1. Read the following statements carefully: Statement 1: Consumption function assumes that, consumption changes at a constant rate as income changes. Statement 2: Autonomous consumption is the ratio of total consumption (C) to total income(Y).
In light of the given statements, choose the correct alternative from the following: a) Statement 1 is true and Statement 2 is false. b) Statement 1 is false and Statement 2 is true. c) Both Statements 1 and 2 are true. d) Both Statements 1 and 2 are false.
2. For a closed economy (with no foreign trade), which one of the following is correct? a) GDP = GNP b) GDP > GNP c) GDP < GNP d) GDP + GNP=0 1
3. The value of __________ can be greater than one. (Choose the correct alternative to fill up the blank) a) Marginal Propensity to Consume b) Average Propensity to Consume c) Marginal Propensity to Save d) Average Propensity to Save
4. As per the Reserve Bank of India (RBI) press report, dated 29th December, 2022: “Net external commercial borrowings to India recorded an outflow of US$ 0.4 billion in the second quarter (2022-23)” The above transaction will be recorded in the _______ account on ______ side of Balance of payments account of India. (Choose the correct alternative to fill up the blanks) a) current, credit b) current, debit c) capital, credit d) capital, debit 1
5. “The value of all goods and services can be expressed in monetary units.” On the basis of the given statement, identify the function performed by money: a) Medium of exchange b) Store of Value c) Unit of account d) Means of standard of deferred payments
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