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(d) All of them

 Values that are violated here 

(i) Welfare of people specially poor & deprived 

(ii) Things become unaffordable 

Measures to control the situation 

(i) Rising prices can be controlled by reducing government expenditure, especially non-development expenditure such as expenditures on public administration, defence and subsidies on non-merit goods and other wasteful expenditure. 

(ii) Monetary policy measures such as increase in cash reserve ratio, mopping of excess liquid reserves with the banks through open market operations by the central bank so as to reduce the availability of credit and as a result rising prices can be controlled.

The main reasons for excess demand are apparently the increase in the following components of aggregate demand: 

1. Increase in household consumption demand due to rise in propensity to consume. 

2. Increase in private investment demand because of rise in credit facilities. 

3. Increase in public (government) expenditure. 

4. Increase in export demand. 

5. Increase in money supply or increase in disposable income

Statistics plays an important role in the field of economics. It is an important tool which helps in solving different economic problems. Statistics help in analysing different economic problems which needs immediate attention.

The word statistics is used both in plural as well as in singular sense. In plural sense, statistics means numeric facts which can be used to draw conclusions and in singular sense, it means the statistical methods with the help of which statistical information is used to treat and draw conclusions from them.

Importance of statistics in economics: Statistics plays an important role in the field of economics. It is an important tool which helps in solving different economic problems. Statistics helps in economic planning by collecting data of national resources both human and natural. For drawing a plan of their use, we need the help of Statistics. Statistics helps in analysing different economic problems which needs immediate attention. Such as: 

(a) Statistics serves as a raw material to the economists in making certain economic laws, 

(b) Framing economic policies, 

(c) Making comparisons, 

(d) Studying and calculating National Income.

The word statistics is used both in plural as well as in singular sense. In plural sense, statistics means numeric facts which can be used to draw conclusions and in singular sense, it means the statistical methods with the help of which statistical information is used to treat and draw conclusions from them. There are following limitations of statistics : Sometimes, when data are not properly collected, then there is likelihood to draw wrong conclusions. 

Therefore, it is necessary to know the limitations of statistics. 

(a) Statistics does not study about individuals: Statistics are expressed in facts. It does not study individuals. For example, there are five students in a class. Statistics only tells the average marks obtained in class not how many marks are obtained by every student in the class. 

(b) It does not study the qualitative aspect of problem: The most important condition of statistical study is that subject of investigation and inquiry should be capable of being quantitatively measured. For example, honesty, poverty, etc.

(c) Statistics can be misused: The result obtained can be manipulated accordingly to one’s own interest and such manipulated results can mislead the community. 

(d) Statistical results lack of mathematical accuracy: The results drawn from statistical analysis are normally in approximates. As the statistical analysis is based on observation of mass data, number of inaccuracies may be present and it is difficult to rectify them.

Average Revenue (AR) is defined as the revenue earned per unit of output sold. AR is the same as the price(P) of the output(Q). 

Algebraically, it can be expressed as follows:

\(AR = \frac{TR}{Q}\), where TR is total revenue

⇒ \(AR = \frac{P \times Q}{Q}\)

⇒ AR = P

Thus, AR is always equal to the price of the output.

If the lowest value to be plotted is relatively higher than the plotting of the values may pose a problem. In order to solve this false base line is used. The portion between zero and lowest value is left out and no plotting between these two is done. However false base line is used. It should be clearly indicated on the graph. This can be done either by showing a cut in the Y axis or double saw tooth lines as empty space.

A statistical table has at least four major parts and some other minor parts.

(i) The Title: The title is the main heading written in capitals shown at the top of the table. It must explain the contents of the table and throw light on the table, as whole different parts of the heading can be separated by commas. There are no full stops in the little.

(2) Table number : When there are many tables then these tables should be numbered in a logical sequence. The number of the table can be used for reference. Normally the number is placed on the top of the title such that it comes in the centre of the title.

(3) Captions : A word or a phrase which explains the contents of a column of a table is called the caption. A caption should be placed at the middle of the column. Under a caption there may be sub-heads. When the items in different columns are expressed in different units of measurement, the corresponding unit should be mentioned with the captions.

(4) Stubs : As captions explain the contents of column, the stubs explain the contents of a row. Thus, stubs are the designations of the rows.

(5) Body of the table : The body of the table is the most important part of the table. The data is arranged in this part according to the description given by the captions and stubs.

(6) Headnote : An explanatory to the title which is presented below the title, within the brackets, is the headnote. In a table the title, caption and the stubs are to be brief. The head note is used to explain certain points relating to the whole table that have not been included in the title nor in the captions or stubs.

