Indian Economy Questions

CST is not payable on outward freight (if charged separately) and outward insurance if property in goods passes to buyer at the time of despatch.

It means that Sale price does not include Freight charges will not attract CST when shown separately in they Invoice. But goods & freight show in one invoice CST will attractive.

The federal government debt is equal to the sum of past budget deficits minus the sum of past budget surpluses.

Administered prices are prices set by government or firms which are not determined by regular market forces. They do not vary in response to short-run fluctuations in demand and supply conditions.

Examples include price controls and rent controls.

Although demand curves are typically downward sloping to reflect that consumers’ utility for a good diminishes with increased consumption, firm supply curves are generally upward sloping.The upward sloping character reflects that firms will be willing to increase production in response to a higher market price because the higher price may make additional production profitable.

Microeconomics is the branch or subset of economics that deals with the study of Decisions of individual firms, households and consumers.

A business owned by one person and operates for their benefits is called as Sole Proprietorship or sole trader.

An improvement in technology would shift the supply curve rightward.