Economy

Question 1

Wealth of nation -year?

Answer 1

1776 -adam smith

Question 2

Laissez faire theory

Answer 2

Adam smith

Question 3

Invisible hand of market theory

Answer 3

Adam smith

Question 4

The theory of model sentiments

Answer 4

Adam Smith

Question 5

Wealth defenition

Answer 5

Adam smith

Question 6

Growth defenition

Answer 6

Paul samuel son

Question 7

Scarcity defenition

Answer 7

Lional robinson

Question 8

Welfare defenition

Answer 8

Alfred marshel

Question 9

Who coined the term macro economics and micro economics?

Answer 9

Ragner frisch

Question 10

First nobel prize for economics?

Answer 10

Ragner frisch and jan tinberg

Question 11

Father of micro economics?

Answer 11

Alfred marshel

Question 12

Law of demand(ചോദക നിയമം )?

Answer 12

Alfred marshel

Question 13

Micro economics also known as?

Answer 13

Price theory

Question 14

Father of macro economics

Answer 14

JM keyns

Question 15

Macro economics also known as

Answer 15

Aggregate economics or general theory

Question 16

No freedom of choice

Answer 16

Socialist economy
(Freedom of choise -capital economy)

Question 17

No freedom of choice

Answer 17

Socialist economy
(Freedom of choise -capital economy)

Question 18

Equality

Answer 18

Socialist economy

Question 19

Agriculture, quarrying,mining, fishing

Answer 19

Primary sector

Question 20

Manufacturing, construction,electricity

Answer 20

2ndry sector(converting raw material from primary sector to value added product)

Question 21

Transportation, telecom, banking, real estate, hotel, tourism

Answer 21

Tertiary sector (service sector)

Question 22

Transportation, telecom, banking

Answer 22

Tertiary sector (service sector)

Question 23

Gandhian economist

Answer 23

Jc. Kumarappa, dhrampal,sriman Narayan

Question 24

Amartya zen books?

Answer 24

Choice of techniques, poverty and famines, beyond crisis

Question 25

Amrtya zen nobel prize

Answer 25

1998

Question 26

What is national income?

Answer 26

Net results of all economic activities of a country during a period of a financial year and is valued in terms of money

Question 27

Frst to calculate national income in the world?

Answer 27

Sir william petty

Question 28

Frst indian to estimate national income of the country?

Answer 28

Dadabai (1867-68)

Question 29

1st scientifically estimated national income of insia?

Answer 29

VKRV. Rao(1931-32)

Question 30

National income committee

Answer 30

1949

Question 31

National income conmitee 1949 consists of?

Answer 31

Pc mahalanobis(chairman) Vkrv. Rao Dr. Gadgil

Question 32

Since 1955 national income being estimated by?

Answer 32

CSO-central statistical office

Question 33

Statistical system of india is under

Answer 33

Ministry of statistic and program implementation

Question 34

New name of statistic wing

Answer 34

NSO-national statistic office(2019)

Question 35

NSO formed by merging?

Answer 35

Central statistical office(CSO) and National sample survey office(NSSO)

Question 36

Nodel agency for planned develpomnt of the statistical system in the country?

Answer 36

NSO

Question 37

Different forms of national income

Answer 37

GDP, GNP, NNP,NDP

Question 38

GDP?

Answer 38

Total money values of all the final goods and services produced within the domestic territory of a country during a finacial year

Question 39

GNP

Answer 39

Gross national product Total money value of all goods and services produced by nationals of a country irrespective of theire location in a finacial year

Question 40

How to calculate GNP?

Answer 40

GNP=GDP+NFIA NFIA-net factor income from abroad NFIA=incomes received by nationals within the boundaries of a foreign coutry -income received by foreign nationals within the country

Question 41

Method of calculating GDP?

Answer 41

1.income method(not in india) 2.expenditure method 3.product method

Question 42

Income method?

Answer 42

Wages+rent+interset +profit

Question 43

Expenditure method?

Answer 43

Consumption+investment +government +net export

Question 44

Product method?

Answer 44

Value added from all sectors(primary +secondary+service) ---->>gross value added(GVA)

Question 45

2 sector model contains?

Answer 45

House hold and firms

Question 46

3 sector model contains?

Answer 46

House hold, firms, government

Question 47

4 sector model?

Answer 47

House holds, firms, government, external sector

Question 48

Depreciation?

Answer 48

Loss in value of an asset as they age

Question 49

How to calculate Net domestic product (NDP)?

Answer 49

NDP=GDP-depreciation

Question 50

How to calculate net national product(NNP)?

Answer 50

NNP=GNP-depreciation

Question 51

What is Factor cost?

Answer 51

Cost of factors of the production incurred by the firm while producing goods and services

Question 52

What is market price?

Answer 52

Price that a consumer pay for a product while purchasing from the seller, which takes into effect the indirect tax and subsidies

Question 53

What is market price?

Answer 53

Price that a consumer pay for a product while purchasing from the seller, which takes into effect the indirect tax and subsidies

Question 54

Market price =?

Answer 54

MP=factor cost +net indirect tax Net indirect tax=indirect tax-subsidies

Question 55

Market price =?

Answer 55

MP=factor cost +net indirect tax Net indirect tax=indirect tax-subsidies

Question 56

National income is calculated in terms of?

Answer 56

National income=NNP(fc) Net national product at factor cost

Question 57

What is real GDP?

Answer 57

Money value of goods and services calculated on the basis of base level (base year of india -2011-12)

Question 58

What is real GDP?

Answer 58

Money value of goods and services calculated on the basis of base level (base year of india -2011-12)

Question 59

Nominal GDP?

Answer 59

GDP in which money value of goods and services is calculated on the basis of current price

Question 60

Nominal GDP?

Answer 60

GDP in which money value of goods and services is calculated on the basis of current price

Question 61

GDP reflactor?

Answer 61

(Nominal GDP/real GDP)×100

Question 62

Technical recession

Answer 62

When there have been two consecutive quarters of negative growth

Question 63

Human develpomnt index(HDI)-3 parameters?

Answer 63

1.long and healthy life 2.knowledge 3.A decent standard of living HDI score--->(0-1) •Switzerland >Norway >iceland •india latest rank--134(as per 2022)-medium human development

Question 64

Among the factors of production, the passive one include?

Answer 64

--->land and capital -->active -labour, organisation (Factors of production -4)