| i) In economics, what does the capital earn as income? | (d) Interest |
| ii) Which of the following are examples of substitute goods? | (d) Apple iPhones and Samsung Smart Phones |
| iii) Assertion (A): Mr. Gupta earns a fixed income every month, but he tends-to get adversely affected during inflation. Reason (R): The prices of goods, services and the cost of living, does not rise in the same proportion as income, during inflation. | (a) Both (A) and (R) are true and (R) is the correct explanation of (A). |
| iv) Amit buys 1 kg of mangoes at ?120 per kg. Other things remaining constant, when the price of mangoes falls to 290 per kg, he buys 2 kg of mangoes. Amit's choice in the given situation shows which concept? | (d) Expansion of Demand |
| v) The rate of tax, which is uniform for all the taxpayers, is termed as: | (a) Progressive |
| vi) Which factor will be responsible for 'product diversification' through innovation? | (b) Entrepreneur |
| vii) Statement 1: The primary function of money is to act as a 'store of value'. Statement 2: Money helps in monetary expression of the market value of the commodity. | (d) Statement I is false and Statement 2 is true.. |
| VIII) BIS stands for | (b) Bureau of Indian Standards |
| ix) Examine the relation between price and quantity supplied: Price : 10, 12, 14 ; Demand: 5, 7, 9 | (a) Positive |
| x) Which market structure has the least number of sellers? | (a) Oligopoly |
| xi) Direct taxes are regressive in nature. | (b) False |
| xii) Savings → Mobilisation → Investment . The above image depicts stages of | (a) Capital Formation |
| xiii) Radhika cannot postpone her demand for woollen clothes during winter season but at the same time can postpone her demand for a car. This is because her demand for woollen clothes. is:, | (b) Inelastic |
| xiv) Study the relationship in the first pair of words and complete the second pair. 1. Revenue earned by the government through railway fares : Commercial revenue 2. Revenue earned through Special Assessment : | (c) Administrative |
| xv) Efficiency of labour shows the productive capacity of a labourer, whereas division of labour shows ------- of labour. | (a) Specialisation |
| xvi) identify the type of debt raised by the government for organising relief camps during natural disasters. | (b) unproductive |
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