BALANCE OF TRADE (BOT) BOT is merchandise balance. It shows visible trade transactions with the rest of the world during a year. It refers to the difference in the value of imports and exports of goods. BOT = VX –…
Q. Explain consumer’s equilibrium in case of single commodity (through utility approach). Ans The Law of DMU can be used to explain consumer’s equilibrium in case of single commodity. A consumer purchasing a single commodity will be at equilibrium, when…
Collection of primary and secondary data explained. What is Statistical Inquiry ? Inquiry means a search for truth, knowledge or information. Thus, statistical enquiry means statistical investigation; one who conducts this type of inquiry is called an investigator. The investigators…
Commercial bank is an institution which performs the functions of accepting deposits, granting loans and making investments, with the aim of earning profit. State Bank of India (SBI), Punjab National Bank (PNB) What is Banking Banking means the accepting from…
EVOLUTION OF MONEY Money has evolved through different stages according to time, place, and circumstances. It developed through the following stages : Commodity Money : In the earliest period of human civilization, any commodity that was generally demanded and chosen….
Stages of statistical study explained According to the figure, interpretation of data the last stage in order to draw some conclusion. One has to go through the four stages to arrive at the final stage; they are collection, organisation, presentation…
Origin and Growth of Statistics The term ‘STATISTICS’ has been derived from the Latin word ‘STATUS’, which means political state. Germans have spelled it as ‘STATISTIK’. The term ‘Statistics’ was first used by German scientist Gottfried Achenwall in 1749. He…
Q1. Explain the Domestic Territory (Economic Territory) ? Ans. In layman’s language, domestic territory means the political frontiers of a country. However, for the purpose of national income accounting, it is used in a wider sence In addition to political…
MCQ QUESTIONS OF CIRCULAR FLOW OF INCOME There are _ phases in the circular flow of income.(a) 2 (b) 3(c) 4 (d) 5 The distribution phase of the circular flow of income involves :(a) Production of goods and services (b)…
Circular flow of income questions. Are the following statements true or false? Give reasons. In a two-sector economy, there is no leakage from the flow of income.Ans. False. Leakage from the flow of income occurs, when factors of production do…