Class 12 NCERT Solutions Macro Economics - Government Budget and the Economy - Free PDF Download
FAQs on NCERT Solutions for Class 12 Macro Chapter 5 - Government Budget And The Economy
1. What is Chapter 5 of Macroeconomics Class 12 all About?
The key concepts covered in this chapter are public goods, automatic stabilizers, discretionary fiscal policy, and Ricardian equivalence. The important topics covered in this chapter are the meaning and components of the government budget, objectives of the government budget, classification of receipts, classification of expenditure.
The other important topics are types of budget - balanced, surplus, and deficit, measures of the government deficit, and changes in taxes, debt. There are also a lot of formulae and sums given in this chapter. Students will find class 12 macroeconomics chapter 5 NCERT solutions very useful for their exam preparation.
Economics class 12 chapter 5 macroeconomics is all about the government budget and the implications of it.
2. How to Prepare for Class 12th Macroeconomics Chapter 5?
Firstly, before beginning any chapter, one must know that the chapter should be studied at least three times. Doing the chapter three times will help you get a grasp on the topics and familiarize you with the concepts.
Use NCERT solutions for class 12 macroeconomics chapter 5 to learn the appropriate solutions to the questions given at the end of this chapter. After having read the chapter three times, it is time to make notes.
Ch 5 macroeconomics class 12 will become easier once you refer to these simple solutions. After making notes, try to solve the end-of-chapter questions to understand the types of questions that may come in the Class 12 board exams.
3. Where can I get Class 12 Macroeconomics Chapter 5 NCERT Solutions?
Vedantu provides NCERT solutions for class 12 macroeconomics chapter 5. It comes in an easily downloadable PDF format. The answers are easy to understand and written straightforwardly. These NCERT solutions are completely free. Students will find them very helpful for their revision purposes.
Economics class 12 chapter 5 macroeconomics becomes easier to learn with the help of the NCERT Solutions. They can also refer to the important notes and previous year question papers provided by Vedantu for each chapter of macroeconomics.
4. What steps should be taken to download the NCERT Solutions of Class 12 Macroeconomics Chapter 5?
The given method will help students to download the NCERT Solutions of Class 12 Macroeconomics Chapter 5:
The NCERT solutions are available free of cost on Vedantu’s website and on the Vedantu app. Visit Vedantu’s page for the NCERT Solutions of Class 12 Macroeconomics Chapter 5. The page includes a PDF file containing the required NCERT solutions.
Above the PDF file, there is the “Download PDF” option.
The PDF file will get downloaded by hitting that option.
5. What are the concepts covered in Chapter 5 of Class 12 Macroeconomics?
“Government Budget and the Economy” is Chapter 5 of Class 12 Macroeconomics. The topics encompassed in the chapter are:
Introduction
Components Of The Government Budget
The Revenue Account
The Capital Account
Measures of Government Deficit
Fiscal Policy
Changes in Government Expenditure
Changes in Taxes
Debt
Students have to understand these concepts to solve questions related to them. The NCERT Solutions are available on Vedantu's website and mobile app at free of cost.
6. What are the applications of demand and supply?
The applications of demand and supply are as follows:
Price Ceiling – It is defined as the highest rate of the product charged by the sellers from consumers. This amount is fixed below the equilibrium and is fixed by the government.
Price Floor – The minimum price assigned by the government for an entity in the market to be sold is known as the price floor
Rationing – In this mechanism, the products are accessible to the poor consumers who are unable to get commodities in the mechanism of the free market.
Black Marketing – The marketing in which goods are sold at higher prices than the prices fixed by the government is known as black marketing.
7. Describe the following.
Market Equilibrium
Equilibrium Price
Equilibrium Quantity
(a) Market Equilibrium – It is a stable situation of the market in which the need for the goods in the market is equal to the market supply of the products.
(b) Equilibrium Price – This is defined as the expense at which market supply is equal to market demand.
(c) Equilibrium Quantity – It is defined as the quantity which conforms to the equilibrium price.
8. What are the perks of studying the NCERT Solutions of Chapter 5 of Class 12 Macroeconomics?
Underneath are the advantages of studying the NCERT Solutions of Class 12 Macroeconomics Chapter 5:
These NCERT Solutions will give you a better understanding of the chapter.
The NCERT Solutions are directly asked in the exam.
The answers are written in simple language so that students can comprehend them.
The creators of these solutions are subject matter experts.
Solving and learning these solutions will give you an idea on how to write the answers in proper format in the exams.