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🔴 University of Calcutta

🔴 BA/BSC 2nd Semester

🔴 Paper Code = (GE/CC-2)

🔴 Subject = Economics

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🔴 Group - C


9. Define inflation.

Answer :- Inflation is the decline of purchasing power of a given currency over time. A quantitative estimate of the rate at which the decline in purchasing power occurs can be reflected in the increase of an average price level of a basket of selected goods and services in an economy over some period of time.


9. Distinguish between demand pull inflation and cost push inflation.

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🔴 University of Calcutta

🔴 BA/BSC 2nd Semester

🔴 Paper Code = (GE/CC-2)

🔴 Subject = Economics

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🔴 Group - C


8. Discuss the Quantity theory of Money.

Answer = In monetary economics, the quantity theory of money (often abbreviated QTM) is one of the directions of Western economic thought that emerged in the 16th-17th centuries. The QTM states that the general price level of goods and services is directly proportional to the amount of money in circulation, or money supply. For example, if the amount of money in an economy doubles, QTM predicts that price levels will also double. The theory was originally formulated by Polish mathematician Nicolaus Copernicus in 1517,[1] and was influentially restated by philosophers John Locke, David Hume, Jean Bodin. The theory experienced a large surge in popularity with economists Anna Schwartz and Milton Friedman's book A Monetary History of the United States, published in 1963.[2][3]

The theory was challenged by Keynesian economists,[4] but updated and reinvigorated by the monetarist school of economics, led by economist Milton Friedman. Critics of the theory argue that money velocity is not stable and, in the short-run, prices are sticky, so the direct relationship between money supply and price level does not hold.[5] In mainstream macroeconomic theory, changes in the money supply play no role in determining the inflation rate as it is measured by the CPI.

Alternative theories include the real bills doctrine and the more recent fiscal theory of the price level.

🔴 University of Calcutta

🔴 BA/BSC 2nd Semester

🔴 Paper Code = (GE/CC-2)

🔴 Subject = Economics

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🔴 Group - C


8. What are the limitations of this theory?

Answer = See Photo for Answer

🔴 University of Calcutta

🔴 BA/BSC 2nd Semester

🔴 Paper Code = (GE/CC-2)

🔴 Subject = Economics

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🔴 University of Calcutta

🔴 Bcom Honours 2nd Semester

🔴 Paper Code = (CC 2.1 CH)

🔴 Subject = Cost and Management Accounting 1

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🔴 University of Calcutta

🔴 Bcom General 2nd Semester

🔴 Paper Code = (CC 2.1 CH)

🔴 Subject = Cost and Management Accounting 1

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🔴 University of Calcutta

🔴 Bcom Honours 2nd Semester

🔴 Paper Code = (CC 2.1 CH)

🔴 Subject = Cost and Management Accounting 1

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Honours
Q. 3

🔴 University of Calcutta

🔴 Bcom Honours 2nd Semester

🔴 Paper Code = (CC 2.1 CH)

🔴 Subject = Cost and Management Accounting 1

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Honours
Q. 12

Answer of General's sums is being sent in 2 minutes

🔴 University of Calcutta

🔴 Bcom General 2nd Semester

🔴 Paper Code = (CC 2.1 CH)

🔴 Subject = Cost and Management Accounting 1

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General
Q.3

🔴 University of Calcutta

🔴 Bcom General 2nd Semester

🔴 Paper Code = (CC 2.1 CH)

🔴 Subject = Cost and Management Accounting 1

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General
Q.4

🔴 University of Calcutta

🔴 Bcom General 2nd Semester

🔴 Paper Code = (CC 2.1 CH)

🔴 Subject = Cost and Management Accounting 2

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5. What do you mean by idle time?

Answer = Idle time is paid time that an employee, or machine, is unproductive due to factors that can either be controlled or uncontrolled by management. It normally applies to full-time workers rather than consultants, who typically have to bill for every hour of their time.

🔴 Mention any two causes of normal idle time = (1) Travelling time from one job or department to another. (2) The distance covered between the factory gate and actual place of work.

🔴 How will you treat wages
for idle time in cost accounts?

Answer = Accounting Treatment of
Normal Idle Time:
The wages paid for the normal idle time period is treated as production overhead and absorbed into cost of product by adopting an absorption rate. The normal idle time in tool setting etc. can be charged at inflated rate. Jobs are charged at inflated rate.

General
Group A
Completed