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An autonomous item in balance of payment refers to international economic transactions when transactions are made independently of the state of the balance of payment, such as profit motive.

An accommodating item in balance of payment refers to international economic transactions when transactions are not made with the profit motive such as government financing. While deficit or surplus in balance of payment occurs because of autonomous items, the accommodating items are meant to restore the balance of payment identity. Balance of payment always balances because of accommodating item.

Deficit in balance of payments is when receipts of the country coming from autonomous transactions are less than the corresponding payments to the rest of the world during the period of an accounting year. It shows net liabilities towards the rest of the world.

There are certain positive and negative impacts of deficit in balance of payment. When deficit occurs on account of capital import which is required for advancing the process of growth and development, it is a positive impact of deficit in balance of payment. Negative impact is that it shows Indian liabilities to the rest of the world. These liabilities strain the GDP by making payments to the rest of the world.

Economists distinguish between autonomous and accommodating items used in BOP.

The basic difference between the two is that whereas deficit or surplus in BOP occurs due to autonomous items, the accommodating items are taken to cover deficit (or surplus) in autonomous transactions.

(a) Autonomous items in BOP:

These refer to international economic transactions that take place due to some economic motives like earning income and profit maximisation. They have nothing to do with foreign exchange payments. Since such transactions are independent of the state of country’s balance of payment, i.e., irrespective of whether BOP is favourable or unfavourable, they are, therefore, called autonomous items.

These items are generally called ‘above the line items’ in BOP Again, it is autonomous transactions which make deficit or surplus in BOP. BOP is in deficit if the autonomous receipts are less than autonomous payments. BOP is in surplus if the autonomous receipts are greater than autonomous pa3anents. In other words, deficit or surplus in BOP depends upon the balance of autonomous items.

Deficit in BOP account: When during the year total inflows of foreign exchange on account of autonomous transactions are less than total outflows on account of such transactions, there is deficit in BOP.

(b) Accommodating items in BOP:

These refer to transactions that take place to cover deficit (or surplus) arising from autonomous transactions. These items are also called ‘below the line items’. Because of government financing, official settlements are seen as accommodating items to keep the BOP identity.To meet deficit, govt. may borrow from abroad or make withdrawals from foreign exchange reserves. The official settlement approach is based on the assumption that monetary authority is the ultimate financier of any deficit in BOP or the ultimate recipient of any surplus.

The law of diminishing returns operates in the short run when we can’t change all the factors of production. Further, it studies the change in output by varying the quantity of one input.

Technically, the law states that as we increase the quantity of one input which is combined with other fixed inputs, the marginal physical productivity of the variable input must eventually decline.

Law of diminishing returns to a factor It refers to a situation in which total output increases at a diminishing rate when more and more variable factor is combined with the fixed factor of production. In this situation, Marginal Product of the variable factor must be diminishing.

Service

Reason: As it is non-material goods which satisfy the human wants directly.

Non-durable

Reason: As it loose their identity in a single act of consumption.

Semi-durable

Reason: As it have an expected life time of use of one year or slightly more.

Service

Reason: As it is non-material goods which satisfy the human wants directly.

Central problems arise in an economy due to scarcity of resources, having alternative uses in relation to unlimited wants. The central problem of all economies is scarcity. Scarcity forces individuals, firms, governments and societies to make choices. By this, three basic questions arise : (i) What to produce, (ii) How to produce, (iii) For whom to produce.

Non-durable

Reason: As it loose their identity in a single act of consumption.

Intermediate goods

Reason: As it is used up while making sweets.

Central problems arise in an economy due to scarcity of resources, having alternative uses in relation to unlimited wants. The central problem of all economies is scarcity. Scarcity forces individuals, firms, governments and societies to make choices. By this, three basic questions arise : (i) What to produce, (ii) How to produce, (iii) For whom to produce.

Consumer goods

Reason: End user is consumer.

What to produce means, which goods and service are to be produced, and in. what quantity. The problem arises because wants are unlimited while Resource is limited and have alternative uses. Therefore, there is no option but to make a choice as to what to produce and how much.

Detailed Answer: 

This problem is concerned with, which commodities are to be produced and in what quantity. The commodities which do not command positive prices in the market would not be produced. The commodities which have a positive price effect on the market should be produced

Final good

Reason: Furniture purchased by a school is a final product because school is the final user of the furniture and no value is to be added to the furniture. This will be deemed as investment expenditure because furniture is used by the school for several years and is of high value.

