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Class 12 Economics Assignments

We have provided below free printable Class 12 Economics Assignments for Download in PDF. The Assignments have been designed based on the latest NCERT Book for Class 12 Economics . These Assignments for Grade 12 Economics cover all important topics which can come in your standard 12 tests and examinations. Free printable Assignments for CBSE Class 12 Economics , school and class assignments, and practice test papers have been designed by our highly experienced class 12 faculty. You can free download CBSE NCERT printable Assignments for Economics Class 12 with solutions and answers. All Assignments and test sheets have been prepared by expert teachers as per the latest Syllabus in Economics Class 12. Students can click on the links below and download all Pdf Assignments for Economics class 12 for free. All latest Kendriya Vidyalaya Class 12 Economics Assignments with Answers and test papers are given below.

Economics Class 12 Assignments Pdf Download

We have provided below the biggest collection of free CBSE NCERT KVS Assignments for Class 12 Economics . Students and teachers can download and save all free Economics assignments in Pdf for grade 12th. Our expert faculty have covered Class 12 important questions and answers for Economics as per the latest syllabus for the current academic year. All test papers and question banks for Class 12 Economics and CBSE Assignments for Economics Class 12 will be really helpful for standard 12th students to prepare for the class tests and school examinations. Class 12th students can easily free download in Pdf all printable practice worksheets given below.

Topicwise Assignments for Class 12 Economics Download in Pdf

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CBSE Worksheets for Class 12 Economics

CBSE Worksheets for Class 12 Economics: One of the best teaching strategies employed in most classrooms today is Worksheets. CBSE Class 12 Economics Worksheet for students has been used by teachers & students to develop logical, lingual, analytical, and problem-solving capabilities. So in order to help you with that, we at WorksheetsBuddy have come up with Kendriya Vidyalaya Class 12 Economics Worksheets for the students of Class 12. All our CBSE NCERT Class 12 Economics practice worksheets are designed for helping students to understand various topics, practice skills and improve their subject knowledge which in turn helps students to improve their academic performance. These chapter wise test papers for Class 12 Economics will be useful to test your conceptual understanding.

Board: Central Board of Secondary Education(www.cbse.nic.in) Subject: Class 12 Economics Number of Worksheets: 26

CBSE Class 12 Economics Worksheets PDF

All the CBSE Worksheets for Class 12 Economics provided in this page are provided for free which can be downloaded by students, teachers as well as by parents. We have covered all the Class 12 Economics important questions and answers in the worksheets which are included in CBSE NCERT Syllabus. Just click on the following link and download the CBSE Class 12 Economics Worksheet. CBSE Worksheets for Class 12 Economics can also use like assignments for Class 12 Economics students.

• CBSE Worksheets for Class 12 Economics Demand Analysis
• CBSE Worksheets for Class 12 Economics Demand and Elasticity of demand
• CBSE Worksheets for Class 12 Economics Domestic territory of India
• CBSE Worksheets for Class 12 Economics Elasticity of Demand
• CBSE Class 12 Economics Expenditure Method
• CBSE Economics Government Budget and the Economy
• CBSE Class 12 Economics Gross Domestic Product
• CBSE Class 12 Economics Income Expenditure Method
• CBSE Class 12 Economics Income Method
• CBSE Class 12 Economics Indifference Curve Analysis
• CBSE Class 12 Economics National Income Aggregates
• CBSE for Class 12 Economics National income of India
• CBSE Class 12 Economics Production and Cost
• CBSE Class 12 Economics Production Possibility Curve
• CBSE Class 12 Economics Revenue Supply and its Elasticity
• CBSE Class 12 Economics Unit Analysis
• CBSE Class 12 Economics Value Added Method
• CBSE Class 12 Economics Value Added
• CBSE Class 12 Economics Revision Sheet 1
• CBSE Class 12 Economics Revision Sheet 2
• CBSE Class 12 Economics Revision Sheet 3
• CBSE Class 12 Economics Revision Sheet 4
• CBSE Class 12 Economics Revision Sheet 5
• CBSE Class 12 Economics Revision Sheet 6
• CBSE Class 12 Economics Revision Sheet 7
• CBSE Class 12 Economics Revision Sheet 8

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Now that you are provided all the necessary information regarding CBSE Class 12 Economics Worksheet and we hope this detailed article is helpful. So Students who are preparing for the exams must need to have great solving skills. And in order to have these skills, one must practice enough of Class 12 Economics revision worksheets . And more importantly, students should need to follow through the worksheets after completing their syllabus.  Working on CBSE Class 12 Economics Worksheets will be a great help to secure good marks in the examination. So start working on Class 12 Economics Worksheets to secure good score.

CBSE Worksheets For Class 12

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Balbharati Solutions for Economics 12th Standard HSC Maharashtra State Board

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•  • Chapter 1: Introduction to Micro and Macro Economics
•  • Chapter 2: Utility Analysis
•  • Chapter 3.1: Demand Analysis
•  • Chapter 3.2: Elasticity of Demand
•  • Chapter 4: Supply Analysis
•  • Chapter 5: Forms of Market
•  • Chapter 6: Index Numbers
•  • Chapter 7: National Income
•  • Chapter 8: Public Finance in India
•  • Chapter 9: Money Market and Capital Market in India
•  • Chapter 10: Foreign Trade of India
• HSC Commerce (English Medium) 12th Standard Board Exam Maharashtra State Board
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• Balbharati solutions for Biology 12th Standard HSC Maharashtra State Board
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Chapters covered in Balbharati Solutions for Economics 12th Standard HSC Maharashtra State Board

Balbharati solutions for 12th standard board exam economics chapter 1: introduction to micro and macro economics, balbharati 12th standard board exam economics chapter 1: introduction to micro and macro economics exercises.

Balbharati Solutions for 12th Standard Board Exam Economics Chapter 2: Utility Analysis

Balbharati 12th standard board exam economics chapter 2: utility analysis exercises.

Balbharati Solutions for 12th Standard Board Exam Economics Chapter 3.1: Demand Analysis

Balbharati 12th standard board exam economics chapter 3.1: demand analysis exercises.

Balbharati Solutions for 12th Standard Board Exam Economics Chapter 3.2: Elasticity of Demand

Balbharati 12th standard board exam economics chapter 3.2: elasticity of demand exercises.

Balbharati Solutions for 12th Standard Board Exam Economics Chapter 4: Supply Analysis

Balbharati 12th standard board exam economics chapter 4: supply analysis exercises.

Balbharati Solutions for 12th Standard Board Exam Economics Chapter 5: Forms of Market

Balbharati 12th standard board exam economics chapter 5: forms of market exercises.

Balbharati Solutions for 12th Standard Board Exam Economics Chapter 6: Index Numbers

Balbharati 12th standard board exam economics chapter 6: index numbers exercises.

Balbharati Solutions for 12th Standard Board Exam Economics Chapter 7: National Income

Balbharati 12th standard board exam economics chapter 7: national income exercises.

Balbharati Solutions for 12th Standard Board Exam Economics Chapter 8: Public Finance in India

Balbharati 12th standard board exam economics chapter 8: public finance in india exercises.

Balbharati Solutions for 12th Standard Board Exam Economics Chapter 9: Money Market and Capital Market in India

Balbharati 12th standard board exam economics chapter 9: money market and capital market in india exercises.

Balbharati Solutions for 12th Standard Board Exam Economics Chapter 10: Foreign Trade of India

Balbharati 12th standard board exam economics chapter 10: foreign trade of india exercises.

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Economics Class 12

Economics for class 12 is a combination of 2 components that are Macro economics and Indian Economic Development.

At Teachoo, you can find NCERT questions , Past year questions as well as extra questions for Economics Class 12 prepared by expert teachers which will help you understand the concept clearly and score better.

Macroeconomics is the study of ‘macros’ i.e. studying the whole economy as one single unit . 

It focuses on the performance of economies – changes in economic output, inflation, interest and foreign exchange rates, and the balance of payments. Poverty reduction, social equity, and sustainable growth are only possible with sound monetary and fiscal policies.

Macroeconomics consists of 5 units which are -

• National income and Related Aggregates
• Money and Banking
• Determination of income and employment
• Government budget and the economy
• Balance of payments

The second component, which is the Indian Economic Development focuses on how the country has shaped up considering the economic factors since its independence in 1947 .

Economic Development means programs, policies or activities that seek to improve the economic well-being and quality of life for a community . 

It is development measured in the form of HDI (Human Development Index).

Indian economic development is further divided into 4 units that are -

• Development Policies and experience (1947 - 1990)
• Economic Reforms since 1991
• Current challenges facing the Indian Economy
• Development experience of India: A comparison with its neighbours

These units are further divided into various chapters that will help you understand about the changes which have taken place over the 75 years of independence.

Click on a link below to start doing the chapter!

Macroeconomics

Indian economic development, solutions to cbse sample paper - economics class 12.

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NCERT Solutions for Class 6, 7, 8, 9, 10, 11 and 12

NCERT Solutions for Class 12 Economics

NCERT Solutions for Class 12 Economics: Economics is a Subject that includes both subjective content and objective questions. In order to understand Class 12 Economics, you need to have an in-depth understanding of concepts. In such a case Class 12 Economics NCERT Solutions can be your go-to place.

NCERT Solutions for CBSE Class 12 Economics [Latest updated session for 2023-2024] helps students understand how to answer the questions in the textbook. All the Solutions have detailed answers with explanations so that students can learn better. NCERT Solutions over here are arranged as per Units and Exercises to guide you in both board and competitive exams. You will get a stronger foundation of the subject along with the ability to tackle different questions.

Download NCERT Solutions for Class 12 Economics PDF

Class 12 Economics NCERT Solutions provided on this page include a wide range of concepts and the advanced information of all the questions covered in the NCERT Textbooks.  Usually, Economics is classified into two types namely Micro Economics and Macro Economics. In Class 12 Economics you will have a progressed degree of concepts. Get to know a broad variety of examples to comprehend and learn concepts quickly.

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Economics NCERT Solutions for Class 12th Economics All Chapters Free PDF

Class 12 Economics textbook solutions will give students an advantage with practical questions. NCERT Solutions provided are easy to understand and each step in the solution is described to match student understanding. CBSE Class 12 Economics NCERT Solutions are curated by subject experts and students can rely on these to score well. NCERT Solutions Economics is prepared as per the latest CBSE Syllabus and you can use them during your homework or for your preparation.

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In our NCERT Solutions , CBSE Class 12 Economics students can find the solutions chapter wise. So, students get clarity on every topic.

