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Answer: she was cooking

22, Mg Road,
Bangalore 560001,
December 24, 2021.

Dear friend,

How are you? I am doing just fine and hope my letter finds you in good health. I'd like to welcome you to my home for the holidays. I'd like to let you know that I, along with other members of my family, are having a Christmas party at our home. For supper, we expect to make two layered cakes and prepare delectable dishes. Indoor games have already been scheduled, so you are welcome to recommend some.

We're also going to sing Christmas carols. After that, we should just lounge around with a cup of hot chocolate and a Marshmellow and listen to good music late at night. I'm excited to spend the holidays with you. I will await your response and I would expect to see you here on Christmas.

Please express my best wishes to your parents and grandparents. I look forward to seeing you soon.

1.  Too many cooks spoil the broth.

2. The squeaky wheel gets the grease.

3. The scissors are sharp. (Please note that there is no mistake in this sentence. Only when we use the phrase ‘A pair of scissors’ 

or

 ‘The pair of scissors’, we write, ‘A pair/The pair of scissors is sharp:)

4. The premises of the court are clean. (Please note that there is no mistake In this sentence.) 

5. He brings glad tidings.

6. His means are ample.

7. Poetry enlightens a wounded heart.

8. The number of cases is on the rise.

9. You, my son, are a good boy.

1.  I get up at 5 a.m. OR I get up at 5 in the morning.

2. He is an expert.

3. The companies decided to merge.

4. We must rise to the occasion.

5. One can obtain examples from history.

6. She was upset at the outcome.

7. I’ll do it. (If we want the sentence to be emphatic, we would write, ‘I myself will do it)

8. He is my best friend.

9. The shop remains open on all days of the week.

10. Bring your parents to school.

Correct option is c. Minimum 

1. I have managed to obtain the prototype.

2. There are precedents to the case.

3. He decided to continue the fight.

4. This is the best.

5. A dog Is man’s best friend.

6. Both his father and his mother are respected members of society.

7. United we stand, divided we fall.

8. They decided to rise in revolt.

9. The Indian team returned from Australia.

10. I think it is wrong.

OR

In my opinion, it is wrong.

1. The cash you gave me Is sufficient.

2. He is a wonderful friend.

3. He could not cope with the work.

4. He goes to bed at 11 p.m.

OR

He goes to bed at 11 in the night.

5. You will be prosecuted, if you trespass.

1. They decided to bathe the child.

2. He decided to have some dessert after dinner. 

3. A broad agreement has been reached. 

4. When he arrives, you must greet him. 

5. There is no room in this compartment. 

6. He is my cousin. 

7. This is the cost of production. 

8. He did no wrong. 

9. Man is the only animal that can talk. 

10. He ‘s offering from a terminal illness

1. My father advised me.

2. The shop sells wooden furniture.

3. The outcome did not affect him.

4. I bought the pen in a stationery shop.

5. The chief guest complimented the prize winners.

6. The committee gave its assent to the draft resolution.

7. He gave up his berth to an old lady in the train.

8. Black currant is a nutritious food source.

9. He agreed to take up the responsibility in deference to his father’s wishes.

10. I saw beautiful scenery.

(c) Income method.

It is important because the value of output helps in estimating national income of a country.

The difference between current transfers and capital transfers are shown below:

The main points of differences between production for self-consumption and production for exchange are as follows:

Compensation of Employees 

= (a) + (c) + (d) 

= 12 + 15 + 155 

= 182 thousand

Transfer earnings or income are the income received by both households and enterprises without rendering any services or adding to the flow of goods and services. 

For example, scholarships received by the students.

NDP_mp = value of output – depreciation – value of intermediate consumption 

= 750 – 50 – 300 = 400.

OS = (v) – (iii) – (ii) – (i) + (iv) 

= 7000 – 400 – 700 – 3000 + 100 

= 3000 crores. 

When there is a contraction in demand, the consumer buys less of a commodity. In other words, demand decreases due to rise in the price of a commodity.

Increase in demand means the consumer buys more of the good at various prices than before. For example, if the income of a consumer increases, or if the fashion for a goods increases, the consumer will buy greater quantities of the goods than before at various given prices.

Operating surplus = Gross domestic product at market price – compensation of employees – consumption of fixed capital – indirect taxes + subsidies 

= 600 – 300 – 100 – 200 + 50 = 50 crores

Two sources of gross domestic capital formation are: 

(1) Saving. 