It is a system comprising all economic activities directed towards the satisfaction of unlimited human wants using limited resources.

It faces the problem of how to produce because it impacts production (or efficiency) on the one hand and the degree of employment on the other hand higher productivity often implies a lower degree of employment.

Final good

Reason: A car purchased by a household is a final good because the household is the final user of the car and no value is to be added to the car.

'For whom to produce' means that how should the goods and services produced be allocated among people. Goods and services are purchased by those who have incomes which are earned in the process of production. Therefore, the problem amounts to a distribution of income among people.

Detailed Answer: 

This problem is concerned with the distribution of income in an economy. It is concerned with either to produce goods for high-income groups or low- income groups. The capacity of people to pay for goods depends upon their level of income. Thus, this problem is concerned with the distribution of income among factors of production who contribute in the production process. It has two aspects : 

(i) Personal distribution: It means how the national income of an economy is distributed among different groups of people in the society. 

(ii) Factoral distribution: It relates to income share of different factors of production such as wages for labour, interest for capital, rent for land etc

Consumer goods

Reason: End user is consumer.

'For whom to produce' means that how should the goods and services produced be allocated among people. Goods and services are purchased by those who have incomes which are earned in the process of production. Therefore, the problem amounts to a distribution of income among people.

Detailed Answer: 

This problem is concerned with the distribution of income in an economy. It is concerned with either to produce goods for high-income groups or low- income groups. The capacity of people to pay for goods depends upon their level of income. Thus, this problem is concerned with the distribution of income among factors of production who contribute in the production process. It has two aspects : 

(i) Personal distribution: It means how the national income of an economy is distributed among different groups of people in the society. 

(ii) Factoral distribution: It relates to income share of different factors of production such as wages for labour, interest for capital, rent for land etc

Consumer goods

Reason: End user is consumer.

Capital goods

Reason: End user is producer.

'For whom to produce' means that how should the goods and services produced be allocated among people. Goods and services are purchased by those who have incomes which are earned in the process of production. Therefore, the problem amounts to a distribution of income among people.

Detailed Answer: 

This problem is concerned with the distribution of income in an economy. It is concerned with either to produce goods for high-income groups or low- income groups. The capacity of people to pay for goods depends upon their level of income. Thus, this problem is concerned with the distribution of income among factors of production who contribute in the production process. It has two aspects : 

(i) Personal distribution: It means how the national income of an economy is distributed among different groups of people in the society. 

(ii) Factoral distribution: It relates to income share of different factors of production such as wages for labour, interest for capital, rent for land etc

Barter System is a system of exchange in which one commodity is exchanged for another commodity.

Drawbacks of Barter Systems:

1. Lack of double coincidence of wants.

2. Lack of a common measure of value.

3. Indivisibility of certain goods.

4. Difficulty in making deferred payments.

5. Difficulty in storing value.

Production Possibility Curve is a curve showing different possible combinations of two goods that can be produced with given resources and technology.

Foreign exchange market is the market in which foreign currencies are bought and sold. The buyers and sellers include individuals, firms, foreign exchange brokers, commercial banks and the central bank.

Functions of Foreign Exchange Market:

1. Transfer Function:  It transfers purchasing power between the countries involved in the transaction. This function is performed through credit instruments like bills of foreign exchange, bank drafts and telephonic transfers.

2. Credit Function:  It provides credit for foreign trade. Bills of exchange, with maturity period of three months, are generally used for international payments. Credit is required for this period in order to enable the importer to take possession of goods, sell them and obtain money to pay off the bill.

3. Hedging Function:  When exporters and importers enter into an agreement to sell and buy goods on some future date at the current prices and exchange rate, it is called hedging. The purpose of hedging is to avoid losses that might be caused due to exchange rate variations in the future.

Production Possibility Curve (Frontier) is a curve showing different possible combinations of two goods that can be produced with given resources and technology.

PPC is concave to the origin because of increasing Marginal opportunity cost. This is because inorder to increase the production of one good by 1 unit more and more units of the other good have to be sacriced since the resources are limited and are not equally efficient in the production of both the goods.

The price of one currency in terms of the other is called Foreign Exchange Rate.

PPC is based on the following assumptions :

(i) Only two goods can be produced with the help of given resources.

(ii) The resources are fully and efficiently utilized and there is no change in technology.

(iii) The amount of resources in an economy is fixed but these resources can be transferred from one use to another.

It is the ratio of number of units of a commodity sacrificed to gain an additional unit another commodity.

