“Real Gross Domestic Product (GDP) is a better indicator of economic growth of a nation as compared to the Nominal Gross Domestic Product (GDP).”
Do you agree with the given statement? Justify your answer with a valid hypothetical numerical example.
Do you agree with the given statement? Justify your answer with a valid hypothetical numerical example.
Show Hint
Solution and Explanation
Nominal GDP is calculated using current market prices, whereas Real GDP adjusts for changes in price levels (inflation/deflation). Example: If Nominal GDP increases from Rs. 500 crore to Rs. 600 crore, but inflation is 10%, Real GDP will show an actual growth of only Rs. 40 crore (Rs. 100 crore increase - Rs. 60 crore inflation).
Top Questions on Cost Function and Marginal Cost
- Let the total cost (TC) = \( C = f(X) \) for a firm in the short run, which of the following expressions represents the correct relationship between marginal cost (MC) and average cost (AC)?
- CUET (PG) - 2025
- Economics
- Cost Function and Marginal Cost
If the marginal cost of a firm is given as the function of output, \( C'(Q) = 2e^{0.2Q} \), and if the fixed cost is 75, find the total cost function.
- CUET (PG) - 2025
- Economics
- Cost Function and Marginal Cost
- Given a cubic cost function C(Q) = Q³ + Q² + Q + 1, arrange total cost (TC), Marginal Cost (MC), Average Cost (AC), Average Fixed Cost (AFC) in increasing order when Q = 2.
(a) AFC
(b) TC
(c) MC
(d) AC- CUET (PG) - 2024
- Economics
- Cost Function and Marginal Cost
- For a manufacturing firm, the cost function is given by \(C = q^{3} + 2q^{2} + q + 1.\) The marginal and average costs at \(q = 10\) units are respectively given by:
- CUET (PG) - 2024
- Economics
- Cost Function and Marginal Cost
The present-day rapid industrial growth in China can be traced back to the economic reforms introduced in 1978, where ________ .
(i) Initially reforms were initiated in agriculture, foreign trade, and investment sectors
(ii) The policy of dual pricing was adopted
(iii) The Government revoked the policy of Special Economic Zones- CBSE CLASS XII - 2024
- Economics
- Cost Function and Marginal Cost
Questions Asked in CBSE CLASS XII exam
If vector \( \mathbf{a} = 3 \hat{i} + 2 \hat{j} - \hat{k} \) \text{ and } \( \mathbf{b} = \hat{i} - \hat{j} + \hat{k} \), then which of the following is correct?
- Find the value of $x$, if \[ \begin{bmatrix} 1 & 3 & 2 \\ 2 & 5 & 1 \\ 15 & 3 & 2 \end{bmatrix} \begin{bmatrix} 1 \\ x \\ 2 \end{bmatrix} = \begin{bmatrix} 0 \\ 0 \\ 0 \end{bmatrix} \]
- Two point charges of \( -5\,\mu C \) and \( 2\,\mu C \) are located in free space at \( (-4\,\text{cm}, 0) \) and \( (6\,\text{cm}, 0) \) respectively.
(a) Calculate the amount of work done to separate the two charges at infinite distance.
(b) If this system of charges was initially kept in an electric field \[ \vec{E} = \frac{A}{r^2}, \text{ where } A = 8 \times 10^4\, \text{N}\,\text{C}^{-1}\,\text{m}^2, \] calculate the electrostatic potential energy of the system.- CBSE CLASS XII - 2025
- Electrostatics
- 4,000 shares of ₹ 10 each were forfeited for non-payment of second and final call money of ₹ 2 per share. The minimum amount that the company must collect at the time of reissue of these shares will be :
- CBSE CLASS XII - 2025
- Accounting for Share Capital
- If $y = a \cos(\log x) + b \sin(\log x)$, then $x^2y'' + xy'1$ is:
- CBSE CLASS XII - 2025
- Continuity and differentiability