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Ecomomics Test

This document provides a summary of topics to be covered in a 90 minute tutorial on economics chapters 7, 8, 16 and 17 worth 35 marks. The topics include: 1) types of direct taxes 2) leakages in the circular flow of income 3) differences between direct and indirect taxes 4) methods of debt redemption 5) why producers are comfortable in the second stage of production. It also provides practice questions on calculating costs, fiscal deficits, implications of differences between fiscal deficit and interest payments, law of variable proportions, causes of negative returns, and definitions of regressive and degressive taxes.

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Harsh Shah
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35 views

Ecomomics Test

This document provides a summary of topics to be covered in a 90 minute tutorial on economics chapters 7, 8, 16 and 17 worth 35 marks. The topics include: 1) types of direct taxes 2) leakages in the circular flow of income 3) differences between direct and indirect taxes 4) methods of debt redemption 5) why producers are comfortable in the second stage of production. It also provides practice questions on calculating costs, fiscal deficits, implications of differences between fiscal deficit and interest payments, law of variable proportions, causes of negative returns, and definitions of regressive and degressive taxes.

Uploaded by

Harsh Shah
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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EDUNIQUE TUTORIALS

Time: 90 mins Topic: Chapter 7, 8, 16 and 17 Marks: 35


1. Which one of the following is a pair of direct taxes?

(a) Excise duty and Wealth Tax


(b) Service Tax and Income Tax
(c) Excise Duty and Service Tax
(d) Wealth Tax and Income Tax [1]

2. Which one of the following best illustrates leakages in the circular flow of income?

(a) Investment
(b) Export earnings
(c) Savings by households
(d) Government expenditure [1]

3. State any two differences between a direct tax and an indirect tax. [2]
4. Refunding and Debt conversion are two methods of Debt redemption. Briefly explain these two methods of
debt redemption. [2]
5. Briefly explain why the producer is comfortable in the second stage of production. [2]
6. Calculate Total fixed cost, Marginal cost and Average Cost from the following data:

Output (Units) 0 1 2 3 4
Total Cost (Rs.) 100 240 360 540 620
7. An economy can have a fiscal deficit without a revenue deficit. Give one reason to support this statement.
[1]
8. What does the difference between fiscal deficit and interest payments imply? What does ‘zero difference’
mean in this case? [2]
9. Explain the Law of Variable Proportions with the help of a diagram. [6]
10. Negative returns cause losses to a firm. What are the causes for Negative returns? [2]
11. Calculate AC, AVC and AFC from the following: TFC is ₹15 at all levels of output

[2]
12. Explain three sector model of circular flow of income. [6]
13. What do you mean by Fiscal deficit? States its implications. Also explain the meaning of primary Deficit. [6]
14. What do you mean by Regressive and Degressive Tax? [2]

-----ALL THE BEST-----

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