Indian Economy-Quick Revision Notes for Competitive Exams

1. With whom is "Functional Finance" associated? – Abba P. Lerner 
2. By which government Corporation tax is imposed? – Central Government 
3. How is the income elasticity of demand for inferior goods? – Less than zero 
4. Which represent the Savings of the Private Corporate Sector? – Undistributed profits 
5. Which land is restricted to Special Economic Zones? – Free-trade Centres
6. For whom is 'Swadhar' scheme? – Women in difficult circumstances 
7. By whom is liquidity preference theory of interest propounded? – J. M. Keynes 
8. What is phase of increasing returns otherwise called? – Decreasing cost 
9. What is the measure of gross domestic product? – A country's domestic economic activities
10. Which industrie is the maximum consumer of water in India? – Thermal power 
11. Why will economic growth in country necessarily have to occur? – If there is capital formation in X 
12. Which is likely to be the most inflationary in its effect? – Creating new money to finance a budget deficit 
13. By which index in India, inflation is measured? – Wholesale Price Index Number 
14. Which is a sign of economic growth? – A sustained increase in real per capita income. 
15. Which group of steel plants were established in India after independence? – Bhilai, Durgapur, Rourkela 
16. What is the opportunity cost of a factor of production? – I it can earn in some other use 
17. How will be the fixed cost in the short run for a producing firm? – Always constant and fixed 
18. Which sector in India has the highest share of employment? – Agriculture and allied activities
19. What is the principle of maximum social advantage? – The basic principle of– Fiscal Economics 
20. What is the High powered money? – Currency held by public and reserves with the Central Bank 
21. What is the mean of value-added? – Goods and services less cost of intermediate goods and services 
22. What is the main functioning of the banking system? – To accept deposits and provide credit 
23. In India, why is deficit financing used? – for raising resources for economic development 
24. What is the name of the share of income that the entrepreneurs receive in the process of distribution? – Profit 
25. By which index is the The rate of inflation in India measured generally in respect of  movement? – Wholesale price index 
26. From where has the The Planning Commission of India been constituted? – Through a cabinet decision in this regard 
27. On which base is the Classification of an' enterprise into public or private sector? – Ownership of assets of the enterprise 
28. If we deduct grants for creation of capital assets from revenue deficit, at which concept do we arrive? – effective revenue deficit 
29. For which tax, was constitutional status given much later after its introduction in a small way in 1994-95 ? – Taxes on Services 
30. What is the name of index that measures the average price of consumer goods and services purchased by households? – Consumer price index 


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