(2) Provision for depreciation.

National income accounting is a statistical classification or statement that shows the value of total final goods produced in the various sectors of the economy.

Compensation of employees stands to all payments made by employers to their employees in the form of wages and salaries and contribution to social security schemes. 

Per capita income is an average income of the individuals during a year. It can be expressed as:

Per capital income = National income/Total population

Income received by the factors of production from the services they have rendered to the producers is called factor income.

Taxes that are imposed by the government on production, sale and import of goods are known as indirect taxes. 

For example—sales taxes, excise duty, custom duty etc. The burden of taxes in such case can easily be shifted to other persons.

It refers to a continuous process of production of goods and services, consumption of goods and services and capital formation in the economy.

When two goods are of the nature that they are used together to satisfy a particular human want, they are called as complementary goods. 

For example—bread and butter, scooter and petrol, pen and refill etc.

When two goods can easily be used in place of one another with nearly the same level of satisfaction; they are called substitute goods. For example—Tea can be used in place of coffee; similarly sugar and gur are substitutes. 

a. Final goods: The final goods are those goods which are purchased for final utility or usage. Example for final goods are TV, mobile, sugar, ear, shoes, etc. 

b. Intermediate goods: The intermediate goods are those goods which are produced by one producer and used by another producer to produce final goods. Examples are raw cotton, wood, etc. 

c. Consumer goods: These are the goods which are purchased for consumption. Examples are food, clothes, TV, mobile, sugar, car, shoes, etc. 

d. Capital goods: These are the goods which are used to produce other products. Examples are machinery, tools, roads.

 Explicit costs: 

(a) Rent of the shop paid to the landlord. 

(b) Payments to workers. 

Implicit costs: 

(i) Tailors’ own sewing machines. 

(ii) His own labour.

Exchange of goods for goods is called as barter system. In other words, economic exchanges without the mediation of money are referred to as barter exchanges. 

The four major drawbacks of barter system are the following: 

1. Lack of double coincidence of wants: For example, an individual who has a surplus of rice which he wants to exchange for clothing. If he is not lucky enough he may not be able to find another person who has the diametrically opposite demand for rice with a surplus of clothing to offer in exchange. 

2. Lack of common measure of value: Under barter system, it is very difficult to express the value of goods and services accurately. Here, we cannot keep record of any transactions in terms of value of goods and services exchanged. 

3. Lack of divisibility: Sometimes, it is difficult to divide goods and services according to the needs of people. For instance, the value of a horse is less than the value of cow. We cannot apportion any of these during transactions. 

4. Difficult to carry forward wealth: Under barter system, it is difficult to carry forward one’s wealth. Suppose we have an endowment of rice which we do not wish to consume today entirely. We may regard this stock of surplus rice as an asset which we may wish to consume or even sell off for acquiring other commodities at some future date. But rice is a perishable item and cannot be stored beyond a certain period. Also, holding to a big stock of rice requires a lot of space.

PPC looks concave to the origin because of increasing marginal rate of transformation/substitution (or increasing marginal opportunity cost). It means that more and more units of commodity ‘y’ are to be sacrificed, to get each additional unit of commodity ‘x’. 

(i) Technical economies. 

(ii) Discovery of new ways to do things or innovations.

If the supply of final goods is assumed to be infinitely elastic at a constant price over a short period of time, aggregate output is determined solely by the value of aggregate demand. This situation is called effective demand. In other words, effective demand refers to a situation in, which equlibrlium output is determined solely by the level of aggregate demand.

This is because of the assumption that the supply is infinitely elastic and if there exists any inequality between aggregate demand and aggregate supply, then the equilibrium output will only be influenced by the aggregate demand and not supply.

The derivation of aggregate demand under fixed price of final goods and constant rate of interest in the economy can be discussed here. In order to hold price constant at any particular level, however, one must assume that the suppliers are willing to supply whatever amount consumers will demand at that price.

If quantity supplied is either in excess of or falls short of quantity demanded at this price, price will change because of excess supply or demand. To avoid this problem, we assume that the elasticity of supply is infinite i.e., supply schedule is horizontal – at the fixed price. Under such circumstances, equilibrium output will be solely determined by the aggregate amount of demand at this price in the economy. This is called effective demand principle.

