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Questions:

1. Define social welfare.
2. How are savings and consumption related?
3. Differentiate between Gross Domestic Product and Gross National Product.
4. What are small-scale industries?
5. Define mixed economy.
6. Elucidate the functions of a central bank of a country.
7. Write a short note on New Economic Policy.
8. What is price mechanism? How are market prices determined?
9. Is there a trade-off between agriculture and industrial development in India? How?
10. What is monetary policy? What are the different instruments of monetary policy?
11. Write a note on the relation between economics and law.
12. What is elasticity? Discuss various types of elasticity of demand.
13. Write a detailed note on the planning process in India.