NCERT Solutions for Class 12 Micro Economics

• Chapter 1 Introduction to Economics
• Chapter 2 Consumer Equilibrium
• Chapter 3 Demand
• Chapter 4 Elasticity of Demand
• Chapter 5 Production
• Chapter 6 Cost
• Chapter 7 Supply
• Chapter 8 Revenue
• Chapter 9 Producer Equilibrium
• Chapter 10 Perfect Competition
• Chapter 11 Non-Competitive Market
• Chapter 12 Market Equilibrium with Simple Applications

NCERT Solutions for Class 12 Macro Economics

• Chapter 1 Introduction to Macroeconomics and its Concepts
• Chapter 2 National Income and Related Aggregates
• Chapter 3 Money
• Chapter 4 Banking
• Chapter 5 Aggregate Demand and Its Related Concepts
• Chapter 6 National Income Determination and Multiplier
• Chapter 7 Excess Demand and Deficient Demand
• Chapter 8 Government Budget and the Economy
• Chapter 9 Foreign Exchange Rate
• Chapter 10 Balance of Payment

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NCERT Economics Class 12 Solutions will cover everything right from basic level to advanced level. You will get to know the solutions for all kinds of questions in the exercises of NCERT Textbooks.

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Assignments For Class 12 Economics

Free PDF download of Economics Assignment Class 12 PDF with answers created by master educators from the latest syllabus of CBSE Boards. By practicing these Assignment of Economics Class 12 will help you to score more marks in your CBSE Board Examinations. We also give free NCERT Solutions and other study materials for students to make their preparation better.

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Assignments for Class 12 Economics have been developed for Standard 12 students based on the latest syllabus and textbooks applicable in CBSE, NCERT and KVS schools. Parents and students can download the full collection of class assignments for class 12 Economics from our website as we have provided all topic wise assignments free in PDF format which can be downloaded easily. Students are recommended to do these assignments daily by taking printouts and going through the questions and answers for Grade 12 Economics. You should try to do these test assignments on a daily basis so that you are able to understand the concepts and details of each chapter in your Economics book and get good marks in class 12 exams.

More Assignments for Class 12 Economics

Assignments for Class 12 Economics as per CBSE NCERT pattern

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• NCERT Class 12 Economics Workbooks will surely help you to make your concepts stronger and better than anyone else in your class.
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All free Printable practice assignments are in PDF single lick download format and have been prepared by Class 12 Economics teachers after full study of all topics which have been given in each chapter so that the students are able to take complete benefit from the worksheets. The Chapter wise question bank and revision assignments can be accessed free and anywhere. Go ahead and click on the links above to download free CBSE Class 12 Economics Assignment PDF.

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You can get free PDF downloadable assignments for Grade 12 Economics from our website which has been developed by teachers after doing extensive research in each topic.

On our website we have provided assignments for all subjects in Grade 12, all topic wise test sheets have been provided in a logical manner so that you can scroll through the topics and download the worksheet that you want.

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• Class 12 Commerce
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• Class 12 Economics Projects

Class 12 Economics Project

Class 12 economics project plays an essential role in students’ life. However, a few students would be nervous about how and what to prepare for the project. This uncertainty of how to complete the project leads to the imitation of projects from peers.

It is a general issue where students weigh a project as a burden and do not pay attention to how to prepare it. If you are encountering a similar obstacle, the best thing to begin with is to analyse a sample project. Here, we have given three sample economics projects for Class 12, which can be downloaded as PDFs.

These sample projects will certainly assist all those students who really want to have a summary of what an economics project looks like. They will completely answer all your questions about the different things we should contemplate while preparing an economics project. The whole project is of 20 marks. To be well aware of the entire economics syllabus for Class 12, click here .

Economics Project for Class 12 Download Free PDFs:

Economics Project Guidelines

While selecting your concept of the project, a few basic factors are to be kept in mind:

• Be well aware of your topic.
• Your project must be different by at least 40% . Cut short the long story.
• Do not exaggerate. It is important to include everything associated with your topic. A topic on demand might lead you to behavioural economics; however, that is not important. Focus on the specific features and do not make it too long.
• Take guidelines from your professor.

Here are some of the best economics project ideas for Class 12 students:

•   Imperfect competition and Market failure
•   Non-performing asset and Central Bank’s procedures to recover it
•   Theories of the long-run supply curve (Not recommended if you are not thoroughly versed in basics of macroeconomics)
•   RBI’s policies to curb inflation and appreciate currency value
•   Central Bank’s functions with special reference to RBI
•   Causes and potential solutions for adverse balance of payments
•   The shift of India’s growth parameters from agricultural to manufacturing and service sectors over a period of 50 years
•   Derivation of the demand curve from Hicksian and Slutsky income and substitution effects
•   Theories of utility (Ordinal and Cardinal approach)
•    Banking sector reforms
•   The growth of India’s automobile sector in the last 20 years with special reference to FDI
•   Import substitution vs Export promotion
•   Tax reforms and basic principles of taxation/double taxation on savings
•   Impact of macroeconomic variables on values of currencies
•   Opportunity cost
•   Price determination
•   Production: Returns to a factor
•   Demand and its determinants
•   Monopolistic competition

Explore more about projects for Class 12. Stay tuned for questions papers, sample papers, syllabus, and relevant notifications on our website.

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CBSE Macro Economics Chapter 3 - Money and Banking Class 12 Notes

• Revision Notes
• Economics: Macro Economics
• Chapter 3 Money And Banking

Revision Notes for CBSE Class 12 Macro Economics Chapter 3 - Free PDF Download

In this article, you will find a picturesque description of Class 12 Macroeconomics Chapter 3 Notes in a precise form. Macroeconomics Class 12 Chapter 3 Notes by Vedantu deals with one of the most important chapters of Macroeconomics namely Money and Banking. Class 12 Macroeconomics Money and Banking Notes PDF are to be followed thoroughly which will definitely guide you towards a compact preparation. If scoring high in the board exam and getting to know the chapter wholeheartedly are your targets, scroll down. You can also download the Class 12 Chapter 3 PDF to study and revise at your own pace.

Download CBSE Class 12 Macro Economics Revision Notes 2024-25 PDF

Also, check CBSE Class 12 Macro Economics revision notes for all chapters:

Related Chapters

Access Class 12 Macro Economics Chapter 3 - Money and Banking Notes

Money: Money is the most often used means of exchange. It is an economic unit that serves as a universally accepted means of exchange in a transactional economy. Money offers the benefit of lowering transaction costs, particularly the double coincidence of wants. There can be no exchange of commodities and thus no role for money in an economy consisting of only one person.

Barter Exchange: It is a trade in which one product or service is exchanged for another. It is the oldest form of commerce. Individuals and businesses exchange goods and services based on equivalent prices and good estimates. Individuals and businesses barter goods and services with one another based on similar pricing and quality assessments. Bartering, on a larger scale, can result in the most efficient use of resources by exchanging items in quantities that have equivalent values. Bartering can also assist economies in reaching equilibrium, which happens when supply and demand are equal.

Disadvantages of Barter Exchange:

1. A lack of a standardised means of measuring value.

2. There is a lack of desire for duplication.

3. A scarcity of common value measures.

4. Inadequate store of value.

5. Deferred payment standards are lacking.

6. Inability to divide.

Functions of Money: The functions of money are broadly classified as

1. Primary functions.

i. A mode of exchange.

ii. A common measure of value or a common unit of value.

2. Secondary functions: 

i. Value storage.

ii. Value transfer.

iii. Deferred payment standard.

Demand of Money: It is referred to as an individual's liquidity preference, which is the decision of holding money in liquid form, i.e., cash, in order to earn interest or as a precaution. Money demand is impacted by a number of factors such as inflation, income, interest rates, and future uncertainty. The two important motives for the demand of money: transaction, and speculative motives, are commonly used to describe how these elements affect money demand.

i. Transaction Motive: The drive to hold cash amounts is referred to as the transaction's motive. The fact that most transactions involve an exchange of money is the transaction motive for demanding money. Money will be demanded because it is necessary to have money available for transactions. The aggregate quantity of transactions in an economy tends to increase as income grows. As a result, as income or GDP rises, so does the demand for money in transactions.

ii. Speculative Motive: It refers to funds retained by investors in order to capitalise on potential investment opportunities in the economy. When retaining money is thought to be less hazardous than lending it or investing it in another asset, the speculative motive for demanding money emerges.

Aggregate Money Demand: In an economy, the entire demand for money is made up of transaction demand and speculative demand. The former is proportionate to real GDP and the price level, whereas the latter is inversely related to the market interest rate.

$\mathrm{M}^{\mathrm{d}}=\mathrm{M}_{\mathrm{T}}^{\mathrm{d}}+\mathrm{M}_{\mathrm{s}}^{\mathrm{d}}$

Where, $\mathrm{M}_{\mathrm{d}} =\text { Money Demand }$

$\mathrm{M}_{\mathrm{T}}^{\mathrm{d}} =\text { Transaction Demand }$

$\mathrm{M}_{\mathrm{S}}^{\mathrm{d}} =\text { Speculative Money Demand }$

Fiat money: It is the currency that a government declares to be legal tender but is not backed by a physical asset. The value of fiat money is calculated by the link between supply and demand rather than the worth of the commodity used to make the money.

Supply of Money: It refers to the total money held by the public at a particular point in time in an economy. The supply of money does not include the cash balances held by the national and state governments, as well as the stock of money held by the country's banking system, because these are not in active circulation in the country.

Measures of Money Supply: 

i. $\mathrm{M}_{1}$: It is the first and basic measure of the money supply. It includes currency held by the public, demand deposits of commercial banks, and other deposits with the Reserve Bank of India (RBI).

$\mathrm{M}_{1} = \text { Currency and coins with public( C) + Demand deposits of the public with the banks(DD) } +\text { Other deposits (OD) }$

ii. $\mathrm{M}_{2}$:  It is also known as narrow money along with M1. It includes Savings deposits with Post Office saving banks.

$\mathrm{M}_{2}=\mathrm{M}_{1}+\text { Savings deposits with Post Office saving banks }$

iii. $\mathrm{M}_{3}$:  It also includes time deposits with a commercial bank and is known as broad money.

$\mathrm{M}_{3}=\mathrm{M}_{1}+\text { Net time deposits with commercial banks }$

iv. $\mathrm{M}_{4}$:  It includes the total deposits excluding National Saving Certificates and is also known as broad money along with M 3 .