In the short run, some factor inputs are fixed while the others are variable. Only increasing the quantity of the variable factors can increase the production. The time is so limited that the firms cannot contract to hire additional units of the fixed factors. This sets limit to the maximum quantity of output that a firm can turn out.

In the long run, all the factors of production become variable. A firm can install a new plant or construct a new building in response to increased demand. The distinction between the fixed factors and the variable factors becomes irrelevant. The quantity of output to be produced by a firm will range from zero to an indefinite quantity.

The correct answer is Padma Shri.

• As of September 2020, Padma Shri is the most recent award given to film actress Kangana Ranaut. 
  • Kangana Ranaut is an Indian actress who appears predominantly in Hindi films.
  • She has received several awards, including the Padma Shri, fourth highest civilian award in the Republic of India, four National Film Awards, four Filmfare Awards, three International Indian Film Academy Awards, and one award each from the Screen, Zee Cine, and Producers Guild award ceremony.
  • In 2021, Ranaut won another National Film Award for Best Actress at the 67th National Film Awards for her performance in the 2019 Hindi period drama film Manikarnika: The Queen of Jhansi.
  • In 2020, She won Padma Shri for the Hindi sports drama film Panga.
  • This was Ranaut's 3rd win in the best actress category and overall her 4th National Award.

• Panga is a 2020 Indian Hindi-language sports film directed and co-written by Ashwiny Iyer Tiwari and produced by Fox Star Studios, based on a script written by her and Nikhil Mehrotra, with Nitesh Tiwari providing additional script inputs.
• IIFA Awards 2019:
  • ​Ranveer Singh wins the best actor for Padmaavat, Alia Bhatt bags best actress for Raazi.
• National Film Award for Best Actress
  • The National Film Award for Best Actress is an honour presented annually at the National Film Awards of India since 1968 to an actress for the best performance in a leading role within the Indian film industry.
  • The National Film Awards were called the "State Awards for Films" when established in 1954.
  • The State Awards instituted the "Best Actress" category in 1968 as the "Urvashi Award for the Best Actress"; in 1975, the "Urvashi Award" was renamed as the "Rajat Kamal Award for the Best Actress".
• CNN-IBN Indian of the Year Special Achievement
  • ​The year 2006 saw the introduction of the CNN-NEWS18 Indian of the Year. '
  • The initiative recognizes the Indian(s) whose contribution to the country in a calendar year has strengthened the foundation of our society and has helped build Brand India in the process.
  • Having seen nine editions since its inception, the CNN-NEWS18 Indian of the Year has cemented its position as the biggest awards in the domain of News television and an institution of impeccable credibility.

Balance of payments (BoP) is the record of the transactions in goods, services and assets between residents of a country with the rest of the world for a specified time period typically a year. There are two main accounts in the balance of payments viz., the current account and the capital account.

1. BoP surplus and deficit: The essence of international payments is that just like an individual who spends more than his her income, must finance the difference by selling assets or by borrowing, a country that has a deficit in its current account must finance it by selling assets or by borrowing abroad.

Similarly, the country could engage in official reserve transactions running down its reserves of foreign exchange in case of a deficit by selling foreign currency in the foreign exchange market.

The increase in the official reserves is called the overall balance of payments surplus and the decrease in official reserves is called balance of payments deficit.

The basic idea is that the monetary authorities are the ultimate financiers of any deficit in the balance of payments (or the recipients of any surplus). The balance of payments deficit or surplus is obtained after adding the current and capital account balances.

Therefore, a country is said to be in equilibrium balance of payments when the sum of its current account and its non-reserve capital account equal to zero. Here, the total value of exports of goods and services is equal to value of imports of goods and services.

The government budget consists of revenue budget and capital budget. Both the budgets have receipts viz., revenue receipts and capital receipts.

I. Revenue receipts: Revenue receipts are those receipts which do not lead to a claim on the government. 

They include the following: 

1. Tax revenue. 

2. Non-tax revenue. 

1. Tax revenues: These are the important component of revenue receipts. Tax revenue consists of direct tax and indirect taxes. The direct tax includes income tax, corporate tax and indirect tax includes excise duty (tax on production of goods in the country), customs duties (tax on exports and imports) and service tax (GST-goods and services tax has been introduced in place of indirect taxes from 1^st July 2017). Other direct taxes like wealth tax and gift tax have never brought in large amount of revenue and thus they are called as paper taxes. 

