Name any two taxes which were subsumed in Goods and Services Tax (GST). 1

a) ‘Real Gross Domestic Product is a better indicator of economic growth than Nominal Gross Domestic Product’. Do you agree with the given statement? Support your answer with a suitable numerical example.4

b) Calculate ‘Depreciation on Capital Asset’ from the following data 2

Or

a) ‘Circular flow of income in a two sector economy is based on the axiom that one’s expenditure is other’s income’.

Do you agree with the given statement? Support your answer with valid reasons.3

b) Calculate compensation of employees from the following data: 3

‘An economy is operating at under-employment level of income’. What is meant by the given statement? Discuss one fiscal measure and one monetary measure to tackle the situation.6

State weather the following statement is true or false:

‘The latest demonetization of currency was undertaken by the Government of India on November 8, 2016 1

Identify the correct sequence of alternatives given in Column II by matching them with respective terms in Column I: 1