$\left.\mathrm{M}_{4}=\mathrm{M}_{3}+\text { Total post office deposits excluding National Saving Certificates( } \mathrm{NSC}\right)$

Banking Systems:

1. Commercial Bank: A commercial bank is a type of financial organisation that handles all transactions involving the deposit and withdrawal of money for the public, as well as the provision of loans for investment purposes and other similar activities. These banks are profit-making enterprises that conduct business only for the purpose of making a profit. State Bank of India, Canara Bank are some examples. 

2. Central Bank: In the banking system, the central bank is recognised as the highest financial institution. It is seen as an essential component of a country's economic and financial system. The central bank is an independent authority in charge of supervising, regulating, and stabilising the country's monetary and banking structures.

Money Creation by Banks: If the value of any of its constituents, such as CU, DD, or Time Deposits, changes, the money supply will alter. The public's preference for maintaining cash balances as opposed to bank deposits has an impact on the money supply. The following major ratios summarise these influences on the money supply.

1. The Currency Deposit Ratio: The currency deposit ratio (cdr) depicts the amount of currency held by individuals as a percentage of total deposits. For instance, cdr rises over the holiday season as people convert deposits to cash balances in order to cover extra expenses.

cdr = CU/DD

2. The Reserve Deposit Ratio: Banks keep a portion of the money customers keep in their bank accounts as reserve money and lend the rest to various investment initiatives. Reserve money is made up of two components: vault cash in banks and commercial bank deposits with the RBI. Banks use this reserve to meet account holders’ need for cash. The reserve deposit ratio (rdr) is the percentage of total deposits that commercial banks retain as reserves. 

Measures to bring forth a healthy Reserve deposit ratio:

I. Qualitative Measures

1. Cash Reserve Ratio (CRR): It is a portion of a bank's total deposits that the Reserve Bank of India requires to be kept with the latter as liquid cash reserves. When computing the base rate, one of the reference rates is the cash reserve ratio. The base rate is the lowest lending rate at which a bank is not permitted to lend money. The Reserve Bank of India sets the base rate.The rate is fixed, ensuring openness in the credit market when it comes to borrowing and lending.

2. Statutory Liquidity Ratio (SLR): It is essentially the reserve requirement that banks must maintain before extending credit to customers. Aside from the Cash Reserve Ratio (CRR), banks are required to keep a certain percentage of their net demand and time liabilities in liquid assets such as cash, gold, and unencumbered securities. Among other things, the statutory liquidity rate applies to dated securities issued under the market borrowing programme, treasury bills, and market stabilisation schemes (MSS). Banks must report their SLR maintenance to the RBI every other Friday, and penalties must be paid if SLR is not maintained as required.

3. Bank Rate: A bank rate is the interest rate charged by a nation’s central bank to its domestic banks in order for them to borrow money. The interest rates charged by central banks are meant to stabilise the economy. The lending rates of commercial banks are affected by bank rates. Higher bank rates will result in higher bank lending rates. The central bank might raise the bank rate in order to reduce liquidity, and vice versa.

4. High Powered Money: It is the money created by the RBI and the government, in which the public holds the currency, and the banks hold the cash reserves. It differs from money for that money consists of demand deposits, whereas cash reserves serve as a foundation for creating demand deposits. High-powered money is the sum of commercial bank reserves and currency, which denotes the notes and coins held by the general public. The increase of bank deposits and the creation of a money supply are both based on high-powered money.

II. Qualitative Measures

1. Open Market Operation: It refers to the central bank's selling and purchase of securities on the open market to and from commercial banks or the general public. The open market operation is one of the quantitative techniques used by the Reserve Bank of India to smooth out liquidity conditions throughout the year and reduce the impact on interest and inflation rates. Changes in the Cash Reserve Ratio (CRR), bank rate, or open market operations are all examples of quantitative measures used to limit the size of the money supply.

2. Bank Rate Policy: The term "bank rate policy" refers to the central bank's manipulation of the discount rate in order to influence the economy's credit condition. The bank rate policy is based on the idea that changes in the bank rate are usually followed by comparable changes in the money market rate, making credit more expensive or less expensive and impacting demand and supply.

3. Sterilisation by RBI: Sterilising is the RBI's market-based technique for neutralising a portion or all of the monetary impact of foreign inflows. Sterilising is the RBI's market-based technique for neutralising a portion or all of the monetary impact of foreign inflows. The sterilising procedure is used to alter the value of one local currency compared to another and is launched in the foreign exchange market. Sterilization in the traditional sense entails central banks buying and selling on open markets.

Class 12 Economics Chapter Money and Banking Notes: Overview

What is Money?

In the first half of Chapter 3 Macroeconomics Class 12 Notes, money is rightfully defined. Anything which is accepted as a medium of exchange and simultaneously acts as a measure, store of value and standard of deferred payment is termed as ‘money’.

What are the Functions of Money?

The functions of money are classified into three categories namely primary functions, secondary functions and contingent functions.

Primary Functions:

Medium of Exchange.

A general gauge of value or unit of value.

Secondary Functions:

Benchmark of deferred payment.

Store of value.

Transfer of value.

Contingent Functions:

Basis of credit.

Profit statement to the producers.

Ultimate satisfaction to the consumers.

Foundation of the price mechanism.

Source of distribution of income.

What is Barter Exchange and What are the Difficulties Involved in the Barter Exchange?

In the Macroeconomics class 12 Chapter 3 Notes, ‘barter exchange’ is defined as the direct exchange of commodities for commodities without using money as the medium of exchange.

Problems in the Barter Exchange:

An inadequate common measure of value.

Insufficient amount of double coincidence of wants.

Absence of benchmark of deferred payments.

Commodities cannot be divisible.

Exchange of services cannot be possible in the Barter Exchange.

Supply of Money

In the Class 12 Macroeconomics Chapter 3 Notes, ‘supply of money’ refers to the aggregate stock of money (currency notes, coins and demand deposit of banks) in the distribution or are held by the public at a certain point of time.

The cash balance held by Central or State Govt and stock of money acquired by the banking system of a country is not included in the Supply of Money. Hence,

Measures of Money Supply = Currency possessed by public + Net Demand Deposits possessed by commercial banks.

M1 = C + DD + OD

Where, 

C stands for currencies and coins possessed by the public.

DD stands for Demand Deposits in the name of the public with the banks.

OD stands for other deposits.

M2 = M1 + POSB deposits.

M3 = M1 + Time Deposits of Commercial Banks.

M4 = M3 + Total POSB Deposits excluding the deposit on National Savings Certificates.

What do You Mean by a Bank and Banking System?

As per Class 12 Economics Chapter Money And Banking Notes, the financial institution in which deposits are accepted from the public and loan facilities for investment are provided is termed as Commercial Bank. The main aim of the services provided by commercial banks is to earn profits.

What are the Functions of Commercial Banks?

Functions of commercial banks are classified into two categories namely primary functions and secondary functions.

Recognizing deposits.

Giving loans.

Discounting boll of exchange.

a) Agency Functions:

Fund transfer.

Fund collection.

Buying and selling of shares and securities on behalf of the customers.

Playing the role of executor and trustee of a will.

Playing the role of correspondent and representative of the customer and offer letter of credit to the customers.

b) General Utility Functions:

Buying and selling of foreign exchange.

Issuance of cheques of travellers.

Secured custody of costly commodities in lockers.

Endorsing of securities.

What is Central Bank and What are its Roles?

The apex institution of the financial system of a particular country is known as the Central Bank.

Roles of Central Bank:

Bank of issue.

Banker of the Government.

Bank and Supervisor of the Bankers.

Credit controlling authority.

Lender of ultimate resort.

Foreign exchange reserves are secured in the Central Bank.

Conclusion 

Class 12 CBSE Macro Economics Chapter 3 notes on Money and Banking are a valuable resource for students. They provide a clear and concise understanding of key concepts related to money, banking, and the financial system. These notes can be a great aid in preparing for exams and gaining a solid foundation in macroeconomics. With free PDF downloads available, they offer accessibility to all students. Studying and mastering this chapter is essential, as it helps us comprehend the intricate world of finance and its impact on our daily lives. So, make the most of these notes and excel in your studies!

FAQs on CBSE Macro Economics Chapter 3 - Money and Banking Class 12 Notes

1. What is the Cash Reserve Ratio (CRR)?

In Class 12 Economics Chapter Money And Banking Notes, Cash Reserve Ratio (CRR) refers to the minimum ratio of deposit legally needed to be kept as cash by banks.

2. What is Flat Money?

Flat Money refers to the currency that a government has considered to be a legal tender.

3. Why Should You Refer to Class 12 Macroeconomics Chapter 3 Notes by Vedantu?

The reasons for choosing Class 12 Chapter 3 Notes by Vedantu include:

Money and Banking class 12 Notes are available in PDF format on the official website of Vedantu which can be easily accessed.

Macroeconomics Class 12 Chapter 3 is one of the most high-scoring chapters in Economics. Class 12 Economics Chapter 3 Notes are prepared in such a way which will assist the students to grab the maximum of it.

Chapter 3 Macroeconomics Class 12 Notes consists of several mock tests and question answers which will definitely help you understand the chapter to score good marks in the exam.

Macroeconomics Class 12 Chapter 3 Notes are entirely free of cost and are prepared by the experienced professors of Vedantu.

4. What is the Statutory Liquidity Ratio?

Statutory liquidity ratio or SLR is the minimum percentage of the total deposit that banks have to keep with themselves in the form of liquid cash, securities, or gold. The rate of SLR is fixed by the Reserve Bank of India (RBI). This reserve is kept by the bank themselves and not with the RBI. The banks must keep this reserved before giving out credits to the borrowers. For further explanation and examples of NCERT related to Statutory liquidity ratio, you can visit the page NCERT notes for Class 12 Macroeconomics .

5. What are the functions of the central bank in India?

The central bank of India is an important organ of government that takes some of the most crucial financial decisions to improve the conditions of financial institutions and support the country's economy.  Some of the most prominent functions of the central bank of India are as follows;  bank of issue and regulator of currency, banker, agent, and financial advisor to the government, management and custodian of Foreign Exchange Reserve, clearinghouse, lender of last resort, protection of depositor’s interest. 

6. Is Class 12  Macroeconomics chapter 3 difficult to study?

Chapter 3 of macroeconomics is important from the examination point of view. But the chapter is not difficult as compared to other chapters in the book. The chapter is mostly theory-based with few numerical. Chapter 3, Money and Banking talks about the role of money and systems of banking. It also talks about the roles, functions of the central bank and how money transactions take place in banks. You can visit NCERT notes for Class 12 Macroeconomics and download the notes PDF free of cost.

