Central bank is an apex bank that controls and regulates the entire banking system of a country. The various functions performed by central bank are: 

1. Bank of issuing notes: Central bank has monopoly rights of issuing notes. This is called currency authority function of central banks. All notes issued by central bank are an unlimited legal tender in the country.

2. Banker to the Government: Central bank is a banker, agent and financial adviser to the government. It manages the account of the government, it buys and sells the securities of the government and it frames policies to regulate the money market.

3. Custodian of foreign currency: The central bank maintains a minimum reserve of international currency all the time in order to meet emergency requirements of foreign exchange and overcome adverse requirements of deficit in balance of payments.

4. Lender of last resort: The central bank also lends money to commercial banks. When the commercial banks are facing liquidity crunch or any type of insolvency, the central bank are the last resort to provide loans against treasury bills, government securities, and bills of exchange.

5. Maintains cash reserves of commercial banks: The central bank takes care of the cash reserves of commercial banks. Commercial banks are required to keep certain amount of public deposits as cash reserve, with the central bank.

6. Control of credit: The central bank has power to regulate the credit creation by commercial banks. The credit creation depends upon the amount of deposits, cash reserves, and rate of interest given by commercial banks. All these are directly or indirectly controlled by the central bank. Therefore, they have the power to control the amount of credit creation of commercial bank. 

Allocation of resources is one of the important objectives of government budget. In a mixed economy, the private producers aim towards profit maximisation, while, the government aims towards welfare maximisation. The private sector always tend to divert resources towards areas of high profit, while, ignoring areas of social welfare. In such a situation, the government through the budgetary policy, aims to reallocate resources in accordance with the economic (profit maximisation) and social (public welfare) priorities of the country. Government can influence allocation of resources through:
(i) Tax concessions or subsidies:To encourage investment, government can give tax concession, subsidies etc. to the producers. For example, Government discourages the production of harmful consumption goods (like liquor, cigarettes etc.) through heavy taxes and encourages the use of ‘Khaki products’ by providing subsidies.
(ii) Directly producing goods and services:If private sector does not take interest, government can directly undertake the production.

(i) Borrowings from abroad are recorded in the Capital Account of the BOP because these give rise to foreign exchange liabilities. These are recorded on the credit side because these bring foreign exchange into the country. (ii) Borrowing from abroad raise supply of foreign exchange. Demand for foreign exchange remaining unchanged, exchange rate is likely to fall.Read more on Sarthaks.com - https://www.sarthaks.com/85377/indian-investors-borrow-from-abroad-answer-the-following

The statement is false because export and import of all goods including machines are recorded in current account.

Two

decrease in cash reserve ratio

Money has three primary functions. It is a medium of exchange, a unit of account, and a store of value: Medium of Exchange: When money is used to intermediate the exchange of goods and services, it is performing a function as a medium of exchange. A unit of account is something that can be used to value goods and services, record debts, and make calculations. Money is considered a unit of account and is divisible, fungible, and countable. With money being countable, it can account for profits, losses, income, expenses, debt, and wealth.

The Marginal Rate of Substitution can be defined as the rate at which a consumer is willing to forgo a number of units good X for one more of good Y at the same utility. The Marginal Rate of Substitution is used to analyze the indifference curve. 

Nominal GDP Meaning

Nominal Gross Domestic Product is GDP evaluated at present market prices. GDP is the financial equivalent of all the complete products and services generated within a nation’s in a definite time. Nominal varies from real GDP, and it incorporates changes in cost prices due to an increase in the complete cost price. Generally, economists utilize a gross domestic factor to change nominal GDP to real GDP also known as current dollar GDP or chained dollar GDP.

Real GDP Meaning

Real GDP is an inflation-adjusted calculation that analyzes the rate of all commodities and services manufactured in a country for a fixed year. It is expressed in foundation year prices and is referred to as a fixed cost price. Inflation rectified GDP or fixed dollar GDP. Real GDP is regarded as a reliable indicator of a nation’s economic growth as it solely only considers production and free from currency fluctuations.

Real GDP is regarded as a reliable indicator of a nation’s economic growth as it solely only considers production and free from currency fluctuations.

A price is the quantity of payment or compensation given by one party to another in return for one unit of goods or services. A price is influenced by production costs, the supply of the desired item, and demand for the product. A price may be determined by a monopolist or may be imposed on the firm by market conditions.

