax
qD = 1000 – (100 + 3) = 1000 – 103 =897
qS = 700 + (2P + 3)
= 700 + 2(100 + 3)
= 700 + 2×103
= 700 + 206 = 906
qD < qS
Therefore, new price and quantity has to be adjusted.

Question 4.
The diagram below shows how the price of wheat is determined in a free market.
a. Show in a seperate diagram the changes on price and quantity demanded of wheat due to the following factors

  1. The price of fertilizers increases.
  2. The price of rice a substitute of wheat increases.

b. Assess the impact of an increased demand for wheat and an increase in its production.
Plus Two Economics Chapter Wise Questions and Answers Chapter 5 Market Equilibrium img25
Answer:
a. price and quantity demanded of wheat.
1. When the price of fertilizers increases the supply of wheat decreases. Its price increases and the quantity falls.
Plus Two Economics Chapter Wise Questions and Answers Chapter 5 Market Equilibrium img26
2. When the price of rice, a substitute of wheat increases people may switch to consume wheat, this will increase the demand for wheat. Its price will increase and quantity also will increase.

Plus Two Economics Chapter Wise Questions and Answers Chapter 5 Market Equilibrium img27

b. When the demand for heat increases its demand curve will shift rightward. When production increases its supply curve will shift rightward as shown in the diagram below.
Plus Two Economics Chapter Wise Questions and Answers Chapter 5 Market Equilibrium img28
Due to these shifts, the quantity will increase anyhow. But the effect on the price will be in different forms. The price may fall, will be constant or even may increase. Whether the price will increase, decrease or remain constant is determined by the respective shifts in demand and supply.

If both demand and supply shift in the same magnitude the price will be the same. If the shift in the demand is more than the supply the price will increase. And if the shift in the supply is more than the shift in the demand the price will fall.

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Plus Two Economics Chapter Wise Questions and Answers Chapter 2 National Income Accounting

Students can Download Chapter 2 National Income Accounting Questions and Answers, Plus Two Economics Chapter Wise Questions and Answers helps you to revise the complete Kerala State Syllabus and score more marks in their examinations

Kerala Plus Two Economics Chapter Wise Questions and Answers Chapter 2 National Income Accounting

Plus Two Economics National Income Accounting One Mark Questions and Answers

Question 1.
GNP – depreciation is called
(a) GDP
(b) NNP
(c) PCI
(d) PI
Answer:
(b) NNP

Question 2.
The GDP deflator is equal to
i) Real GDP-Nominal GDP
Plus Two Economics Chapter Wise Questions and Answers Chapter 2 National Income Accounting img1
Answer:
iii) \(\frac{{ No minal GDP }}{\text { Real GDP }} \times 100\)

Question 3.
NFIA is included in:
(a) NNPFC
(b) NDPFC
(c) GDPFC
(d) All the above
Answer:
(a) NNPFC

Question 4.
Which among the following in a flow concept?
(a) export
(b) wealth
(c) capital
(d) foreign exchange reserve
Answer:
(a) export

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Question 5.
When does net factor income from abroad become negative?
(a) NDP < NNP
(b) NNP < NDP
(c) NDP = NNP
(d) none of the above
Answer:
(b) NNP < NDP

Question 6.
When does GDP and GNP of an economy become equal?
(a) When net factor income from abroad is positive
(b) When net factor income from abroad is negative
(c) When net factor income from abroad is zero
(d) None ofthe above.
Answer:
(c) When net factor income from abroad is zero

Plus Two Economics National Income Accounting Two Mark Questions and Answers

Question 1.
Same job is done by a servant and housewife, whose service is included in the national income calculation? Why?
Answer:
Service of a servant is included in the national income calculation, whereas, the service of housewife is not included in the national income. This is because the housewife is not paid for the service she does.

Question 2.
From the following, classify the material into final goods and intermediary goods. Wheat, Bench, Bread, Wood, Rubber, Tyre.
Answer:

Final Goods Intermediary goods
Bench Wheat
Bread Wood
Tyre Rubber

Question 3.
Distinguish between real flow and money flow?
Answer:
Flow of goods and services from firms to households is called real flow. Factors of production receive reward for their services in the form of money. Households use this money to buy goods and services produced by firms. This flow of money from firms to households and back to firms is called money flow.