MRT =Δ Units Sacrificed / Δ Units Gained

The price of one currency in terms of the other is called Foreign Exchange Rate.

According to the Law of Diminishing Marginal Utility, as more and more units of a  commodity are consumed (continuously), marginal utility derived from every additional unit must decline. 

This law can be explained with the help of the following Schedule :

Schedule depicted above shows that with the consumption of successive unit of a commodity, the level of satisfaction fall and will become negative also, or in other words, MU tends to decline as consumption of the commodity increases.

The Law of Diminishing Marginal Utility states that as more and more units of a  commodity are consumed (continuously), marginal utility derived from every additional unit must decline. 

Followings are some assumptions of the law of diminishing marginal utility: 

(i) It is assumed that utility can be measured and a consumer can express his satisfaction in quantitative terms such as as 1,2,3... etc. 

(ii) Consumption of reasonable quantity. 

(iii) Continuous consumption. 

(iv) Monetary measurement of utility. 

(v) No change in quantity. 

(vi) Rational consumer. 

(vii) MU of money remains constant. 

(viii) Independent utilities. 

(ix) Fixed income price. 

This law can be explained with the help of the following schedule :

The above schedule shows that with the consumption of successive unit of a commodity, the level of satisfaction falls and becomes negative also, or in other words, MU tends to decline as consumption of the commodity increases.

The given statement is correct. Total cost refers to the sum of expenses spent by a firm on various factors of production viz. land, labour, capital and enterprise. Rent, wages and interest are the payments for land, labour and capital. Normal profit is the maximum reward that is just sufficient to keep the entrepreneur supplying his factor services. Normal profit induces an entrepreneur to take risk of production and selling. Hence, normal profit is a part of total cost.

i. MPP initially rises to its maximum 

ii. MPP then decreases (stays positive) to become zero 

iii. MPP becomes negative. 

The correct answer is

(d) 250. 

a) short-term debt instruments. 

b) Negotiable certificate of deposit 

c) Ninety-day commercial paper with a current annual yield of 6.2 percent

Threshold Frequency: The minimum frequency of incident light which is just capable of ejecting electrons from a metal is called the threshold frequency. It is denoted by v₀. 

Stopping Potential: The minimum retarding potential applied to anode of a photoelectric tube which is just capable of stopping photoelectric current is called the stopping potential. It is denoted by V₀  (or V_S). 

The observed characteristics of photoelectric effect could not be explained on the basis of wave theory of light due to the following reasons. 

(i) According to wave theory, the light propagates in the form of wavefronts and the energy is distributed uniformly over the wavefronts. With increase of intensity of light, the amplitude of waves and the energy stored by waves will increase. These waves will then, provide more energy to electrons of metal; consequently the energy of electrons will increase. Thus, according to wave theory, the kinetic energy of photoelectrons must depend on the intensity of incident light; but according to experimental observations, the kinetic energy of photoelectrons does not depend on the intensity of incident light. 

(ii) According to wave theory, the light of any frequency can emit electrons from metallic surface provided the intensity of light be sufficient to provide necessary energy for emission of electrons, but according to experimental observations, the light of frequency less than threshold frequency can not emit electrons; whatever the intensity of incident light may be. 

(iii) According to wave theory, the energy transferred by light waves will not go to a particular electron, but it will be distributed uniformly to all electrons present in the illuminated surface. Therefore, electrons will take some time to collect the necessary energy for their emission. The time for emission will be more for light of less intensity and vice versa. But experimental observations show that the emission of electrons take place instantaneously after the light is incident on the metal; whatever the intensity of light may be.

Charge enclosed by the cylindrical surface = λl 

By Gauss Theorem, electric flux = 1/ε_o × charge enclosed.

= 1/ε_o(λl)

The minimum retarding (negative) potential of anode of a photoelectric tube for which photoelectric current stops or becomes zero is called the stopping potential.

The correct option is (c) Glass

Glass is non crystalline or amorphous.

Electronegativity is a measure of how strongly atoms attract bonding electrons to themselves.  

Its symbol is the Greek letter chi: χ  

The higher the electronegativity, the greater an atom's attraction for electrons.

The electron affinity of an atom or molecule is defined as the amount of energy released when an electron is added to a neutral atom or molecule in the gaseous state to form a negative ion.  

