ERCISE
ejences
: Soo
Social science
wealth of Nations
Q. 2. Complete the correlation:
1) Natural sciences Exact sciences
sciences :
2) Physics :( :: Psychology : Social
3) Arthshastra: Kautilya :: Wealth
Comforts
Washi
Introdu
Μο
inventic
and fu
inventi
there
know!
inven
The
Economic goods
4) Necessity :
machine
5) Free goods: Value-in-use :: Econom
from the given
whic
eeler vehicle. This
in th
good
help
of the family of
Q. 1. Choose the correct option:
1) Statements related to Economics :
a) Economics is a social science.
b) Concept of economics is derived from Greek
word 'Oikonomia'.
c) Economics is related to the study of human
economic behavior.
d) Economics is related to management of the
household
Options : 1) a, b and c
2) a and b
3) b and c
4) a, b, c and d
2) Statements incorrect with reference to Adam
Smith's definition :
a) Adam Smith is a classical economist.
b) Wealth of Nations is authored by Adam Smith.
c) Economics is the science of wealth.
d) Economics studies common man.
Options : 1)
2) a, b and c
3) a and d
4) c and d
3) Key points in Lionel Robbins' definition :
a) Wants are unlimited
b) Means are limited
c) Wants are not gradable
d) Means have alternative uses.
ptions: 1) a and b
2) b and c
3) a, b and d
4) a, b, c and d
Q. 3. Identify and explain the concepts from the
illustrations :
1) My father purchased a two wheeler vehi
helps to fulfil my travel needs.
2) A study of the annual income of the for
Ramesh
3) As per the data for financial year 20
the country's production of goods and ser
increased by 20%.
eco
is is
1 year 2018-19.
s and services
dif
ry month out of
4) Karuna's mother saves 1000/- every month
her given salary
5) Ram's father utilized his provident fund amount
set up grocery store.
Q. 4. Answer the following:
1) Explain the features of wealth. 5
2) Explain the characteristics of human wants. 3
4) Statements related to wealth :
a) Wealth means anything which has market value
and can be exchanged for money.
b) It is external to human being.
c) Wealth has no utility.
d) Wealth is scarce and exchangeable.
ons : 1) a, b and d
2) a, c and d
3) b, c and d
4) None of the above
Q. 5. State with reasons whether you agree or disagree
with the following statements :
1) All wants can be satisfied at a time. d
2) Human wants change as per the seasons and
preferences. A
3) Value-in-use and Value-in-exchange are the
same. d
Q. 6. Answer in detail :
1) Explain the basic concepts of macro economics.
Aspects considered in National Income :
a) Final goods and services are included in
national income.
b) Produced goods and services in a financial year
are included in national income.
Double counting is avoided.
· Value is considered as per market price.
1) a and c
2) b and c
3) a, b and d
4) a, b, c and d
Answers
Answer:
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Do as directed
Explanation:
Complete the correlation
1) Natural Sciences: Exact Science: Social science Abstract/Behavioral Sciences
2. Physics: Natural Science: : Psychology: Social Science
3. Arthshaastra: Kautilya: : Wealth of Nation: Adam Smith.
4. Necessity: Clothing/Shelter/Food: : Comfort: Washing Machine
5. Free goods: Value-in-Use: : Economic goods: Value in exchange.
Choose the correct option
1. Statements related to Economics
Ans: 4) a, b, c and d
2. Statements incorrect with reference to Adam Smith's definition
Ans. 1) d
3. Key points in Lionel Robbins' definition
Ans. 3) a, b and d
4. Statements related to wealth
Ans. 1) a, b and d
5. Aspects considered in National Income
Ans. 4) a, b, c and d
Identify and explain the concepts from the given illustrations
1. My father purchased a two wheeler vehicle. This helps to fulfil my travel needs: Comfort
2. A study of the annual income of the family of Ramesh: Micro-Economics
3. As per the data for financial year 2018-19, the country's production of goods and services increased by 20%: Economic Growth
4. Karuna's mother saves 1000/- every month out of her given salary: Savings
5. Ram's father utilized his provident fund amount to set up grocery store: Investment (in capital creation for business)
Answer the following
1. Explain the features of wealth.
The features of wealth are:
(i) Utility: The commodity should satisfy he wants of humans
(ii) Scarcity: The commodity should be scarce in relation to its demand
(iii) Transferability: The commodity should be tangible and can be transferred from place-to-place/person-to-person
(iv) Externality: The commodity should be it is external to human body,
2. Explain the characteristics of human wants.
(i) Wants are unlimited
(ii) Wants differ with seasons, age, gender, preferences, and culture
(iii) Wants are recurring in nature
State with reasons whether you agree or disagree with the following statements
1. All wants can be satisfied at a time: Disagree
2. Human wants change as per the seasons and preferences: Agree
3) Value-in-use and Value-in-exchange are the same: Disagree.
Answer in Detail
1. Explain the basic concepts of macro economics.
(i) National Income: The total economic performance of a country, that is the total monetary value of all final goods/services produced/manufactured in an economy in a year.
(ii) Savings: Part of the income set aside to fulfill the future needs by forsaking present consumption
(ii) Investment: Creation of capital assets by mobilising savings.
(iv) Trade Cycles: fluctuations (ups and downs) in business caused by inflation and depression.
(v) Economic Growth: Increase in the real national income of the nation, over a long time period.
(vi) Economic Development: Economic growth as well as progressive changes in certain essential variables that ascertain well-being of the people such as health, education etc.