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Question 4.
Some variables are given below. Classify them into Stock and Flow

  1. Wealth
  2. Income of a household
  3. Consumption
  4. Capital
  5. Money Supply
  6. Capital formation
  7. Inventories
  8. Saving of a household

Answer:
a. Stock

  • Wealth
  • Inventories
  • Capital
  • Money supply

b. Flow

  • Income of a household
  • Consumption
  • Capital formation
  • Saving of a household

Question 5.
GDP = C + I + G + (X – M) = C + S + T Derive the Budget Deficit and Trade Deficit equations from the above identity.
Answer:
GDP = C + I + G + (X – M) = C + S + T
Budget deficit = G – T
Trade deficit = M – X

Plus Two Economics National Income Accounting Three Mark Questions and Answers

Question 1.
“Transfer payments are not included in the national income calculation”. Do you agree? Justify your answer.
Answer:
Yes. Transfer payments like pension, old age pension, etc. are not included in the national income. This is because they are transfer earnings not generated by any economic activity. These payments are usually made by the government out of tax revenue collected from the public. Since these generated incomes are already included in national income calculation there is no need to include transfer payment in the national income calculation again.

Question 2.
State whether the following are included or excluded in the national income.

  1. purchase of second hand goods
  2. operating surplus
  3. production for self-consumption
  4. interest
  5. windfall gains and loses

Answer:

  1. Purchase of second hand goods – excluded
  2. operating surplus – included
  3. old age pension – excluded
  4. Production for self consumption – excluded
  5. interest – included
  6. windfall gains and loses – excluded

Question 3.
Provide appropriate term.
Plus Two Economics Chapter Wise Questions and Answers Chapter 2 National Income Accounting img2
Answer:

  1. Value added
  2. GNP
  3. NNP
  4. NNPFC

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Question 4.
Point out any 3 uses of national income accounting.
Answer:
The uses of national income accounting are given below.

  1. It shows the distribution of national income among the various factors of production.
  2. National income statistics indicate the contribution of different sectors in the economy.
  3. Structural changes in the economy can be assessed by the national income accounting.

Question 5.
Classify the following under proper heads.
Flow of teacher services, Flow of subsidies and taxes, Flow of factor rewards, flow of finished goods, Flow of consumption expenditure, Flow of import goods.
Plus Two Economics Chapter Wise Questions and Answers Chapter 2 National Income Accounting img3
Answer:

Real Flow Money Flow
Flow of teacher services Flow of subsidies and taxes
Flow of finished goods Flow of factor rewards
Flow of import goods Flow of consumption

Question 6.

  • Does not includes prices of imported goods
  • Weights are different
  • It includes all goods and services
  • Includes prices of imported goods
  • Weights are constant
  • Does not include all goods and services

Answer:
a. Consumer price index

  • Includes prices of imported goods
  • Weights are constant
  • Does not include all goods and services

b. GDP deflator

  • Does not include prices of imported goods
  • Weights are different
  • It includes all goods and services

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Question 7.
Assume that there are three goods produced in an economy and they are sold at different prices in dif-ferent years. Calculate GDP Deflator.
Plus Two Economics Chapter Wise Questions and Answers Chapter 2 National Income Accounting img4
Answer:
Plus Two Economics Chapter Wise Questions and Answers Chapter 2 National Income Accounting img5

Question 8.
Calculate Depreciation, Net Indirect Tax and NNPFC from the below data.
GDPMP = 11300
NDPMP = 10300
NDPFC = 10000
NFIA = 1500
Answer:
1. Depreciation = GDPMP – NDPMP
= 11300 – 10300
= 1000

2. Net Indirect tax = NDPMP – NDPFC
= 10300 – 10000 = 300

3. NNPFC = NDPFC + NFIA
= 10000 + 1500
= 11500

Plus Two Economics National Income Accounting Five Mark Questions and Answers

Question 1.
Find the odd one out. Justify your answer.

  1. GNP, NNP, CSO, GDP
  2. Salary, bonus, GPF, free housing, saving
  3. Smuggling, production of wheat, sale of second-hand goods, services of housewives
  4. Services of teacher, services of engineer, services of lawyer, services of housewife
  5. Unemployment allowances, scholarships, old age pension, support price.

Answer:

  1. C.S.O. Others are national income concepts.
  2. Saving. Others come under compensation to employees
  3. Production of wheat. Others are excluded from national income
  4. Services of housewife. Others are included in the national income calculation.
  5. Support price. Others are transfer payments.

