Question

Answer in one sentence: 

(i) What is errors and omissions? 

(ii) Who determine the Minimum Support Price? 

(iii) What is inflation? 

(iv) Write the name of method of National Income. 

(v) What is marginal propensity to consume? 

(vi) What is ex ante investment?

Hint:

Ex-ante investment is the intended level of investment, while ex-post investment refers to the actual amount invested.

Answer 1

Step 1: Understanding the questions. 
- (i) Errors and omissions refer to mistakes or items that have been left out, often in the context of statistical data or reports. 

- (ii) The Minimum Support Price (MSP) is determined by the Government of India, specifically the Ministry of Agriculture and Farmers' Welfare. 

- (iii) Inflation is the rate at which the general level of prices for goods and services rises, leading to a decrease in purchasing power. 

- (iv) The methods of calculating National Income include the income method, expenditure method, and output method. 

- (v) The marginal propensity to consume (MPC) is the proportion of an additional amount of income that is spent on consumption rather than saved. 

- (vi) Ex-ante investment refers to the planned or expected investment, as opposed to actual investment which may differ.
 

Step 2: Conclusion.
These definitions provide a brief overview of each concept in economic terms.