2. Non-tax revenue: The non-tax revenue of the central government consists of the following:

• Interest receipts on account of loans by the central government 
• Dividends and profits on investments made by the government 
• Fees and other receipts for services rendered by the government 
• Grants-in-aid from foreign countries and international organizations.

II. Capital receipts: All those receipts of the government which create liability or reduce financial assets are termed as capital receipts. The government receives money by way of loan or from the sale of its assets. Loans have to be repaid to the agencies from whom the government has borrowed. Thus it creates liability. Sale of government assets like sale of shares in public sector undertakings (disinvestment) reduces the total amount of financial assets of the government.

When government takes fresh loans it means that it has to be returned with interest. Similarly, when government sells an asset it means that in future its earnings from that asset will disappear. Thus, these receipts can be debt creating or non-debt creating.

The correct answer is 6.50%.

• As per the Macro-Economic Framework Statement 2020-21, milk production in India grew 6.50% in 2018-19 over the previous year.
•  India has transformed from a country of acute milk shortage to the world’s leading milk producer.
• This phenomenal success is attributed to a Government initiative known as Operation Flood (1970–1996) and its intense focus on dairy development activities.
• Production of milk is subject to seasonal fluctuations — animals, particularly buffaloes, produce more during winter spring and less in the summer.
• In order to cope with this fluctuation, the farmers usually convert the surplus milk of the “flush” season (winter) into skimmed milk powder (SMP) and ghee/butter for reconstitution in the “lean” months (summer).
• Dairy is currently the top-ranking commodity in India, with the value of output almost equal to the combined output value of rice and wheat.
• Despite the importance of the dairy sector in overall GDP, it receives less government budgeting than the agriculture sector.

• Short-Term Measure :
  • The government should consider the temporary procurement of milk, directly by the National Dairy Development Board (NDDB).
  • NDDB may create a buffer stock of processed dairy products like skimmed milk powder (SMP) and butter.
  • Also, state governments may consider distributing these dairy products in Mid-May Meal, when schools reopen.
  • In this way, the crisis in the dairy sector and nutritional security both can be addressed.
• Long-Term Measures :
  • Increasing Productivity: There is a need to increase the productivity of animals, better health care and breeding facilities and management of dairy animals. This can reduce the cost of milk production.
  • Also, milk production and productivity can be enhanced by ensuring the availability of veterinary services, artificial insemination (AI), feed and farmer education.
  • The Government and dairy industry can play a vital role in this direction.

(A) Revenue Receipts 

(B) Capital Receipts 

(A) REVENUE RECEIPTS : “Those Government receipts which neither creates a liability nor leads to reduction in assets of government, are known as revenue receipts.” In revenue receipts, government is under no future obligation to return the amount. 

It can be broadly further classified in :

(a) Tax Revenue Receipts 

(i) Direct Taxes 

(ii) Indirect Taxes

(b) Non-tax revenue receipts 

(i) Interest Receipts 

(ii) Dividends 

(iii) Profits : 

(iv) Economic Grants 

(v) Commercial Revenue 

(vi) Administrative Revenue

(B) CAPITAL RECEIPTS : Capital Receipts are those monetary receipts which either create liability for the Government or cause reduction in the assets of the Government. In capital receipts government is under obligation to return the amount along with interest in the case of borrowings. 

Capital receipts are further classified in :– 

(a) Disinvestment 

(b) Borrowing and Other Liabilities 

(c) Recoveries of Loans 

(d) Savings of Post Offices 

(e) Savings of Provident Fund

International trade is an exchange involving a good or service conducted between at least two different countries. The exchanges can be imports or exports. An import refers to a good or service brought into the domestic country. An export refers to a good or service sold to a foreign country.

Oligopoly is one of the non-competitive markets where the market of a particular commodity consists of more than one seller but the number of sellers is few. The special case of oligopoly where there are exactly two sellers is termed duopoly.

Under oligopoly market there are only a few firms. The output decisions of any one firm would necessarily affect the market price and therefore the amount sold by the other firms. It is, therefore, only to be expected that other firms would react to protect their profits. This reaction would be through taking fresh decisions about the quantity and price of their own output. There are various ways in which this can be theorized. 

They are as follows:

1. Firstly, duopoly firms may collude together and decide not to compete with each other and maximize total profits of the two firms together. In such a case, the two firms would behave like a single monopoly firm that has two different factories producing the commodity. 