Question 2.
Match the following.

A B
NNP GDP – net factor income from abroad
GNP Personal income – direct taxes
Value added GNP-depreciation
GDP at market prices value of output – intermediate consumption
Disposable income GDP at factor cost – net indirect tax

Answer:

A B
NNP GNP – depreciation
GNP GDP – net factor income from abroad
Value added Value of output- intermediate consumption
GDP at market prices GDP at factor cost – net indirect tax
Disposable income Personal income – direct taxes

Question 3.
Categorize the following into stocks and flows, wealth, salary, food grain stock, foreign exchange reserves, export, gross domestic saving, capital, change in money supply, quantity of money, capital formation.
Answer:

Stock Flow
Wealth Export
Foreign exchange reserves Salary
Food grain stock Gross domestic saving
Capital Change in money supply
Quantity of money Capital formation

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Question 4.
The phase of circular flow of income in a two sector economy is given below.
Plus Two Economics Chapter Wise Questions and Answers Chapter 2 National Income Accounting img6

  1. Complete the diagram.
  2. Explain the process of circular flow

Answer:

1.

Plus Two Economics Chapter Wise Questions and Answers Chapter 2 National Income Accounting img7
2. Circular flow of income:
The concept that the aggregate value of goods and services produced in an economy is going around in a circular way. Either as factor payments, or as expenditures on goods and services, or as the value of aggregate production.

Question 5.
Suppose that in a two sector economy the value of finished goods is equal to ₹100 crore and the income generated as factor rewards is also equal to ₹100 crore. The households spend only ₹80 crore.

  1. What will happen to the circular flow?
  2. Which system can be introduced to correct the circular flow?
  3. Name the leakages and injections.

Answer:

  1. There will be a mismatch between the real flow and money flow in the circular flow. In other words, the flow will be broken.
  2. As a corrective measure, the financial system can be introduced.
  3. The leakages is the difference between the income generates and household spending.

This is saving. The injection are the savings that the households, firms and the government take from the financial institutions as borrowings.

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Question 6.
1. Estimate the NI of India and Pakistan from the data given below.
Plus Two Economics Chapter Wise Questions and Answers Chapter 2 National Income Accounting img8
2. Which method is used here?
3. What are the other methods of measuring national income?
Answer:

  1. National income of India = ₹2885 crore
    National income of Pakistan = ₹1860 crore
  2. The method used here is the product method or value added method.
  3. Income method and expenditure method are the other two method of measuring national income.

Question 7.
What do you mean by GDP deflator? How far GDP deflator differs from Consumer Price Index?
Answer:
The ratio of nominal to real GDP is a well known index of prices. This is called GDP Deflator. GDP deflator differs from Consumer Price Index. The major points of difference are given below.

1. The goods purchased by consumers do not represent all the goods which are produced in a country. GDP deflator takes into account all such goods and services.

2. CPI includes prices of goods consumed by the representative consumer; hence it includes prices of imported goods. GDP deflator does not include prices of imported goods.

3. The weights are constant in CPI – but they differ according to production level of each good in GDP deflator.

Question 8.
Write down some of the limitations of using GDP as an index of welfare of a country.
Answer:
GDP is the sum total of value of goods and services created within the geographical boundary of a country in a particular year. It gets distributed among the people as incomes. So we may be tempted to treat higher level of GDP of a country as an index of greater well-being of the people of that country. But there are at least three reasons why this may not be correct. They are discussed below.

1. Distribution of GDP – how uniform is it:
If the GDP of the country is rising, the welfare may not rise as a consequence. This is because the rise in GDP may be concentrated in the hands of very few individuals or firms. For the rest, the income may, in fact, have fallen.

In such a case the welfare of the entire country cannot be said to have increased. If we relate welfare improvement in the country to the percentage of people who are better off, then surely GDP is not a good index.

2. Non-monetary exchanges:
Many activities in an economy are not evaluated in monetary terms. For example, the domestic services women perform at home are not paid for. The exchanges which take place in the informal sector without the help of money are called barter exchanges.

This is a case of underestimation of GDP. Hence GDP calculated in the standard manner may not give us a clear indication of the productive activity and well-being of a country.

3. Externalities:
Externalities refer to the benefits (or harms) a firm or an individual causes to another for which they are not paid (or penalized). Externalities do not have any market in which they can be bought and sold. Therefore, if we take GDP as a measure of welfare of the economy we shall be overestimating the actual welfare.