7. How are NCERT solutions helpful for studying Class 12 Macroeconomics Chapter 3?

NCERT solutions from Vedantu include all the study material that is required by the students to prepare for examinations. These NCERT solutions are available on the website as well as the vedantu app. You can find extra questions for practice, important topics, NCERT solutions to exercises related to Chapter 3- Money And Banking. It also explains the transaction of money under the banking system with the help of diagrams and flowcharts. You can also go through revision notes that are available in NCERT solutions for a quick review of the chapter before exams.

8. What is the weightage of Class 12 Macroeconomics Chapter 3?

The net weightage of chapter 3, Money and Banking is 8 marks. Although the chapter carries fewer marks, there is a 5 marker question and 3 one marker questions from this chapter. If you are well versed with the chapter these 8 marks are very easy to secure in the board examination. The chapter is not at all lengthy and you can learn and revise it pretty quickly if the chapter piques your interest. 

REVISION NOTES FOR CLASS 12 MICRO ECONOMICS

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Tn 12th economics assignment answer key 2021 , tnscert kalvi tv assignment , students can download 12th  assignment answers and question paper unit 1., tnscert 12th economics assignment pdf download with answer  , tn 12th  economics assignment  question paper ,answer key, economics – unit 1   assignment english medium economics– unit -1 -tamil medium assignment economics assignment answer key - pdf download tm   assignment class:12 subject: economics chapter – 1   part - a i. multiple choice questions 1. an examples of socialistic economy a) india            b) china c) russia  d) america 2. the branches of the subject economics is a) micro and macro  b) production and consumption c) wealth and welfare d) demand and supply 3. identify the flow variable a) income  b) assets c) money supply d) foreign exchange reserves 4. the circular flow model that represents an open economy a) three sector model  b) four sector model c) two sector model d) all the above 5. identify the sectors of a two sector model a) firms and government  b) households and firms c) internal and external d) private and public 6. macro economics is a study of a) individuals b) a nation c) aggregates  d) firms 7. a steady increase in general price level is termed as ___________ a) national income b) business cycle c) inflation  d) wholesale price index 8. identify the other name for macro economics a) income theory  b) price theory c) market theory d) micro theory 9. identify the economic system where only private ownership of production exists a) globalist economy  b) capitalistic economy c) socialistic economy d) mixed economy 10. economic system representing equality in distribution is a) socialism  b) capitalism c) mixedism d) globalism part - b ii.very short answer. 1. define ‘economic model’ a model is a simplified representation of real situation. an economic model is an explanation of how the economy or part of the economy, works 2. what do you mean by capitalism capitalism is total freedom and private ownership of means of production. the capitalist economy is also termed as a free economy (laissez-faire, in latin) or market economy where the role of the government is minimum and the market determines the economic activities. 3. define macro economics macro economics is the study of the economy as a whole. in other words, macroeconomics deals with aggregates such as national income, employment, and output. macro economics is also known as ‘income theory’. 4. define the term inflation inflation refers to a steady increase in the general price level. 5. classify the economics based on status of development developed, underdeveloped, undeveloped and developing economies. part – c iii. short answer 1. describe the different types of economic systems there are three major types of economic systems. they are: 1. capitalistic economy (capitalism): capitalist economy is also termed as a free economy (laissez-faire, in latin) or market economy where the role of the government is minimum and market determines the economic activities. the means of production in a capitalistic economy are privately owned. manufacturers produce goods and services with profit motive. the private individual has the freedom to undertake any occupation and develop any skill. the usa, west germany, australia and japan are the best examples for capitalistic economies.  however, they do undertake large social welfare measures to safeguard the downtrodden people from the market forces. 2. socialistic economy (socialism): the father of socialism is karl marx. socialism refers to a system of total planning, public ownership and state control on economic activities. socialism is defined as a way of organizing a society in which major industries are owned and controlled by the government. a socialistic economy is also known as ‘planned economy’ or ‘command economy’. in a socialistic economy, all the resources are owned and operated by the government. public welfare is the main motive behind all economic activities. it aims at equality in the distribution of income and wealth and equal opportunity for all. russia, china, vietnam, poland and cuba are the examples of socialist economies. but, now there are no absolutely socialist economies. 3. mixed economy (mixedism): in a mixed economy system both private and public sectors co-exist and work together towards economic development. it is a combination of both capitalism and socialism. it tends to eliminate the evils of both capitalism and socialism. in these economies, resources are owned by individuals and the government. india, england, france and brazil are examples of mixed economy. 2. indicate the demerits of socialism red tapism and bureaucracy absence of incentive limited freedom of choice concentration of power. 3. outline the major merits of capitalism automatic working: without any government intervention, the economy works automatically. efficient use of resources: all resources are put into optimum use. incentives for hard work: hard work is encouraged and entrepreneurs get more profit for more efficiency. economic progress: production and productivity levels are very high in capitalistic economies. consumers sovereignty: all production activities are aimed at satisfying the consumers. higher rates of capital formation: an increase in saving and investment leads to higher rates of capital formation. development of new technology: as profit is aimed at, producers invest in new technology and produce quality goods. 4. briefly explain the two sector circular flow model there are only two sector namely households and firms. here,production and sales are equal and there will be a circular flow of income and goods. real flow indicates the factor services flow from household sector to the business sector. monetary flow indicates the good and services flow from business sector to the household. the basic identity are y = c + i 5. state the importance of macro economics the importance and the need for introducing a macro outlook of an economy are given below: there is a need to understand the functioning of the economy at the aggregate level to evolve suitable strategies and to solve the basic problems prevailing in an economy. understanding the future problems, needs, and challenges of an economy as a whole is important to evolve precautionary measures. macroeconomics provides ample opportunities to use scientific investigation to understand reality. macroeconomics helps to make meaningful comparisons and analyses of economic indicators. macroeconomics helps for a better prediction about future and to formulate suitable policies to avoid economic crises, for which nobel prize in economic sciences is awarded. part – d iv.write in detail. 1. compare the feature among capitalism secularism and mixedism 2. discuss the scope of macro economics the study of macroeconomics has a wide scope and it covers the major areas as follows: 1. national income: measurement of national income and its composition by sectors are the basic aspects of macroeconomic analysis. the trends in national income and its composition provide a long term understanding of the growth process of an economy. 2. inflation: it refers to a steady increase in the general price level. estimating the general price level by constructing various price index numbers such as wholesale price index, consumer price index, etc, are needed. 3. business cycle: almost all economies face the problem of business fluctuations and the business cycle. the cyclical movements (boom, recession, depression, and recovery) in the economy need to be carefully studied based on aggregate economic variables. 4. poverty and unemployment: the major problems of most resource-rich nations are poverty and unemployment. this is one of the economic paradoxes. a clear understanding of the magnitude of poverty and unemployment facilitates the allocation of resources and initiating corrective measures. 5. economic growth: the growth and development of an economy and the factors determining them could be understood only through macro analysis. 6. economic policies: macro economics is significant for evolving suitable economic policies. economic policies are necessary to solve the basic problems, to overcome the obstacles, and to achieve growth. 3. define the merits and demerits of mixed economy merits of mixed economy: rapid economic growth:  it promotes rapid economic growth. thus, both public requirements and private needs are taken care of. balanced economic growth:  it promotes balanced growth between agriculture and industry, consumer goods and capital goods, rural and urban, etc. proper utilization of resources:  the government can ensure proper utilization of resources. the government controls most of the important activities directly and the private sector indirectly. economic equality:  the government uses progressive rates of taxation for levying income tax to bring about economic equality. special advantages to society:  the government safeguards the interest of the weaker sections by legislating on minimum wages and rationing, establishing fair price shops, and formulating social welfare measures. demerits of mixed economy: lack of coordination:  as the private and public sectors work with divergent motives, it creates many coordination-related problems. competitive attitude:  it is expected that both government and private should work with a complementary spirit towards the welfare of the society, but is the reality they are competitive in their activities. inefficiency:  most of the public sector enterprises remain inefficient due to lethargic bureaucracy red-tapism and lack of motivation. fear of nationalization:  in a mixed economy, the fear of nationalization discourages the private entrepreneurs in their business operations and innovative initiatives. widening inequality: ownership of resources, laws of inheritance, and profit motive of people widens the gap between rich and poor.  மேலே உள்ள டவுன்லோட் என்ற பட்டனை கிளிக் செய்து உங்களுக்கான வினாக்களை டவுன்லோட் செய்து கொள்ளலாம்..

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Samacheer Kalvi 12th Economics Guide Chapter 1 Introduction to Macro Economics

Tamilnadu State Board New Syllabus Samacheer Kalvi 12th Economics Guide Pdf Chapter 1 Introduction to Macro Economics Text Book Back Questions and Answers, Notes.

Tamilnadu Samacheer Kalvi 12th Economics Solutions Chapter 1 Introduction to Macro Economics

12th economics guide introduction to macro economics text book back questions and answers.

