What is 'aggregate supply' in macroeconomics?
Aggregate supply is the total supply of goods and services produced within an economy at a given overall price level in a given time period. In other words, supply refers to the total output produced in the country or the total national product of the country at a given level of employment.
Borrowing in government budget is
Revenue deficit
Fiscal deficit
Primary deficit
Primary deficit
State the different phases of changes in Total Product and Marginal Product in the Law of Variable Proportions. Also show the same in a single diagram.
Market for a good is in equilibrium. The demand for the good 'increases'. Explain the chain of effects of this change.
Other things remaining unchanged, when in a country the price of foreign currency
rises, national income is (choose the correct alternative)
Likely to rise
Likely to fall
Likely to rise and fall both
Likely to rise and fall both
Why is the equality between marginal cost and marginal revenue necessary for a firm to be in equilibrium? Is it sufficient to ensure equilibrium? Explain.
Name the broad categories of transactions recorded in the 'capital account' of the Balance of Payments Accounts.
OR
Name the broad categories of transactions recorded in the 'current account' of the Balance of Payments Accounts.