This was an example of negative externality. There can be cases of positive externalities as well. In such cases, GDP will underestimate the actual welfare of the economy.

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Question 9.
Assume that GDP in the year 2007 was ₹1,200 which rose to ₹1,800 in 2008. Calculate GDP deflator.
Answer:
GDP deflator = Current year GDP / Base year GDP x 100
= 1800/1200 × 100
= 1.5 × 100
= 1.5 (in percentage terms 150)

Question 10.
Relate and complete the identities/equations in column A with column B.
Plus Two Economics Chapter Wise Questions and Answers Chapter 2 National Income Accounting img9
Answer:
Plus Two Economics Chapter Wise Questions and Answers Chapter 2 National Income Accounting img10

Question 11.
Estimate the Gross National Product at market price and GNP at factor cost through the expenditure method.

Item Amount (in Crores)
Inventory investment 15
Net factor income from abroad 10
Personal consumption expenditure 475
Gross residential construction investment 48
Exports 25
Government purchase of goods and services 175
Gross public investment 15
Gross business fixed investment 38
Imports 12
Net indirect tax 8

Answer:
GNPMP = private consumption expenditure + govt, final consumption expenditure( gross fixed capital formation + change in stock or inventory investment) + net export + net factor income from abroad
= 475 + 175 + 101 (i.e., 48 + 15 + 38) + 15 + 13
= ₹779 crores.
GNPC = GNPUD – net indirect taxes
= 779 – 8 = ₹771 crores

Question 12.
Suppose that in a two sector economy, the value o finished goods is equal to ₹200 crore and the income generated as factor rewards is equal to ₹200 crore. The households spend only ₹180 crore. The remaing 20 crore economy saved then.

  1. Is ₹20 (saving) included in the circular flow?
  2. Which system can be introduced to correct the circular flow?
  3. Is saving leakage or injection.

Answer:

  1. No, saving (₹20) is excluded in the circular flow.
  2. Financial system can be introduced to correct the circular flow.
  3. Yes, saving is a leakage.

Question 13.
Fill in the blanks

  1. GNPMP – ……….. = NNPMP
  2. NNPMP – ………… = NNPFC
  3. GDPFC+ – ………… = GDPMP
  4. GDP + -………….. = GNP

Answer:

  1. GNPMP – depreciation = NNPMP
  2. NNPMP – net indirect tax = NNPFC
  3. GDPFC + net indirect tax = GDPMP
  4. GDP + net factor income from aborad = GNP

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Question 14.
Write down the 3 identities of calculating the GDP of a country by the 3 methods. Also briefly explain why each of those should give us the same value of GDP.
Answer:
Gross National Product (GNP) equals Gross National Income equals Gross National Expenditure, i.e.
GNP = GNI = GNE
These are equal because national income is a circular flow of income. Aggregate expenditure is equal to aggregate output which in turn, is equal to aggregate income. However each method has some different items, yet they show exactly identical results.

Their identity can be shown in the following manner:
Reconciling Three Methods of Measuring Gross

Plus Two Economics Chapter Wise Questions and Answers Chapter 2 National Income Accounting img11

Question 15.
The economic recession of 2008 affected the market economics in general and the US in particular. Thou-sands of Indians working abroad lost their job especially in IT and banking sectors and they returned to India. Evaluate its consequences on Indian economy with regard to the following macro variables.

  1. The value of GNP
  2. Gneral unemployment level
  3. Foreign exchange rate

Answer:

  1. The value of GNP decreases due to reduction in NFIA.
  2. General unemployment level increases.
  3. Foreign exchange rate increases.

Plus Two Economics National Income Accounting Eight Mark Questions and Answers

Question 1.
Given below some macro economic indicators. Derive the equations of the following terms:

  1. GNP
  2. NNP
  3. NNP at factor cost
  4. Personal income
  5. Personal disposable income
  6. Private Income
  7. National Disposable Income

Answer:
1. GNP = GDP + Factor income earned by the domestic factors of production employed in the rest of the world – Factor income earned by the factors of production of the rest of the world employed in the domestic economy

2. NNP = GNP – Depreciation

3. NNP at factor cost = National Income (NI) = NNP at market prices – (Indirect taxes – Subsidies)

4. Personal income (PI) = NI – Undistributed profits – Net interest payments made by households – Corporate tax + Transfer payments to the households from the government and firms.