Multiple Choice questions

Question 1. The branches of the subject Economics is a) Wealth and welfare b) Production and consumption c) Demand and supply d) Micro and macro Answer: d) Micro and macro

Question 2. Who coined the word ‘macro’? a) Adam Smith b) J M Keynes c) Ragnar Frìsch d) Karl Marx Answer: c) Ragnar Frìsch

Question 3. Who is regarded as Father of Modern Macro Economics? a) Adam smith b) J M Keynes c) Ragnar Frisch d) Karl Marx Answer: b) J M Keynes

Question 4. Identify the other name for macro Economics. . a) Price Theory b) Income Theory c) Market Theory d) Micro Theory Answer: b) Income Theory

Question 5. Macro economics is a study of ………………… a) individuals b) firms c) a nation d) aggregates Answer: d) aggregates

Question 6. Indicate the contribution of J M Keynes to economics a) Wealth of nations b) General Theory c) Capital d) Public Finance Answer: b) General Theory

Question 7. A steady increase in general price level is termed as …………………… a) Wholesale price index b) Business Cycle c) Inflation d) National Income Answer: c) Inflation

Question 8. Identify the necessity of Economic policies. a) to solve the basic problem b) to overcome the obstacles c) to achieve growth d) all the above Answer: d) all the above

Question 9. Indicate the fundamental economic activities of an economy. a) Production and Distribution b) Production and Exchange c) Production and Consumption d) Production and Marketing Answer: c) Production and Consumption

Question 10. An economy consists of a) Consumption sector b) Production sector c) Government sector d) All the above Answer: d) All the above

Question 11. Identify the economic system where only private ownership of production exists. a) Capitalistic Economy b) Socialistic Economy c) Globalistic Economy d) Mixed Economy Answer: a) Capitalistic Economy

Question 12. Economic system representing equality in distribution is a) Capitalism b) Globalism c) Mixedism d) Socialism Answer: d) Socialism

Question 13. Who is referred as ‘Father of capitalism ? a) Adam smith b) Karl Marx c) Thackeray d) JM keynes Answer: a) Adam smith

Question 14. The country following Capitalism is …………… a) Russia b) America c) India d) China Answer: b) America

Question 15. Identity The Father of socialism a) J M Keynes b) Karl Marx c) Adam smith d) Samuelson Answer: b) Karl Marx

Question 16. An economic system where the economic activities of a nation are done both by the private and public together is termed as …………. a) Capitalistic Economy b) Socialistic Economy c) Globalistic Economy d) Mixed Economy Answer: d) Mixed Economy

Question 17. Quantity of a commodity accumulated at a point of time is termed as ……………… a) production b) stock c) variable d) flow Answer: b) stock

Question 18. Identity the flow variable a) money supply b) assets c) income d) foreign exchange reserves Answer: c) income

Question 19. Identity the sectors of a Two sector Model. a) Households and Firms b) Private and Public , c) Internal and External d) Firms and Government Answer: a) Households and Firms

Question 20. The Circular Flow Model that represents an open Economy, a) Two sector Model b) Three sector Model c) Four sector Model d) All the above Answer: c) Four sector Model

Paart – B 

Two Mark Questions

Question 21. Define Macro Economics Answer:

• Macro Economics is the study of the economy as a whole.
• In other words, macroeconomics deals with aggregates such as national income, employment, and output.
• Macro Economics is also known as ‘Income Theory’.

Question 22. Define the term ‘Inflation. Answer: Inflation refers to a steady increase in the general price level.

Question 23. What is meant by an Economy? answer:

• An economy is referred to any system or area where economic activities are carried out. Each economy has its own character. Accordingly, the functions or activities also vary.
• In an economy, the fundamental economic activities are production and consumption.

Question 24. Classify the economies based on status of development. Answer: Developed, underdeveloped, undeveloped and developing economies.

Question 25. What do you mean by Capitalism? Answer:

• Capitalism is total freedom and private ownership of means of production.
• The capitalist economy is also termed as a free economy (Laissez-faire, in Latin) or market economy where the role of the government is minimum and the market determines the economic activities.

Question 26. Define ‘Economic Model’. Answer: A Model is a simplified representation of real situation. An Economic model is an explanation of how the economy or part of the economy, works.

Question 27. ‘Circular Flow Income’ – Define . Answer:

• The circular flow of income is a model of an economy showing connections between different sectors of an economy.
• It shows flows of income, goods and services, and factors of production between economic agents such as firms, households, government, and nations.
• The circular flow analysis is the basis of national accounts and macroeconomics.

PART – C

Answers the following questions in about a paragraph.

Question 28. State the importance of Macro Economics. Answer: The importance and the need for introducing a macro outlook of an economy are given below:

• There is a need to understand the functioning of the economy at the aggregate level to evolve suitable strategies and to solve the basic problems prevailing in an economy.
• Understanding the future problems, needs, and challenges of an economy as a whole is important to evolve precautionary measures.
• Macroeconomics provides ample opportunities to use scientific investigation to understand reality.
• Macroeconomics helps to make meaningful comparisons and analyses of economic indicators.
• Macroeconomics helps for a better prediction about future and to formulate suitable policies to avoid economic crises, for which Nobel Prize in Economic Sciences is awarded.

Question 29. Describe the different types of economic systems. Answer: There are three major types of economic systems. They are:

1. Capitalistic Economy (Capitalism):

• Capitalist economy is also termed as a free economy (Laissez-faire, in Latin) or market economy where the role of the government is minimum and market determines the economic activities.
• The means of production in a capitalistic economy are privately owned.
• Manufacturers produce goods and services with profit motive.
• The private individual has the freedom to undertake any occupation and develop any skill.
• The USA, West Germany, Australia and Japan are the best examples for capitalistic economies.
•  However, they do undertake large social welfare measures to safeguard the downtrodden people from the market forces.

2. Socialistic Economy (Socialism):

• The Father of Socialism is Karl Marx. Socialism refers to a system of total planning, public ownership and state control on economic activities.
• Socialism is defined as a way of organizing a society in which major industries are owned and controlled by the government.
• A Socialistic economy is also known as ‘Planned Economy’ or ‘Command Economy’.
• In a socialistic economy, all the resources are owned and operated by the government.
• Public welfare is the main motive behind all economic activities. It aims at equality in the distribution of income and wealth and equal opportunity for all.
• Russia, China, Vietnam, Poland and Cuba are the examples of socialist economies. But, now there are no absolutely socialist economies.

3. Mixed Economy (Mixedism):

• In a mixed economy system both private and public sectors co-exist and work together towards economic development.
• It is a combination of both capitalism and socialism. It tends to eliminate the evils of both capitalism and socialism.
• In these economies, resources are owned by individuals and the government.
• India, England, France and Brazil are examples of mixed economy.

Question 30. Outline the major merits of Capitalism. Answer:

• Automatic Working: Without any government intervention, the economy works automatically.
• Efficient Use of Resources: All resources are put into optimum use.
• Incentives for Hard work: Hard work is encouraged and entrepreneurs get more profit for more efficiency.
• Economic Progress: Production and productivity levels are very high in capitalistic economies.
• Consumers Sovereignty: All production activities are aimed at satisfying the consumers.
• Higher Rates of Capital Formation: An increase in saving and investment leads to higher rates of capital formation.
• Development of New Technology: As profit is aimed at, producers invest in new technology and produce quality goods.

Question 31. Indicate the demerits of socialism. Answer:

• Red Tapism and Bureaucracy
• Absence of Incentive
• Limited Freedom of choice
• Concentration of power.

Question 32. Enumerate the features of mixed economy. Answer:

• Ownership of property and means of production
• Coexistence of public and private sectors.
• Solution to Economic problems. .
• Freedom and control.

Question 33. Distinguish between Capitalism and Globalism. Answer:

Question 34. Briefly explain the two-sector circular flow model. Answer:

• There are only two sector namely households and firms. Here,Production and sales are equal and there will be a circular flow of income and goods.
• Real flow indicates the factor services flow from household sector to the business sector.
• Monetary flow indicates the good and services flow from business sector to the household. The basic identity are Y = C + I

Answer the following questions in one page.

Question 35. Discuss the scope of Macro Economics. Answer: The study of macroeconomics has a wide scope and it covers the major areas as follows: 1. National Income: Measurement of national income and its composition by sectors are the basic aspects of macroeconomic analysis. The trends in National Income and its composition provide a long term understanding of the growth process of an economy.

2. Inflation: It refers to a steady increase in the general price level. Estimating the general price level by constructing various price index numbers such as Wholesale Price Index, Consumer Price Index, etc, are needed.

3. Business Cycle: Almost all economies face the problem of business fluctuations and the business cycle. The cyclical movements (boom, recession, depression, and recovery) in the economy need to be carefully studied based on aggregate economic variables.

4. Poverty and Unemployment: The major problems of most resource-rich nations are poverty and unemployment. This is one of the economic paradoxes. A clear understanding of the magnitude of poverty and unemployment facilitates the allocation of resources and initiating corrective measures.

5. Economic Growth: The growth and development of an economy and the factors determining them could be understood only through macro analysis.

6. Economic Policies: Macro Economics is significant for evolving suitable economic policies. Economic policies are necessary to solve the basic problems, to overcome the obstacles, and to achieve growth.

• The ‘exchange activity1 supports the production and consumption activities. These activities are influenced by several economic and non-economic activities.
• The major economic activities include transportation, banking, advertising, planning, government policy, and others.
• The major economic activities are environment, health, education, entertainment, governance, regulations etc.,
• he external activities from other economies such as import, international relations, emigration,immigration, foreign investment, foreign exchange earnings etc .also influence the entire functioning of the economy.

Question 37. Compare the features of capitalism and socialism. Answer:

Question 38. Compare the feature among capitalism, socialism and Mixedism Answer:

12th Economics Guide Introduction to Macro Economics Additional Important Questions and Answers

I . Choose the best Answer.

Question 1. John Maynard Keynes book “The General Theory of Employment, Interest, and Money” was published in – (a) 1936 (b) 1946 (c) 1956 (d) 1966 Answer: (a) 1936

Question 2. The term ‘Globalism’ was coined by ……………………………. a) A.J. Brown V b) Manfred D Steger c) J. R. Hicks d) J.M. Keynes Answer: b) Manfred D Steger

Question 3. ………………….. is the driving force behind capitalism. a) Social welfare b) Equality c) Profit motive d) Private ownership Answer: c) Profit motive

Question 4. Capitalism and Socialism are two extreme and ……………………… approaches. (a) normal (b) opposite (c) upward (d) downward Answer: (b) opposite

Question 5. Poverty and unemployment can be minimized by a) Proper allocation of resource and initiating corrective measures. b) Increasing the Role of Government. c) Increasing production and Investment. d) All the above. Answer: a) Proper allocation of resource and initiating corrective measures.

Question 6. ……….. helps to make meaningful comparison and analysis of economic indicators. a) Micro Economics b) Command Economy c) Fiscal Economics d) Macro Economics Answer: d) Macro Economics

Question 7. There are ………………………… major types of economic systems. a) 4 b) 5 c) 3 d) 2 Answer: c) 3

Question 8. …………………… are planned in such a way that the benefits are distributed to the society at large. (a) Investment (b) Production (c) Distribution (d) Services Answer: (a) Investment

Question 9. The commonly used economic models are ……… a) The supply-demand models b) Circular flow models c) Smith models d) All the above Answer: d) All the above

Question 10. In …………………….. economies both private and public sectors coexist. (a) Capitalism (b) Socialism (c) Globalism (d) Mixed Answer: (d) Mixed

II. Match the following:

Question 1.