Economics is an important subject to study the problem of an economy. Marshall says, "Economics is the study of man in the ordinary business of life". When we buy goods to satisfy our wants we are consumers, when we purchase the goods from the market they are sold by the seller. The goods and services are produced by the producers or manufacturers. Services are provided by the service holders. All these activities are closely related to human life. These activities are ordinary business of life. Economics studies the economic and productive activities which affect the human life. We have limited resources which have alternative uses. The same resources can be used in production and consumption both. We study economics to discuss the problems of production, distribution, consumption, welfare and standard of living of the people.

Following are the characteristics of a good table : 

(a) Heading: Headings should generally be written in the singular form. For example, in the columns indicating goods, the word ‘good’ should be used. 

(b) Abbreviations: Use of abbreviations should be avoided in the heading or sub-heading of the table. 

(c) Footnote: Footnote should be given, only if needed. 

(d) Total in the table: sub-totals of the items must be given at the end of each row.

There can be following reasons for studying economics :

(a) How to get maximum satisfaction with our limited resources.

(b) How can a producer get maximum profit with the best utilisation of resources.

(c) How can society achieve social welfare.

(d) Economics helps in studying the current problems of the economy.

GVAmp = NVA fc + Dep + NIT 

 = 2000 +700 + ( 0 – 200) 

 = 2500

GVAmp = Sales = change in stock – IC

2500 = Sales + ( 600 – 100 ) – 3000 

2500 = Sales – 2500 

 Sales = 5000

(b) Value of output –intermediate consumption

NDPfc = COE + OS + MI

= 2000 + (500+700 +800) +1500

NDPfc = 5500

GDPmp = NDPfc + Dep +NIT

= 5500 + 100 +250 

GDPmp = 5850

(a) Consumer goods

There are three components of NFIA. 

1. Net Compensation of Employees: The net compensation of employees receivable from the rest of the world is equal to the difference between compensation of employees received by resident workers who are living temporarily abroad or are employed abroad , and similar payments made to non- residents workers that are temporarily staying or are employed within the domestic territory of the country. 

2. Met Income From Property and Entrepreneurship: Net income from property and entrepreneurship is equal to the difference between the income received by way of interest, rent and profits by the residents of a country and similar payments made to the rest of the world. 

3. Net Retained Earnings of Resident Companies Abroad: Retained earnings refers to the undistributed profits of the companies. Resident companiesft.e. companies belonging to one country and working in the domestic territory of some other country) retain a part of their profits for further investment abroad. Likewise, foreign companies and their branches retain a part of their profits in the countries of their operation.

The difference between the retained earnings of resident companies located abroad and retained earnings of the foreign companies located in a country is equal to the net retained earnings from abroad.

Note: It must be noted that NFIA is zero in a closed economy as such economy does not deal with the rest of the world sector.

(b) Normal resident

False: Gross domestic capital formation can be less than gross fixed capital formation if change in stock is negative.

Note: As per CBSE guidelines, no marks will be given if reason to the answer is not explained.

(b). import.

GNP mp = NDPfc + Depreciation + NIT + NFIA

= 3000 + 200 + (300 -100) + ( - 150)

= 3000 + 400 -150 

= 3250 

GNDI = GNPmp + Net Current transfer from abroad

= 3250 +250 

GNDI = 3500

Sales = Output Sold x Price Per Unit =2000 x 10 = Rs 20000. 

Now, Value of Output = Sales + Change in Stocks = 20000 + (-50) = Rs 19950. 

$GV{{A}{MJ}}$ = Value of Output - Intermediate Cost = Rs (19950 - 10000) = Rs 9950. 

Hence, NVA_FC = $GV{{A}{MP}}$ - Consumption of Fixed Capital - Net Indirect Tax (Import duty - Subsidy) = 9950 -600 - (400 - 500)

(Where Net Indirect Tax = Import duty - Subsidies) $NV{{A}_{FC}}$= Rs 19450.

(b) Inventory investment 

GVOmp = sales + change in stock 

= (900 x 40) + (1000 – 800) 

= 36000 + 200 

GVOmp =36200

NVAmp = GVOmp – Intermediate consumption – depreciation

= 36200 – 20000 – 700 

NVAmp = 15500

NNPfc = (iv + ix) + ( i + viii + vii + vi + xii) – ii

= 700 + 100 + 200 + 150 + 20 + 30 + 50 – 10

NNPfc = 1240 Cr.

NDPfc = NNPfc – NFIA

= 1240 – (-10) = 1250 

Private sectors income = NDPfc – x 

= 1250 – 250 = 1000

Private Income = Private sector’s income + iii- xi + v 

1000 + 5 – 5 + 10

Private income = 1010.