5. Personal Disposable Income (PDI) = PI – Personal tax payments – Non-tax payments.

6. Private Income = Factor income from net domestic product accruing to the private sector + National debt interest + Net factor income from abroad + Current transfers from government + Other net transfers from the rest of the world

7. National Disposable Income = Net National Product at market prices + other current transfers from the rest of the world

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Question 2.
Prepare a seminar report on the topic ‘Measurement of National Income’.
Answer:
Measurement of National Income Respected teachers and dear friends,
The topic of my seminar paper is ‘measurement of national income or the methods of measuring national income’. The concept of national income occupies an important place in economic theory.

National income is the aggregate money value of all goods and services produced in a country during an accounting year. In this seminar paper, I would like to present various methods of measuring national income.

Content:
National income can be measured in different ways. Generally there are three methods for measuring national income. They are

  1. Value-added method
  2. Expenditure method
  3. Income method

1. Value-added method:
The term that is used to denote the net contribution made by a firm is called its value-added. We have seen that the raw materials that a firm buys from another firm which are completely used up in the process of production are called ‘intermediate goods’.

Therefore the value-added of a firm is the value of production of the firm – value of intermediate goods used by the firm. The value-added of a firm is distributed among its four factors of production, namely, labor, capital, entrepreneurship, and land.

Therefore wages, interest, profits, and rents paid out by the firm must add up to the value-added of the firm. Value-added is a flow variable.

2. Expenditure Method:
An alternative way to calculate the GDP is by looking at the demand side of the products. This method is referred to as the expenditure method. The aggregate value of the output in the economy by expenditure method will be calculated.

In this method we add the final expenditures that each firm makes. Final expenditure is that part of expenditure which is undertaken not for intermediate purposes.

3. Income Method:
As we mentioned in the beginning, the sum of final expenditures in the economy must be equal to the incomes received by all the factors of production taken together (final expenditure is the spending on final goods, it does not include spending on intermediate goods).

This follows from the simple idea that the revenues earned by all the firms put together must be distributed among the factors of production as salaries, wages, profits, interest earnings, and rents.
That is GDP = W + P + In + R

Conclusion:
Thus it can be concluded that there are three methods for measuring national income. These methods are value-added method, income method and expenditure method. Usually in estimating national income, different methods are employed for different sectors and sub sectors.

HSSLive.Guru

Question 3.
From the following data, calculate personal income and personal disposable income (₹in Crores).

  1. NDPFC – 8,000
  2. net factor income from abroad – 200
  3. Undistributed profit – 1,000
  4. Corporate tax – 500
  5. Interest received by households – 1,500
  6. Interest paid by households – 1,200
  7. Transfer income – 300
  8. Personal Tax – 500

Answer:
Personal income = NDPfc + Net factor income from abroad – undistributed profits – corporate taxes + transfer payments + net interest received from households.
= 8000 + 200-1000 – 500 + 300 (1500 -1200)
= 7,300 crores
Personal disposable income = Personal income – personal tax
= 7,300 – 500 = 6,800 crores

Question 4.
Production generates income. Prove this statement with the help of a simple two sector model of circular flow of income.
Answer:
circular flow of income:
It is a pictorial representation of interdependence or interrelationship between the various sectors of the economy. It is a concept associated with income earning and spending. The circular flow of income in a simple economy works on the basis of certain assumptions.
They are as follows:

  1. Households and firms are the only two sectors in an economy (2 sector model)
  2. Households supply factor services to firms.
  3. Firms hire factor services households
  4. Household spends their entire income on consumption and thereby no savings are left with them.
  5. Firms sell their entire products to the households
  6. There is no government in the economy.
  7. The economy is not related to any other economies or the economy is a ‘closed’ system. As a result, there is no export or imports from the economy.

In such an economy, there would be two types of markets.
They are:

  1. product-market for goods and services
  2. factor markets for buying and selling various factor services.

The relationship between the sectors of an economy can be explained with the help of a diagram.

Plus Two Economics Chapter Wise Questions and Answers Chapter 2 National Income Accounting img12

The households own the factors of production such as land, labour, capital, and organization. The households sell these factors of production to the firms for producing goods and services are known as real flow. The rewards for factors of production are rent to land, interest to capital, wage to the labour and profit to the entrepreneur is known as the money flow.

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