Income And Employment

Casualization of the workforce refers to the trend of shifting employment structures from permanent, full-time positions to temporary or casual work. This trend often involves employing workers on a short-term basis, with minimal job security, limited benefits, and a lack of employment protection.

The correct answer is: Increase in vulnerability of workforce.

Explanation:

• Casual workers typically have less job security compared to their full-time counterparts. They may face sudden job termination with little to no notice, increasing their employment vulnerability.
• They are usually not entitled to the same benefits as regular workers, such as healthcare, retirement contributions, or paid leave, leading to financial insecurity.
• Lack of consistent income and unpredictable work hours further contribute to their economic instability.
• The casualization trend decreases the number of workers with stable, regular employment, not increases it.
• Overall, as casualization increases, the workforce becomes more vulnerable due to the reasons mentioned above.

The task is to determine which statements regarding economics are correct from the options provided. Let's evaluate each statement:

1. (A) Adam Smith is termed as Father of Modern Economics.
   This statement is correct. Adam Smith is widely recognized for his work "The Wealth of Nations," which laid the foundations of modern economics.
2. (B) J.M. Keynes gave the Theory of Income, Output and Employment.
   This statement is correct. John Maynard Keynes developed this theory, which is a fundamental aspect of Keynesian economics.
3. (C) Four Sector Model = C + I + G + (X – M)
   This statement is correct. The Four Sector Model in economics comprises Consumption (C), Investment (I), Government Spending (G), and Net Exports (X - M), representing an open economy.
4. (D) Store of value is primary function of money.
   This statement is incorrect. Although storing value is a function of money, the primary function typically refers to being a medium of exchange.

Based on the evaluation above, the correct statements are (A), (B), and (C), matching with the answer choice: (A), (B) and (C) only.

To determine which type of graph is best suited to represent the data showing the number of students in different streams in a school, we must consider the characteristics of various graph types:

• Bar Graph: Ideal for comparing discrete categories of data. Each bar represents a category, allowing clear visualization of differences in quantities.
• Pie Chart: Suitable for showing proportions of a whole. Each slice represents a category, illustrating its relative size compared to the total.
• Line Graph: Best for displaying trends over a continuous interval or time period. Not appropriate for discrete categories without a meaningful sequence.
• None of them: Applicable when none of the standard graphs appropriately represents the data.

Given the data involves discrete categories (different streams) and we wish to compare the number of students in each, a Bar Graph is most appropriate. It allows clear comparison of student numbers across various streams.

To solve the problem, we need to calculate the National Income (NI) using the given data and the appropriate formula.

1. Understanding the Concepts:

- Net Domestic Product (NDP) at Market Price: Total value of goods and services produced within the country.
- Indirect Taxes: Taxes added to the market price.
- Subsidies: Amounts paid by the government to reduce the cost of goods.
- Depreciation: Reduction in value of capital assets over time.
- National Income (NI): NDP at factor cost, calculated as:

2. Given Values:

NDP at Market Price = 8000 crores
Indirect Taxes = 1000 crores
Subsidies = 500 crores
Depreciation = 600 crores (not used directly in NI calculation)

3. Calculating the National Income:

Final Answer:

The National Income (NI) of the country is 7500 crores.