1. What is "Variable cost"?
Variable cost is an expense that changes in direct proportion to the level of production or sales.
2. What is "Bilateral monopoly"?
A bilateral monopoly is a market situation where there is only one seller (a monopolist) and only one buyer (a monopsonist).
3. Who first measured Indian National Income?
Dadabhai Naoroji
4. Production method, income method, expenditure method are the three methods of __
National income
5. National income in Indian Economy is estimated by __
Central Statistics Office (CSO), which is a wing of the National Statistical Office (NSO) under the Ministry of Statistics and Programme Implementation (mospi).
6. What is GNP in economy?
Gross National Product (GNP) represents the total monetary value of all final goods and services produced by a nation's economy within a specific period, typically a year.
7. What is GDP in economy?
GDP (Gross Domestic Product) is the total monetary value of all final goods and services produced within a country's borders during a specific period, typically a year.
8. What is Inflation?
Inflation is the rate at which the general level of prices for goods and services is rising, and subsequently, purchasing power is falling.
9. What is Deflation?
Deflation is a general decline in the prices of goods and services. It's the opposite of inflation.
10. What is Stagflation?
An economic situation where a country experiences slow economic growth, high unemployment, and rising inflation simultaneously.
11. What is Demand pull inflation?
Demand-pull inflation occurs when there is an increase in aggregate demand (total spending) that outpaces the economy's ability to produce goods and services, leading to rising prices.
12. What is Cost push inflation?
Cost-push inflation occurs when the overall price levels in an economy rise due to increased production costs.
13. Value Added Tax is imposed for the first time in Indian Economy on the basis of recommendation of which comittee?
The Tax Reforms Committee headed by Raja J Chelliah
14. The Central Government of India earns maximum tax revenue from the ___
Corporation tax
15. Estate duty was first introduced in India in __
1953 (It was abolished in 1985)
16. Corporation tax is levied on whose income?
Net income or profit that corporate enterprises make from their businesses
17. MODVAT scheme was introduced in which year budget?
1986
18. In which year did Tobin Tax suggested by Prof. James Tobin?
Professor James Tobin first suggested the Tobin Tax in 1972.
19. What is Arabica?
Arabica is a species of coffee plant (Coffea arabica) known for producing high-quality coffee beans.
20. What is Fazenda?
Any kind of farm in Brazilian Portuguese
21. "Canopy layer" is found in which forests?
Rainforests, both tropical and temperate
22. Tropical grasslands are known as ___
Savannas
23. Mediterranean Forest of North America is found in ___
Coastal regions of Southern California
24. Which forest is most important for Timber industry?
Boreal forests
25. Which forest is found in polar region?
Boreal forest, also known as taiga
26. Which state of India is the largest silk producing state?
Karnataka
27. Which state of India is the largest sugarcane producing state?
Uttar pradesh
28. Name some plantation crops found in India
Tea, coffee, rubber, coconut, arecanut, oil palm, and cashew
29. Name some commercial crops found in India
Sugarcane, cotton, jute, tea, coffee, tobacco, oilseeds (like rapeseed, mustard, soybean, and groundnut), and rubber
30. Name the largest agro-based industry
Textile industry