Answer: b) 1 2 4 3

Answer: d) 3 4 2 1

Answer: a) 2 4 1 3

III. Choose the correct pair:

Question 1. a) Father of Macro Economics – Adam smith b) Father of Socialism – J.M. Keynes c) Extended capitalism – Manfred D. Steger d) Father of capitalism – Karl Marx Answer : c) Extended capitalism – Manfred D. Steger

Question 2. a) Capitalist Economy – Foreign Exchange b) Socialist Economy – Market Economy c) Stock variable – Command Economy d) Flow variable – Consumption Answer: d) Flow variable – Consumption

Question 3. a) Y – Government b) C – Consumption c) I – Income d) G – Investment Answer : b) C – Consumption

IV. Choose the Incorrect pair:

Question 4. a) Two sector Economy – Y = C + G b) Three sector Economy – Y = C + I + G c) Four sector Economy – Y = C + I + G +(X-M) d) Socialist Economy – Planned Economy Answer: a) Two sector Economy – Y = C + G

Question 5. a) Capitalist Economy – USA, West Germany b) Socialist Economy – Australia, Japan c) Mixed Economy – France, Brazil d) Globalism – International trade Answer: b) Socialist Economy – Australia, Japan

Question 6. a) Red tapism and corruption – Lassiez faire Economy b) Bureaucratic Expansion – Socialism c) Profit motive – Capitalism d) Customs and tradition – Traditional Economy Answer: a) Red tapism and corruption – Lassiez faire Economy

V. Choose the correct statement

Question 1. Answer: a) J.M.Keynes was awarded first Nobel prize in Economics. b) Ragnar Frisch wrote the General Theory of Employment, Interest and Money c) Micro Economics studies the economy as a whole. d) Macro Economics covers National income, inflation, business cycles, poverty and Inequality . Answer: d) Macro Economics covers National income, inflation, business cycles, poverty and Inequality.

Question 2. a) “An Economy is a cooperation of producers and workers to make goods and services that satisfy the wants of the consumers” – A.J. Brown. b) “A system by which people earn their living” – J.R. Hicks c) Inflation refers to Steady increase in general price level. d) The means of production in a capitalistic economy are owned by Government. Answer: c) Inflation refers to steady increase in general price level.

VI. Choose the incorrect statement

Question 1. a) Socialism aims at equality in the distribution of income and wealth for all. b) In a capitalist economy resources are owned by individuals and the government. c) Stock refers to a quantity of a commodity measured at a point of time. d) Flow variables are measured over a period of time. Answer: b) In a capitalist economy resources are owned by individuals and the government.

Question 2. a) The circular flow of income is a model of an economy showing connections between different economies of the world. b) Two sector model is for a simple economy with households and firms. c) Three sector model is for a mixed and closed economy. d) Four sector model is for an open economy. Answer: a) The circular flow of income is a model of an economy showing connections between different economies of the world.

VII. Choose the Odd Man Out

Question 1. Four – Sector Economy comprises of a) Households b) Firms c) Government d) Internal sector Answer: d) Internal sector

Question 2. a) Traditional Economy b) Socialism c) Globalism d) capitalism Answer: c) Globalism

Question 3. a) Boom b) Extension c) Recession d) Depression Answer: b) Extension

VIII. Analyse the Reason

Question 1. Assertion (A): Profit is the driving force behind all economic activities in capitalism. Reason (R): The golden rule for a producer under capitalism is to maximize profit. a) Both (A) and (R) are true and R is the correct explanation of (A). b) Both (A) and (R) are true but R is not the correct explanation of (A). c) A is true but R is false d) A is false but R is true. Answer: a) Both (A) and (R) are true and R is the correct explanation of (A).

Question 2. Assertion(A): In a socialistic economy all the resources are owned and operated by the Government. Reason (R): Public welfare is the main motive behind all economic activities. a) Both A and R are true but R is not the correct explanation of A. b) Both A and R are true, R is the correct explanation of A. c) (A) is true (R) is false. d) (A) is false (R) is true. Answer: b) Both A and R are true, R is the correct explanation of A.

Question 3. Assertion (A) ; A model is a simplified representation of a real situation. Reason (R) : Economists use models to describe economic activities, their relationships, and their behaviour. a) Both A and R are true R is the correct explanation of (A) b) Both A and R are true R is not the correct explanation of (A) c) (A)is true (R) is false d) (A) is false (R) is true. Answer: b) Both A and R are true R is not the correct explanation of (A)

IX. Answer the following questions in one or two-sentences:

Question 1. Name the divisions of Economics. Answer:

• Micro Economics
• Macro Economics

Question 2. Define Mixed Economy (or) Mixedism? Answer:

• In a mixed economy system, both private and public sectors co-exist and work together towards economic development.
• In these economies, resources are owned by individuals and the government. India, England, France, and Brazil are examples of a mixed economy.

Question 3. What is Unemployment? Answer: Unemployment is a situation when there are people, who are willing to work and able to work but cannot find suitable jobs.

Question 4. What is Globalism? Answer: Globalism is the new market ideology of globalisation that connects nations together through international trade and aiming at global development.

Question 5. What is Mixedism? Answer: Mixedism is an ideology that mixes or combines the principles of Capitalism and socialism.

Question 6. What is an Economy? Answer: An Economy is ” A system by which people earn their living” – A.J.Brown.

Question 7. Name the fundamental economic activities. Answer: 1. Production 2. Consumption

Question 8. What is an Economic System? Answer: Economic system refers to the manner in which individual and institutions are connected together to carry out economic activities in a particular area.

Question 9. What is Red Tapism? Answer: In socialism, decision are taken by government agencies, approval of many officials and movement of files from one table to other takes time and leads to Red Tapism.

Question 10. What is meant by circular flow of Income? Answer: The circular flow of income is a model of an economy showing connections between different sectors of an economy.

X. 3 Mark Questions

Question 4. Define Profit Motive? Answer: Profit Motive: Profit is the driving force behind all economic activities in a capitalistic economy. Each individual and organization produce only those goods which ensure high profit. Advance technology, division of labour, and specialisation are followed. The golden rule for a producer under capitalism is to maximize profit.

Question 2. What are the demerits of Capitalism? Answer:

• Capitalism increases inequalities of income.
• Large amounts of resources are wasted on competitive advertising and duplication of products.
• Capitalism leads to class struggle as it divides society into capitalists and workers.
• The free market system leads to frequent violent economic fluctuations and crises.
• Even harmful goods are produced if there is the possibility to make a profit.

Question 3. State the merits of Socialism? Answer:

• There is a reduction in Inequalities and exploitation.
• The central planning authority allocates the resources in a planned manner. So wastages are minimized.
• As inequalities are minimum there is no conflict between rich and poor class.
• Planning authority takes control over production and distribution. Therefore economic fluctuations can be avoided.
• It promotes social welfare. There is the absence of exploitation, reduction in economic inequalities.

Question 4. Explain the features of a mixed Economy. Answer:

• The means of production and properties are owned by both private and public.
• In mixed economies, both private and public sectors coexist. Private industries work for profit whereas the public sector had a view to maximizing social welfare.
• The central planning authority prepares the economic plans. National plans are drawn up by the Government and both public and private abode.
• The basic problems of the economy are solved through the price mechanism as well as state intervention.
• The overall control of the economic activities rests with the government.

Question 5. What is a circular flow of income? Answer:

XI. 5 Mark Questions

Question 1. Discuss the limitations of Macro Economics? Answer: Macroeconomics suffers from certain limitations. They are:

• There is a danger of excessive generalization of the economy as a whole.
• It assumes homogeneity among the individual units.
• There is a fallacy of composition. What is good for an individual need not be good for the nation and vice versa. And, what is good for a country is not good for another country and at another time.
• Many non – economic factors determine economic activities, but they do not find a place in the usual macroeconomic books.

Question 2. Explain the merits and demerits of a Mixed economy. Answer: Merits of Mixed Economy:

• Rapid Economic Growth: It promotes rapid economic growth. Thus, both public requirements and private needs are taken care of.
• Balanced Economic Growth: It promotes balanced growth between agriculture and industry, consumer goods and capital goods, rural and urban, etc.
• Proper utilization of Resources: The government can ensure proper utilization of resources. The government controls most of the important activities directly and the private sector indirectly.
• Economic Equality: The government uses progressive rates of taxation for levying income tax to bring about economic equality.
• Special Advantages to society: The government safeguards the interest of the weaker sections by legislating on minimum wages and rationing, establishing fair price shops, and formulating social welfare measures.

Demerits of Mixed Economy:

• Lack of coordination: As the private and public sectors work with divergent motives, it creates many coordination-related problems.
• Competitive Attitude: It is expected that both government and private should work with a complementary spirit towards the welfare of the society, but is the reality they are competitive in their activities.
• Inefficiency: Most of the public sector enterprises remain inefficient due to lethargic bureaucracy red-tapism and lack of motivation.
• Fear of Nationalization: In a mixed economy, the fear of nationalization discourages the private entrepreneurs in their business operations and innovative initiatives.
• Widening Inequality: Ownership of resources, laws of inheritance, and profit motive of people widens the gap between rich and poor.

Question 3. Briefly explain the circular flow of Income in a Three Sector Economy? Answer: Circular Flow of Income in a Three-Sector Economy:

• In addition to households and firms, the inclusion of the government sector makes this model a three-sector model.
• The government levies taxes on households and firms, purchases goods and services from firms, and receive factors of production from the household sector.
• On the other hand, the government also makes social transfers such as pension, relief, subsidies to the households.
• Similarly, Government pays the firms for the purchases of goods and services. The Flow Chart illustrates a three-sector economy model:
• Under the three-sector model, national income (Y) is obtained by adding Consumption expenditure (C), Investment expenditure (I) and Government expenditure (G).
• Therefore: Y = C + I + G.

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On this day in 1871, William "Boss" Tweed's corrupt hold on New York City was exposed by a series of articles published by the New York Times. Tweed was able to steal almost 200 million dollars from the city by using his supposedly humble role as Head of the Department of Public Works to set up kickbacks, dummy vouchers, and false contracts. Tweed almost managed to bankrupt New York City through all of his corruption. He was later put on trial and was sentenced to 12 years in prison. He escaped and journeyed to Cuba then Spain where he was found and sent back. He died in prison in 1878.

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Spoilers for the Week of July 01, 2024

07/05/2024 01:30 pm.

It’s business as usual in Soaps.com’s latest Young & Restless spoilers for Monday, July 8, through Friday, July 12. While Devon and Nate scheme against Billy, Victor tasks Adam with a new mission, history threatens to repeat itself for Kyle and Audra, and new colleagues Sally and Summer find themselves wondering whether this arrangement is really going to work out after all. Get the details on these teasers and more below.