X + e⁻ →  X ⁻  + energy

Linus Pauling described electronegativity as “the power of an atom in a molecule to attract electrons to itself.” Basically, the electronegativity of an atom is a relative value of that atom's ability to attract election density toward itself when it bonds to another atom. The higher the electronegative of an element, the more that atom will attempt to pull electrons towards itself and away from any atom it bonds to. The main properties of an atom dictate it's electronegativity are it's atomic number as well as its atomic radius. The trend for electronegativity is to increase as you move from left to right and bottom to top across the periodic table. This means that the most electronegative atom is Fluorine and the least electronegative is Francium.

Emotional development in early and middle childhood:

Early childhood: 

1. Have imaginary friends. 

2. Develop a sense of Humour and enjoy acting silly. 

3. Start feeling empathy and realize that others too have feelings. 

4. Cannot control their impulses. 

5. Do not hide their emotions. 

6. Emotions are short lived and unpredictable.

Middle childhood: 

1. Exhibits their emotions in socially approved way. 

2. Better in controlling impulses. 

3. Are cheerful and fun loving. 

4. Can be stubborn and self- centered. 

5. Impatient but not as moody as before. 

6. Have fewer fears

Ways of reducing psychological fatigue:- 

1. Make the job interesting 

2. Set small targets 

3. Change in routine 

4. Motivation and incentives

The process of opening a Saving Bank Account:

1. Choose how to apply. Depending on the institution, you could apply online, by phone or in person. If you apply online, the process will probably take 10 to 20 minutes.  

2. Gather your identification. For the application, you will likely need to provide your Social Security number and information from a government-issued ID, such as a driver’s license or passport number.  

3. Provide contact details. Along with your ID number, expect to enter your contact information, including your first and last name, address — typically, you must be based in the United States — and phone number. You may also be asked for information including your email address and date of birth.  

4. Select a single or joint account. Let the institution know if you will be opening the account by yourself or with someone else. You’ll need the information from the previous steps for anyone else whose name will be on the account.  

5. Accept the terms and conditions. This is where the bank asks you to confirm that you read disclosure documentation describing fees, liabilities and how interest is calculated. Ideally, you have selected an account that earns high rates and has no or low monthly service charges. This is your chance to double-check. (You can see NerdWallet’s list of accounts with the best savings rates to compare).  

6. Choose your deposit amount. If you’re opening an account online or on the phone, you can transfer funds by providing the routing and account number from an existing bank account. If you’re opening an account in person, you can present a check to the bank teller. Some institutions will also let you mail a check or schedule a wire transfer. Many banks require a minimum initial deposit, often from $25 to $100, but others have no minimum deposit requirement. Even if you don’t have to fund your account when you first open it, you’re better off depositing money sooner rather than later. That way, you’ll be able to start earning interest sooner.

7. Submit your application. You’ll likely get an acknowledgment within minutes when you apply online, but it may take between two and five business days for the bank to verify your information and officially open the account. Once your account is open, you can set up direct deposit and schedule automatic transfers from checking to savings. Making regular savings deposits can help you build your bank balance with little extra effort.

Direct Light: Direct sunlight is a pretty straightforward concept. This is when a plant receives direct, unobstructed sunlight. The unobstructed part is key here. You might not realize how many objects get in the way of direct sunlight throughout the day – think tree branches, houses, or anything that stands up high above the plants. Interestingly, direct light through a window is considerably less intense than direct sunlight outside.

Indirect Light: As we touched on above, indirect light is when the plant is in a light-filled environment but the sun’s rays are not directly hitting it. The area is still light because the sun reflects off or is refracted through other objects in the environment before hitting the plant directly. For example, light that shines through a curtain or a plant that is sitting on a shaded porch is in indirect light.

Mediation is a method of ADR in which parties appoint a neutral third party who facilitates the mediation process in-order to assist the parties in achieving an acceptable, voluntary agreement. Mediation is premised on the voluntary will of the parties and is a flexible and informal technique of dispute resolution. 

Broadly speaking, mediation may be triggered in three ways:

(i) Parties may agree to resolve their claims through a pre-agreed mediation agreement without initiating formal judicial proceedings (pre-litigation mediation).

(ii)  Parties may agree to mediate, at the beginning of formal court proceedings (popularly known as court referrals).

(iii)  Mediation may be taken recourse of, after formal court proceedings have started, or even post trial, i.e. at the appellate stage.

(i)  Ev aluative 

(ii)  Facilitative

(iii)  Transformative

=Cos 48°cos 42° – Sin 48° Sin 42° 

=Sin (90° – 48°) sin (90°-42°) – Sin 48° Sin 42° 

=Sin 42° Sin 48° – Sin 48° Sin 42° = 0