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Non-Competitive Markets
Giving reasons, explain treatment assigned to the following while estimating national income:
(i) Family members working free on the farm owned by the family.
(ii) Payment of interest on borrowings by general government.
(i) Imputed salaries of family members will be included in national income.
(ii) Interest will not be included in national income because borrowings by general government is treated for consumption purposes.
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Distinguish between microeconomics and macroeconomics.
Give an example of showing the difference between microeconomics and macroeconomics.
Giving reasons categorise the following into intermediate products and final products:
(i) Furniture purchased by a school
(ii) Chalks, dusters purchased by a school.
Giving reasons categorise the following into stocks and flows:
(i) Losses (ii) Capital (iii) Production (iv) Wealth.
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