Q21 of 36 Page 1

(a) How are tax receipts different from non-tax receipts? Discuss briefly.

(b) State any two items of revenue expenditure in a Government budget.


Tax receipt is the revenue earned by the government from the taxes levied on income, wealth and goods. For example, GST and income tax.

Non tax reciept are the revenue earned by the government from sources other than taxes. For examples, fees and fines.


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7

Explain the law of equi-marginal utility.

OR


State and discuss the conditions of consumer’s equilibrium under the ordinal approach.


 8

Complete the following cost schedule :

 18

If in an economy :

Change in Initial Investment (ΔI) = Rs. 1,200 crores


Marginal Propensity to Save (MPS) = 0.2


Find the values of :


(a) Investment Multiplier (k)


(b) Change in final income (ΔY)


 22

Given the following data, find the missing values of ‘Gross Domestic Capital

Formation’ and ‘Wages and Salaries’.