Related Story

Say It Ain’t So: Is Young & Restless About to Break Our Hearts by Killing Off [Spoiler]?

Restless Rant! Young & Restless has already set Sally’s revenge in motion ! Plus, Sharon’s struggle, Kyle’s trainwreck, Jack vs. Victor explodes, and more!

Young & Restless spoilers week of July 8:

Young & Restless spoilers for Monday, July 8:

Victor gives Claire a history lesson. If he’d like visual aids to go with it, might we suggest he utilize our Newman family photo album ?

When Danny and Cricket surprise Traci in Paris, she may have a surprise in store for them, too: her new flirtation with Alan.

Ah, it’s gonna seem like old times when Phyllis and Nick disagree about how to help Summer.

Young & Restless spoilers for Tuesday, July 9:

Never knowing when enough has been more than enough, Victor pushes Jack’s buttons. (Get a preview of the scene here. )

Chelsea sends Adam on a guilt trip. Why are we so afraid that the final stop on that journey is going to be this ?

Power suits Audra like a well-tailored dress. So needless to say, she relishes her new role.

Young & Restless spoilers for Wednesday, July 10:

Perhaps aware that no one in Genoa City has ever been able to separate business and pleasure, Nate questions Audra’s decision to work with Kyle.

As Sharon is haunted by her past, we may be moving one step closer to this disturbing possibility .

Given how questionable some of his choices have been, we recommend Daniel seek a second opinion when he makes a decision about his future.

Young & Restless spoilers for Thursday, July 11:

Nothing ventured, nothing gained. Lily must have that foremost in her mind when she makes a risky decision.

As Claire struggles to fit in with her family, maybe she should have a little talk with Adam. He’d certainly know a thing or two about being the odd Newman out.

Devon and Nate plot to outsmart Billy. If we were them, we’d just dangle a boneheaded option in front of him and let nature take its course.

Young & Restless spoilers for Friday, July 12:

Victor tasks Adam with a new assignment. Which, for these two, probably counts as father/son bonding, no?

Chelsea sets boundaries. But with whom? And will even she be able to respect them?

Welp, they managed to get along for a whole five minutes. But already, Sally has to work to make amends with Summer.

As the new addition to the Newman clan finagles to find her place in the family, check out the below photo gallery of more surprise kids that crashed into their parents’ lives .

– Candace Young/Charlie Mason

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<p>Introductions to one’s heretofore-unknown son don’t get much worse than this. Mob boss Sonny Corinthos didn’t find out from old flame Olivia Falconeri that Dante was their secret love child until — d’oh! — <em>after</em> he’d shot the undercover cop in cold blood. That Dante lived isn’t half as surprising as the fact that his and Sonny’s relationship did.</p>

<p>The joke was on Felicia Forrester when she threw mud at dad Eric Forrester’s new love Donna Logan in hopes of splitting them up. Eric was so unfazed by the fact that new Forrester Creations employee Marcus Walton was his honey’s long-lost child, he adopted the young man. What <em>actually</em> did in Eric and Donna’s romance at the time were the feelings that resurfaced when her high-school sweetheart Justin Barber learned that he’d been a father all these years.</p>

<p>Nina Webster had known for years that she had a son out there — he’d been taken from her as a newborn by Rose DeVille’s baby-snatching ring. Yet it didn’t occur to her at first that Ronan Malloy, the Genoa City PD detective who was giving such a hard time to the grown child she still had (Chance Chancellor), could be the kid she’d delivered when she herself was just a kid.</p>

<p>Raised as the son of stand-up guy Shawn Brady, Bo was understandably horrified to find out that he was actually the result of mom Caroline’s love affair with mustache-twirling villain Victor Kiriakis. And, as if the mobster’s many crimes weren’t bad enough, he had the gall to not only propose to but marry his newfound son’s girlfriend, Carly Manning. Needless to say, his Father’s Day card that year was… nonexistent.</p>

<p>By the time Megan Gordon was issued an all-white wardrobe and ushered into the hereafter, she and mom Viki Buchanan were as close as close could be. But <em>before</em> they learned of their connection, sheesh! The prim First Lady of Llanview had no patience whatsoever for the entitled soap diva, whom she’d conceived with childhood honey Roger Gordon while trapped in the underground city of Eterna. What? It could happen.</p>

<p>After waking up from her years-long coma, Nina Reeves thought that she’d missed her chance to be a mother since long-lost daughter Nelle Benson went over the edge — both figuratively and of a cliff — before they ever learned of their blood tie. But lo and behold, Nelle had had a twin, Willow Tait. Silas Clay’s widow could exercise her maternal instincts after all… if she could just turn down the intensity of the young woman’s hatred of her.</p>

<p>“Surprise!” Stephanie Forrester somehow resisted saying to college sweetheart Massimo Marone when the truth came out that, at least biologically speaking, he was the father of her and on-again/off-again husband Eric’s son Ridge (then Ronn Moss). Although if the plot point is ever brought up again, somebody <em>still</em> oughta say “Surprise!” because it’s been mentioned so little in recent years, by now it’s all but forgotten.</p>

<p>Nikki Reed had assumed that what happened in the cult stayed in the cult. How wrong she was. Decades after she and sometime boo Paul Williams “aligned their chakras” as part of Ian Ward’s hella-shady New World Commune, the former lovers came face to face with a living, breathing reminder of their impetuous youth: Dylan McAvoy, the son to whom Nikki had forgotten ever giving birth.</p>

<p>Sold on the black market before he was even a day old, Tripp Dalton wouldn’t be introduced to his biological father Steve Johnson until he was a teenage dream. But Tripp was in for as big a jolt as his pop when he learned that Steve was responsible for the death of mom Ava Vitali. It was a whole thing initially — and a pointless one, too, since half brother Joey had actually killed Ava, and she’d never really been dead in the first place.</p>

<p>Having already been stunned to discover that both Karen Wexler and Logan Hayes were his children, Scotty Baldwin probably should have just shrugged upon learning that his fling with homicidal maniac Heather Webber had also produced a “souvenir.” But since the kid in question was infamous serial killer Franco, we suppose Pop could be forgiven for wondering whether he was being punked. Side note: There <em>are</em> gentler ways to obtain hair for a paternity test, Scotty.</p>

<p>Bill Spencer wasn’t always a lone wolf, he just <em>thought</em> that he was. In short order, the playboy learned that past relationships with Kelly Hopkins and Quinn Fuller had made him a father twice over. Mind you, it took him a heckuva lot longer to forge any kind of bond with Liam and Wyatt, the sons he hadn’t known that he had — and who weren’t remotely sure that they wanted to hang branches on his family tree!</p>

<p>“Who’s your daddy?” was a question that David Vickers often found himself asking. And the answers were always such jaw-droppers that he really should’ve started wearing a chinstrap. First, he was taken aback to discover that his father was late tycoon Asa Buchanan. Then, he was sent reeling — along with his actual dad — by the revelation that Asa’s son Bo was the fella who was decades late to be passing out cigars.</p>

<p>When is a one-night stand not <em>just</em> a one-night stand? When decades after it, you wind up with a family the way that Julian Jerome did. His tryst with Alexis Davis resulted in the birth of Sam McCall, a badass that he wouldn’t get to know, much less know <em>existed</em>, until she was grown. He didn’t make a great first impression, either, what with using the bone marrow that grandson Danny needed as a bargaining chip to keep Sonny Corinthos from sending him swimming with the fishes.</p>

<p>Taking a bite out of the Big Apple, power monger Hollis Kirkland III thought that there couldn’t be a bigger shock in store than his reunion with lost love Rae Woodard… until, that is, he discovered that their long-ago romance had created more than bittersweet memories, it had also brought into the world troublemaking daughter Kimberly Harris. True to form, she wasted no time wrapping Daddy Dearest around her little finger.</p>

<p>Stop us if you’ve heard this one before. During a period when Reva Shayne had amnesia and believed that she was Princess Catherine of San Cristobel, she gave away her newborn to keep him from being killed by his uncle. Years later, Jonathan Randall blazed a trail to Springfield, seduced his cousin and delighted in telling Reva that he’d done so just to hurt his mother. In other words, <em>her</em>.</p>

<p>No one could blame Erica Kane for blocking out the memory of her rape by Richard Fields and subsequent pregnancy. But the trouble with her having done so was that it set her up for even more heartache later. Once Kendall Hart found out that her biomom was her childhood idol, she insinuated herself into Erica’s life but became so jealous of the attention that the supermodel lavished on daughter Bianca that she acted out as horrifically as… Well, as Erica herself had with her own mother, Mona!</p>

<p>Flipping the script, the CBS soap didn’t shock Malcolm Winters with the revelation that he and not brother Neil was the father of impulsive Lily, it stunned the young woman herself with the news that she shouldn’t have been crying <em>uncle</em> anytime she saw the buff photographer. Once the dust settled, everyone agreed that Lily would continue to regard Neil as exactly what he’d always been: Lily’s true dad.</p>

<p>When teenage hooker Bobbie Spencer gave up her baby for adoption, the last thing that she ever expected was for the child to grow up to be Carly Benson, a vindictive wrecking ball so hell-bent on sticking it to Mom that she’d seduce her stepfather. So of course that was exactly the thing that happened. As a result, it would take a lot of years — <em>and</em> tears — before Bobbie and Carly would be as close as they are today.</p>

<p>The lesson here is keep your friends close and your eggs closer, we suppose. Daniel Jonas was a full-grown doctor person by the time he was introduced to Maggie Horton, whose eggs — hey, this is no yolk! — had been stolen to conceive him. Luckily, since he was nice and she was even nicer, they formed family ties in about as little time as it took you to read this caption. Maybe less.</p>

<p>Considering that Victoria Lord had traveled back in time, visited the afterlife and forgotten giving birth to one child (Megan Gordon), she probably should’ve dialed down her reaction to the news that when daughter Jessica Buchanan was born, twin sister Natalie Balsom had popped out, too. That was, after all, just the kinda thing that happened to people who had the misfortune of knowing cult leader Mitch Laurence.</p>

<p>Ha. Those of you who thought that when Bill learned that Liam and Wyatt were his sons, he was done discovering adult children who should’ve been calling him Pops were in for a shock when Poppy Nozawa (as well as a questionable DNA test) revealed that Luna was his daughter. That is, unless Homeless Guy Tom was to be believed. In which case… ahem.</p>

