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Economics · 2022 · 2 marks
CBSE 2022 · Region 4 · Set 2 · Q1
(a) If the Real Gross Domestic Product is ₹ 16,000 crores and Gross Domestic Product at current prices is ₹ 20,000 crores, calculate the value of…
(a)
If the Real Gross Domestic Product is ₹ $\displaystyle 16{,}000$ crores and Gross Domestic Product at current prices is ₹ $\displaystyle 20{,}000$ crores, calculate the value of price index.
OR
(b)
Giving valid reasons, classify the following into stock and flow variables :
(i)
Production of wheat during the year $\displaystyle 2020$ – $\displaystyle 21$
(ii)
National Income of Indian Economy during the financial year $\displaystyle 2020$ – $\displaystyle 21$
Marking-scheme solution
(a)Given;
Real GDP = ₹ $\displaystyle 16{,}000$ crores
Nominal GDP = ₹ $\displaystyle 20{,}000$ crores
$$\text{Price Index} = \frac{\text{Nominal GDP}}{\text{Real GDP}} \times 100$$
$$= \frac{20,000}{16,000} \times 100$$
Price Index = $\displaystyle 125$
OR(b)(i) Production of wheat in year $\displaystyle 2020$-$\displaystyle 21$ is a flow variable as it is measured over a period of time.
(ii)
National Income of Indian Economy during the financial year $\displaystyle 2020$-$\displaystyle 21$ is a flow variable as it is measured over a period of time.
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