(a) Gross Public Investment 

Poverty is a chronic malady. It has to be removed by making every kind of effort possible.

(i) Control over population : Population control is the need of the hour. If rate of growth of per capital income becomes more than population growth rate, it will help to reduce the poverty.

(ii) Higher rate of economic growth : Poverty
can only be removed by raising economic growth rate in the country. It will raise the income resulting in increase in consumption expenditure.

(iii) Minimum needs programme : Government should try to implement minimum needs programmes effectively. Every person should be provided with basic needs of life.

(iv) Reduction in inequalities of income : Poverty
removal is also possible through removal of inequalities of income. It will help in transferring income from asset owning persons to non-asset owning persons, known as trickle down effect. It will reduce the gap between rich and the poor.

(v) Control over inflation : Government must adopt price control measures so that the standard of living of poor workers is not adversely affected. They must be given due compensation for price rise.

(vi) Social security measures : Industrial workers should be provided with adequate social security measures like pension, gratuity, maternity leave etc. It will improve the status of elderly industrial workers.

(b) Change in inventory 

Sales = Units of Output sold x Price Per Unit of Output
=1000 x 30 = ? 

30000 crore Value of Output = Sales + Change in Stock = 30000 + (3000 - 2000) = Rs 31000 crore 

Hence, GV{{A}{PC}} = Value of Output - Intermediate Cost - Net Indirect Taxes (Excise + Sales Tax) = 31000 -12000 - (2500 + 3500)

GV{{A}{PC}} = Rs 13000 crore

GVOmp = sales + change in stock 

 = (900 x 40) + (1000 – 800) 

 = 36000 + 200 GVOmp 

=36200 NVAmp 

= GVOmp – Intermediate consumption – depreciation 

 = 36200 – 20000 – 700 

NVAmp = 15500

(d) Net export. 

National Income 

= Compensation of employees + Rent + Profit + Interest + Mixed income of self employed – Net factor income to abroad

= 2,000 + 400 + 900 + 500+ 7,000 – 50 

= 10,800 – 50 

= 10,750 Crores.

GVOmp = sales + change in stock 

 = (1000 x 30) + ( 3000 – 2000) 

 = 30000 + 1000 

= 31000 GVAfc = GVOmp – IC - NIT 

 = 31000 – 12000 - 6000 

GVAfc = 13000 

(b) Over-estimated

(a) Yes. It will be included in the domestic product of India because it is a factor income earned within the domestic territory of India. 

(b) No. It will not be included in the domestic product of India because it is not a factor income earned within the domestic territory of India but a factor income from abroad. 

(c) No. It will not be included in the domestic product of India because it is not earned within domestic territory of India.

(d) None of the above.

GVOmp = sales + change in stock 

 = 750 x 40 + 1000 

 = 31000 NVAmp 

= GVOmp –Ic – dep 

 = 31000 – 10000 – 3000 

NVAmp = 18000

(d) GDP at current prices.

(d) GNPmp > GDPmp when NFIA > 0. 

NDPfc = COE + OS + MI

= 700 + 60 + 100 + 50 + 300 +400 = 1610

NNPmp = NDPfc + NFIA + NIT

= 1610 + 20 + 70 

 NNPmp = 1700

NNDI = NNPmp + Net current transfer from abroad 

= 1700 + (-10)  

NNDI = 1690

GNDI = GNPmp + Net current transfer from abroad 

= 1700 + 120 + (-10) 

GNDI = 1810

GNPmp = PFCE + GFCE + NDFCF + Ch. in stock + Net export + dep. + NFIA 

 = 1000 + 300 + 110 + (20-20) + 15+ 100 + 10 

GNPmp = 1535 

NNDI = NNPmp + Net current transfer from abroad 

 1500 = 1535 – 100 + X 

 1500 = 1435 + X 

 1500 – 1435 = 65 

Net current transfer from abroad = 65

NDPfc = COE + OS + MI 

 = 1200 + 300 + 500 

 = 2000 

GNPmp = NDPfc + dep + NIT + NFIA 

 = 2000 + 100 + 250 + (-10) 

GNPmp = 2340 

PDI = Private income – corporate tax – undistributed profit – personal tax  

= 1700 – 150 – 30 – 200 

PDI = 1320

Correct option is (C) 9

Correct option is (A) 3 x p

Correct option is (b) 0.25. 

Correct option is (b) π/3

Correct option is (c) (2,3)

Correct option is (C) 8/15

(B) (1/5) sin^-1(5x/3) + c