<p>It was the happiest of happy days in 2024 when Nicole Walker was finally informed that she wasn’t bonkers, Sloan Petersen’s baby boy was actually hers. But as you can see, there are no streamers, no confetti to commemorate the moment. And why? Because Eric Brady still isn’t aware that he and not EJ DiMera is lil’ Jude’s father. D’oh!</p>

<p>We could understand sneaky Cody Bell needing a minute to process the fact that his dad is straight-arrow Mac Scorpio. (Guess that’s one apple that fell pretty far from the tree, eh?) But to keep that information from the old man for any more than a <span style="text-decoration: line-through">minute</span> year? That does not compute. Who <em>doesn’t</em> want a dad like Mac, aka the nicest guy in Port Charles or pretty much any soap town! (<a href="https://soaps.sheknows.com/general-hospital/news/736344/why-wont-cody-tell-mac-father/" target="_blank">Allow Josh Kelly to explain here.</a>)</p>

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Catcher Henry Davis Continues Rehab Assignment with Indians

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INDIANAPOLIS – The Pittsburgh Pirates today announced that catcher Henry Davis will have his rehab assignment transferred from Double-A Altoona to the Indianapolis Indians ahead of tonight’s July Fourth Celebration presented by AES Indiana at 6:35 at Victory Field. Davis is the 12th major leaguer assigned to Indy on 13

INDIANAPOLIS – The Pittsburgh Pirates today announced that catcher Henry Davis will have his rehab assignment transferred from Double-A Altoona to the Indianapolis Indians ahead of tonight’s July Fourth Celebration presented by AES Indiana at 6:35 at Victory Field. Davis is the 12th major leaguer assigned to Indy on 13 separate rehab assignments this season, joining utilityman Ji Hwan Bae, infielder Alika Williams, catchers Joey Bart, Jason Delay and Yasmani Grandal, southpaws Ryan Borucki, Marco Gonzales and Martín Pérez, and right-handers Colin Holderman, Carmen Mlodzinski and Quinn Priester.

Davis, 24, was placed on the 7-day injured list on June 15 with a concussion. He began his rehab assignment with Altoona on June 26 and went 0-for-6 with a run and two walks in a pair of games.

The backstop split the season between Pittsburgh and Indianapolis prior to his injury. He served as the Pirates’ Opening Day catcher and hit .153 (13-for-85) with five extra-base hits in 29 total big-league games across two stints. After being optioned to Indianapolis on May 3, he hit .296 (24-for-81) with seven doubles, seven home runs and 17 RBI in 23 Triple-A games. He logged 94.2 innings behind the dish for the Indians with a perfect fielding percentage (114 total chances).

Davis was selected by Pittsburgh as the first overall pick in the 2021 First-Year Player Draft out of the University of Louisville (Ky.). He had his contract first selected by Pittsburgh on June 19, 2023, and made his MLB debut that night vs. Chicago (NL).­

Indianapolis’ MLB rehab assignments are presented by Franciscan Health

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• What happened to the artificial-intelligence revolution?

So far the technology has had almost no economic impact

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M ove to San Francisco and it is hard not to be swept up by mania over artificial intelligence ( AI ) . Advertisements tell you how the tech will revolutionise your workplace. In bars people speculate about when the world will “get AGI ”, or when machines will become more advanced than humans. The five big tech firms—Alphabet, Amazon , Apple , Meta and Microsoft, all of which have either headquarters or outposts nearby—are investing vast sums. This year they are budgeting an estimated $400bn for capital expenditures, mostly on AI -related hardware, and for research and development.

In the world’s tech capital it is taken as read that AI will transform the global economy. But for ai to fulfil its potential, firms everywhere need to buy the technology, shape it to their needs and become more productive as a result. Investors have added more than $2trn to the market value of the five big tech firms in the past year—in effect projecting an extra $300bn-400bn in annual revenues according to our rough estimates, about the same as another Apple’s worth of sales. For now, though, the tech titans are miles from such results. Even bullish analysts think Microsoft will make only about $10bn from generative- AI -related sales this year. Beyond America’s west coast, there is little sign AI is having much of an effect on anything.

One problem is the rate of adoption. Reputable companies are putting out startling estimates of how many people are using generative AI . Close to two-thirds of respondents to a recent survey by McKinsey, a consultancy, say that their company is “regularly using” the tech, nearly twice as many as the year before. A report by Microsoft and LinkedIn, an online platform for professionals, finds that 75% of global “knowledge workers” (folk who sit in front of a computer all day) use it. People are, by such accounts, already in an AI world.

And in a sense, they are. Almost everyone uses AI when searching for something on Google or picking a song on Spotify. But the incorporation of AI into business processes remains a niche pursuit. Official statistics agencies pose AI -related questions to firms of all varieties, and in a wider range of industries than Microsoft and LinkedIn do. America’s Census Bureau produces the best estimates. It finds only 5% of businesses have used AI in the past fortnight (see chart 1). Even in San Francisco many techies admit, when pressed, that they do not fork out $20 a month for the best version of Chat GPT .

It is a similar story elsewhere. According to official Canadian numbers, 6% of the country’s firms used AI to make goods and provide services in the past 12 months. British surveys suggest use there is higher—at 20% of all businesses in March—though the questions are asked differently. And even in Britain use is growing slowly. The same share used AI last September.

Concerns about data security, biased algorithms and hallucinations are slowing the roll-out. McDonald’s, a fast-food chain, recently canned a trial that used AI to take customers’ drive-through orders after the system started making errors, such as adding $222-worth of chicken nuggets to one diner’s bill. A consultant says that some of his clients are struck by “pilotitis”, an affliction whereby too many small AI projects make it hard to identify where to invest. Other firms are holding off on big projects because AI is developing so fast, meaning it is easy to splash out on tech that will soon be out of date.

Companies that are going beyond experimentation are using generative AI for a narrow range of tasks. Streamlining customer service is perhaps most common. ADP , a payroll firm, boasts of “a new feature that enables our small-business clients to…leverage gen AI to answer questions and better understand how to initiate an HR action”. Others use the tech for marketing. Verizon, a telecoms firm, says it employs AI to create a better “personalised plan recommendation” for its customers; Starbucks, a coffee chain, uses it to make “more personalised customer offers”.

If you think that such efforts seem faintly unimpressive, you are not alone. Goldman Sachs has constructed a stockmarket index tracking companies that, in the bank’s view, have “the largest estimated potential change to baseline earnings from AI adoption via increased productivity”. The index includes firms such as Walmart, a large grocer, and H & R Block, a tax-preparation outfit. Since the end of 2022 these companies’ share prices have failed to outperform the broader stockmarket (see chart 2). In other words, investors see no prospect of extra profits. The technology could even be distracting executives from more pressing matters.

What of the anecdotes that some firms are using AI to transform their operations? Klarna is one frequently cited example. The online financial-services firm recently claimed its AI assistant was doing the work of 700 full-time customer-service agents. Its boss says that, as a result of the tech, employment at the company is falling by a fifth each year. Yet this is, at best, an incomplete picture. Klarna is hoping to go public before long: talking about its use of AI drums up press. According to data from CB Insights, a consultancy, Klarna’s headcount started to drop long before AI came on the scene. The company is worth perhaps half as much as it was in 2021. If it is now cutting employees, overhiring during the covid-19 pandemic deserves as much blame as AI deserves credit.

Doesn’t compute

Indeed, there is no sign in the macroeconomic data of a surge in lay-offs. Kristalina Georgieva, head of the IMF , recently warned that AI would hit the labour market like “a tsunami”. For now, however, unemployment across the rich world is below 5%, close to an all-time low. The share of rich-world workers in a job is near an all-time high. Wage growth also remains strong, which is hard to square with an environment where workers’ bargaining power is supposedly fading.

Nor does an AI effect emerge if you dig more deeply into the numbers. Workers are not moving between companies faster than usual, as would probably happen if lots of jobs were disappearing. Using American data on employment by occupation, we focus on white-collar workers, who range from back-office support to copywriters. Such roles are thought to be vulnerable to AI , which is becoming better at tasks that involve logical reasoning and creativity. Despite this, the share of employment in white-collar professions is a percentage point higher than before the pandemic (see chart 3).

Some economists think AI will transform the global economy without booting people out of jobs. Collaboration with a virtual assistant may improve performance. A new paper by Anders Humlum of the University of Chicago and Emilie Vestergaard of Copenhagen University surveys 100,000 Danish workers. The average respondent estimates that Chat GPT can halve time spent on about a third of work tasks, in theory a big boost to efficiency.

However, macroeconomic data also show little evidence of a surge in productivity. The latest estimates, using official figures, suggest that real output per employee in the median rich country is not growing at all. In America, the global centre of AI , output per hour remains below its pre-2020 trend. Even in global data derived from surveys of purchasing managers, which are produced with a shorter lag, there is no sign of a productivity surge.

For such a spurt, firms need to invest in AI . Besides big tech—which is spending chiefly to develop AI products for others, rather than to boost its own productivity—most companies are not doing so. Capital expenditure (capex) among the rest of the S & P 500, an index of America’s largest firms, is likely to fall this year in real terms. Across America’s economy as a whole, it is hardly rising. Overall business investment in information-processing equipment and software is increasing by 5% year on year in real terms, well below the long-run average. Across the rich world, investment is rising more slowly than in the 2010s.

In time, businesses may wake up to the true potential of AI . Most technological waves, from the tractor and electricity to the personal computer, take a while to spread across the economy. Indeed, on the assumption that big tech’s AI revenues grow by an average of 20% a year, investors anticipate that almost all of big tech’s earnings from AI will arrive after 2032, according to our analysis. If an AI bonanza does eventually materialise, expect the share prices of the users of AI , not only the providers, to soar. But if worries about ai grow, big tech’s capex plans will start to look as extravagant as its valuations. ■

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This article appeared in the Finance & economics section of the print edition under the headline “A sequence of zeroes”

Finance & economics July 6th 2024

How starbucks caffeinates local economies, why chinese banks are now vanishing, ukraine has a month to avoid default, america’s banks are more exposed to a downturn than they appear, how much cash should be removed from the financial system.

From the July 6th 2024 edition

Discover stories from this section and more in the list of contents

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The state is struggling to deal with troubled institutions

Call it the frappuccino effect

Undoing quantitative easing provokes fierce debate

To understand why, consider the ouroboros theory of financial risk

Lending to a borrower at war entails an additional gamble: that it will win

The economics of the tennis v pickleball contest

Don’t hate the new players—or the new game