In modern economies, prices are generally expressed in units of some form of currency. Although prices could be quoted as quantities of other goods or services, this sort of barter exchange is rarely seen. Prices are sometimes quoted in terms of vouchers such as trading stamps and air miles. In some circumstances, cigarettes have been used as currency, for example in prisons, in times of hyperinflation, and in some places during World War II. In a black market economy, barter is also relatively common.

Goods (both consumer goods and producer goods) which are only used or consumed for single time or only once are known as single use goods. Bread, milk, fruits, vegetables etc. are the example of single use consumer goods. On the other hand, seeds, fertilizers, raw materials etc. are the example of single use producer goods.

Some goods (both consumer goods and producer goods) can be used for a considerable period, that is, they can be used again and again. They are called durable use goods. For example, table, chair, cloths, shoes etc. are the durable use consumer goods. On the other hand, tube wells, tractors, pump-sets etc. are the example of durable use producer goods,

A free good is a good that is not scarce, and therefore is available without limit. A free good is available in as great a quantity as desired with zero opportunity cost to society. A good that is made available at zero price is not necessarily a free good. Examples of free goods are ideas and works that are reproducible at zero cost, or almost zero cost. For example, if someone invents a new device, many people could copy this invention, with no danger of this "resource" running out. Other examples include computer programs and web pages.

Types of goods:

Normal goods - the quantity demanded of such commodities increases as the consumer’s income increases and decreases as the consumer’s income decreases. Such goods are called normal goods.

Giffen goods - a Giffen good is an inferior good which people consume more of as price rises, violating the law of demand.. In the Giffen good situation, cheaper close substitutes are not available. Because of the lack of substitutes, the income effect dominates, leading people to buy more of the good, even as its price rises.

Substitutes goods- substitute good for another kind insofar as the two kinds of goods can be consumed or used in place of one another in at least some of their possible usesn increase in price for one kind of good (ceteris paribus) will result in an increase in demand for its substitute goods, and a decrease in price (ceteris paribus, again) will result in a decrease in demand for its substitutes.

Complementary goods - A complementary good or complement good in economics is a good which is consumed with another good;if goods A and B were complements, more of good A being bought would result in more of good B also being bought and vice versa eg car and Petrol. If the demand for car increases then the demand for petrol also increases.

Economics is that branch of social science which is concerned with the study of how individuals, households, firms, industries and government take decision relating to the allocation of limited resources to productive uses, so as to derive maximum gain or satisfaction. Economics is regarded as a social science because it uses scientific methods to build theories that can help explain the behaviour of individuals, groups and organisations. Economics attempts to explain economic behaviour, which arises when scarce resources are exchanged.

Adam Smith noted the definition of economics to be a specific science that examines the nature and cause of the wealth of different nations. This study is concerned with the production, distribution, and consumption of wealth. The wealth definition refers to the wealth that is used by man for the process of satisfying his wants. Economic welfare on the other hand refers to the welfare of the people and the resources, income and goods that affect their living in the economy.

Because it has no industry competition, a monopoly's price is the market price and demand is market demand. Even at high prices, customers will not be able to substitute the good or service with a more affordable alternative. As the sole supplier, a monopoly can also refuse to serve customers.

Macroeconomics is the part of economic theory that studies the economy as a whole, such as national income, aggregate employment, general price level, aggregate consumption, aggregate investment, etc. Its main instruments are aggregate demand and aggregate supply.

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Human development is a process of enlarging the range of people’s choices, increasing their opportunities for education, health care, income and empowerment and covering the full range of human choices from a sound physical environment to economic, social and political freedom.

In economics, goods are items that satisfy human wants and provide utility, for example, to a consumer making a purchase of a satisfying product. A common distinction is made between goods which are transferable, and services, which are not transferable. An economic good is a good or service that has a benefit (utility) to society. ... Another feature of an economic good is that if it can have a value placed on the good, it can be traded in the marketplace and valued using a form of money. An economic good will have some degree of scarcity in relation to demand.

Graphs are a common method to visually illustrate relationships in the data. The purpose of a graph is to present data that are too numerous or complicated to be described adequately in the text and in less space.  If the data shows pronounced trends or reveals relations between variables, a graph should be used. Graphing is used daily. From stockbrokers to performance evaluation in companies. All use them to boost sales and meet deadlines. Even simple calculations can be assessed better by using a graph.