Q16 of 50 Page 1

Define flows.

A variable whose magnitude is expressed over a period of time is called flow. For example, the change in the population of a country over 10 years.

For blind candidates in lieu of Q. No 14.

Examine the effect of (a) fall in the own price of good X and (b) rise in the tax rate on good X on the supply of a good. Use schedule.

Explain the implications of the following in a perfectly competitive market :

(a) A large number of sellers:

(b) Homogeneous products:

Explain the implications of the following in an oligopoly market :

(a) Barriers to entry of new firms

(b) A few or a few big sellers

National income is the sum of factor incomes accruing to :

(Choose the correct alternative)

(a) Nationals

(b) Economic territory

(d) Both residents and non-residents

What are revenue receipts in a government budget?