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NCERT Solutions for Class 12 Economics II Chapter 6 Open Economy Macroeconomics

by aglasem
August 4, 2020
in 12th Class
Reading Time: 1 min read
0

NCERT Solutions for Class 12 Economics II Chapter 6 Open Economy Macroeconomics – Here are all the NCERT solutions for Class 12 Economics I Chapter 6. This solution contains questions, answers, images, explanations of the complete chapter 6 titled Open Economy Macroeconomics taught in Class 12. If you are a student of Class 12 who is using NCERT Textbook to study Economics I, then you must come across chapter 6 Open Economy Macroeconomics. After you have studied lesson, you must be looking for answers of its questions. Here you can get complete NCERT Solutions for Class 12 Economics I Chapter 6 Open Economy Macroeconomics.

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NCERT Solutions Class 12 Economics Chapter 6 Open Economy Macroeconomics

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Here on AglaSem Schools, you can access to NCERT Book Solutions in free pdf for Economics for Class 12 so that you can refer them as and when required. The NCERT Solutions to the questions after every unit of NCERT textbooks aimed at helping students solving difficult questions.

For a better understanding of this chapter, you should also see summary of Chapter 6 Open Economy Macroeconomics , Economics, Class 12.

Class 12
Subject Economics
Book Introductory Macroeconomics
Chapter Number 6
Chapter Name

Open Economy Macroeconomics

NCERT Solutions Class 12 Economics chapter 6 Open Economy Macroeconomics

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Class 12, Economics chapter 6, Open Economy Macroeconomics solutions are given below in PDF format. You can view them online or download PDF file for future use.

Open Economy Macroeconomics Download

NCERT Solutions for Class 12 Economics (Introductory Macroeconomics) Chapter 6 Open Economy Macroeconomics Download

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Download NCERT Solutions Class 12 Economics chapter 6 Open Economy Macroeconomics In PDF Format

You can also download here the NCERT Solutions Class 12 Economics chapter 6 Open Economy Macroeconomics in PDF format.

Click Here to download NCERT Solutions for Class 12 Economics chapter 6 Open Economy Macroeconomics

Question & Answer

Q.1: Differentiate between balance of trade and current account balance.

Ans : Difference between balance of trade and current account balance

Q.2: What are official reserve transactions? Explain their importance in the balance of payments.

Ans : Official reserve refers to that the monetary authority (central bank) is financed the any deficit in the balance of payment. Official reserve transactions take place when a country withdraws from its stock of foreign exchange reserves to finance deficit in its overall balance of payment. A country With surplus in its overall BOP leads to rise in foreign exchanges reserves. Importance Official reserve transactions help to bring a balance In the country's overall balance of payment. So, it plays an important role in economy of any country.

Q.3: Distinguish between the nominal exchange rate and the real exchange rate. If you were to decide whether to buy domestic goods or foreign goods, which rate would be more relevant? Explain.

Ans : Nominal Exchange Rate It means the price of foreign currency in terms of domestic currency. Means, the number of units of domestic currency one must give up to get an unit of foreign currency. Real Exchange Rate It refers to the relative price of foreign goods interns of domestic goods. To buy domestic goods of foreign goods, at a point of time nominal exchange rate is more relevant.

Q.4: Suppose it takes 1.25 yen to buy a rupee, and the price level in Japan is 3 and the price level in India is 1.2. Calculate the real exchange rate between India and Japan (the price of Japanese goods in terms of Indian goods). (Hint: First find out the nominal exchange rate as a price of yen in rupees).

Ans : \(\begin{aligned} \text { Given } &=P=\text { Price Level in India }=1.2 \\ P_{t} &=\text { Price Level in Japan }=3 \end{aligned}\) \(\begin{array}{r}{e=\text { Nominal Exchanges Rate }=\frac{1}{1.25}=0.8} \\ {\text { Real Exchange Rate }=\frac{e P}{P}=\frac{08 \times 3}{1.2}=2}\end{array}\)

Q.5: Explain the automatic mechanism by which BoP equilibrium was achieved under the gold standard.

Ans : The country from which we were importing and marking payment in gold would face an increase in prices and cost. There would be dis equilibrium. Normally the BOP of the country losing gold, and worsen that of the country with the favourable trade balance, until equilibrium In international trade is re-established at relative prices that keep Import and export In balance with no further net gold flow. Thus, fixed exchange rates were maintained by an automatic equilibrating mechanism.

NCERT / CBSE Book for Class 12 Economics

You can download the NCERT Book for Class 12 Economics in PDF format for free. Otherwise you can also buy it easily online.

  • Click here for NCERT Book for Class 12 Economics
  • Click here to buy NCERT Book for Class 12 Economics

All NCERT Solutions Class 12

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You can also check out NCERT Solutions of other classes here. Click on the class number below to go to relevant NCERT Solutions of Class 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12.

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