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Secret > Economy > Flashcards

Economy Flashcards

1
Q

Wealth of nation -year?

A

1776 -adam smith

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2
Q

Laissez faire theory

A

Adam smith

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3
Q

Invisible hand of market theory

A

Adam smith

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4
Q

The theory of model sentiments

A

Adam Smith

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5
Q

Wealth defenition

A

Adam smith

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6
Q

Growth defenition

A

Paul samuel son

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7
Q

Scarcity defenition

A

Lional robinson

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8
Q

Welfare defenition

A

Alfred marshel

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9
Q

Who coined the term macro economics and micro economics?

A

Ragner frisch

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10
Q

First nobel prize for economics?

A

Ragner frisch and jan tinberg

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11
Q

Father of micro economics?

A

Alfred marshel

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12
Q

Law of demand(ചോദക നിയമം )?

A

Alfred marshel

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13
Q

Micro economics also known as?

A

Price theory

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14
Q

Father of macro economics

A

JM keyns

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15
Q

Macro economics also known as

A

Aggregate economics or general theory

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16
Q

No freedom of choice

A

Socialist economy
(Freedom of choise -capital economy)

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17
Q

No freedom of choice

A

Socialist economy
(Freedom of choise -capital economy)

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18
Q

Equality

A

Socialist economy

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19
Q

Agriculture, quarrying,mining, fishing

A

Primary sector

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20
Q

Manufacturing, construction,electricity

A

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

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21
Q

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

A

Tertiary sector (service sector)

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22
Q

Transportation, telecom, banking

A

Tertiary sector (service sector)

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23
Q

Gandhian economist

A

Jc. Kumarappa, dhrampal,sriman Narayan

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24
Q

Amartya zen books?

A

Choice of techniques, poverty and famines, beyond crisis

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25
Q

Amrtya zen nobel prize

A

1998

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26
Q

What is national income?

A

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

27
Q

Frst to calculate national income in the world?

A

Sir william petty

28
Q

Frst indian to estimate national income of the country?

A

Dadabai (1867-68)

29
Q

1st scientifically estimated national income of insia?

A

VKRV. Rao(1931-32)

30
Q

National income committee

31
Q

National income conmitee 1949 consists of?

A

Pc mahalanobis(chairman)
Vkrv. Rao
Dr. Gadgil

32
Q

Since 1955 national income being estimated by?

A

CSO-central statistical office

33
Q

Statistical system of india is under

A

Ministry of statistic and program implementation

34
Q

New name of statistic wing

A

NSO-national statistic office(2019)

35
Q

NSO formed by merging?

A

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

36
Q

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

37
Q

Different forms of national income

A

GDP, GNP, NNP,NDP

38
Q

GDP?

A

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

39
Q

GNP

A

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

40
Q

How to calculate GNP?

A

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

41
Q

Method of calculating GDP?

A

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

42
Q

Income method?

A

Wages+rent+interset +profit

43
Q

Expenditure method?

A

Consumption+investment +government +net export

44
Q

Product method?

A

Value added from all sectors(primary +secondary+service)

—-»gross value added(GVA)

45
Q

2 sector model contains?

A

House hold and firms

46
Q

3 sector model contains?

A

House hold, firms, government

47
Q

4 sector model?

A

House holds, firms, government, external sector

48
Q

Depreciation?

A

Loss in value of an asset as they age

49
Q

How to calculate Net domestic product (NDP)?

A

NDP=GDP-depreciation

50
Q

How to calculate net national product(NNP)?

A

NNP=GNP-depreciation

51
Q

What is Factor cost?

A

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

52
Q

What is market price?

A

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

53
Q

What is market price?

A

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

54
Q

Market price =?

A

MP=factor cost +net indirect tax

Net indirect tax=indirect tax-subsidies

55
Q

Market price =?

A

MP=factor cost +net indirect tax

Net indirect tax=indirect tax-subsidies

56
Q

National income is calculated in terms of?

A

National income=NNP(fc)

Net national product at factor cost

57
Q

What is real GDP?

A

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

58
Q

What is real GDP?

A

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

59
Q

Nominal GDP?

A

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

60
Q

Nominal GDP?

A

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

61
Q

GDP reflactor?

A

(Nominal GDP/real GDP)×100

62
Q

Technical recession

A

When there have been two consecutive quarters of negative growth

63
Q

Human develpomnt index(HDI)-3 parameters?

A

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

64
Q

Among the factors of production, the passive one include?

A

—>land and capital

–>active -labour, organisation
(Factors of production -4)

Secret (9 decks)

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