2. Secondly, take the case of a duopoly where each of the two firms decides how much quantity to produce by maximizing its own profit assuming that the other firm would not change the quantity that it is supplying. 

3. Thirdly, some economists argue that oligopoly market structure makes the market price of the commodity rigid, i.e., the market price does not move freely in response to changes in demand. The reason for this lies in the way in which oligopoly firms react to a change in price initiated by any one firm.

If one firm feels that a price increase would generate higher profits and therefore increases the price at which it sells its output, other firms do not follow. The price increase would, therefore, lead to a huge fall in the quantity sold by the firm leading to fall in its revenue and profit. It is therefore not rational for any firm to arbitrarily increase the price.

Similarly, if a firm estimates that it could earn a larger revenue and profit by selling a larger quantity of output and therefore lowers the price at which it sells the commodity, other, firms would perceive this action as a threat and therefore follow the first firm and lower their price as well.

The increase in the total quantity sold due to the lowering of price is therefore shared by all the firms and the firm that had initially lowered the price is able to achieve only a small increase in the quantity it sells. A relatively large lowering of price by the first firm leads to a relatively small increase in the quantity sold.

Therefore, any firm finds it irrational to change the prevailing price, leading to prices that are more rigid compared to perfect competition.

The word macro has been derived from greek word MACROS which means large. In this way the branch of economics which deals with whole economy is the macro economic. In other words macro economic is that part of economics in which we study about whole economy in way of aggregate or average. 

E.g. ; National Income, Total Employment, Aggregate Demand, Aggregate Supply, General Price level, Total Consumption, Total Investment, Monetary and Fiscal Policies of Govt etc. . Macro economics is also known as "Income and Employment Output Theory" because it is related with the determination of Income and Employment in an economy. Prof. J.M. Keyns gives the importance to Macro economics in his book "The General Theory of Employment, Interest and Money" published in 1936. In his book he criticise the classical theory and gives the popularity to Macro economics.

Importance of Macro Economics : 

(i) Helpful in formulation of economic policies. 

(ii) Helpful in study of whole economy. 

(iii) Helpful in measurement of economics development of economy. 

(iv) Some problem only can be studied in Macro economics eg. Problems related with National income, General price level, General Employment, Monetary & Fiscal policies of Government 

(v) Helpful in comparison of economy. 

(vi) Helpful in estimation of General Welfare. 

(vii) Helpful in study of Business Cycle.

Group Behaviour : Generally to avoid the huge losses in competitions the firms in oligopoly market forms group. So generally we saw a group behaviour in the market but if any of the firm try to earn more profit and leave this group by decreasing the prices, then there is a possibility of the price war in the market (because the other firms will also react in the same manner in order to save their share in the market). But as the firms receives huge losses from price-war, they again unites and forms group. 

Interdependence of Firms : All the firms operating in oligopoly market are interdependent on each other. Every firm can affect the other firm and can be affected by other firms. Therefore every firm studies the policies of other firms and then decides their price and output policies according to it (whether it is price policy or product policy or stock policy or sale promotion policy, etc.). For example if any firm changes their price policy then other rival firms will also changes their price policy accordingly.

TFC = AFC × No. of Units of output

= 9 × 2 = 18

a) Production Function- It shows technological relationship between physical inputs and physical outputs.

It can be written as follows:

Q = f (f₁, f₂, f₃ ….f_n). Where Q is physical quantity produced and f₁, f₂, f₃ ….f_n are the physical quantities of different factors of production used.

b) Market period – It is defined as a very short time period in which supply of commodity cannot be changed by changing the unit of factors of production. In this case all the factors of production remain constant.

c) Total Product: - The total amount of commodity (Good) produced by employing given units of variable factors with fixed factors is called Total Product. It can be obtained by two ways: 

i) By summing up the marginal physical product derived from various units of variable factor employed.

TPP = MPP₁ + MPP₂ + MPP₃ + MPP₄ +……+MPP_n 

TPP= ΣMPP

ii) By multiplying average physical product by number of units of variable factor employed.

TPP = APP x N

d) Normal Profit - Normal profit is the minimum amount of profit which is essential to keep an entrepreneur in production in the long run.

(b) Financial Leverage refers to the proportion of debt in the overall capital. It is said to be a favourable situation when the return on investment becomes higher than the cost of debt. In other words, as the Return on investment becomes greater, the earning per share also increases and the financial leverage is said to be favourable.