In which of the following year was the budget system introduced for the first time in India?
James Wilson, the British economist, presented the first-ever budget in India in 1860. He is credited with introducing a financial budget in India framed by the English model.
People who regularly move in and out of poverty (for example small farmers and seasonal workers). The occasionally poor are rich most of the time but may sometimes have a patch of bad luck are called ______
- Chronic poor
- Churning poor
- Transient poor
- Non-poor
The churning poor are the people who go in and out of poverty (for example, small farmers and seasonal workers).
Name the economist who gave the theory of “Comparative Advantage.”
- Adam Smith
- David Ricardo
- Thomas Robert Malthus
- Amartya Sen
David Ricardo was a classical economist best known for his theory on wages and profit, the labor theory of value, the theory of comparative advantage, and the theory of rents.
_______ is the study of the behavior of individuals and firms in making decisions such as consumers, resource owners, and firms.
- Macroeconomics
- Neo-classical economics
- Microeconomics
- Monetarist economics
Microeconomics is the study of the behavior of individuals and firms in making decisions such as consumers, resource owners, and firms.
Which theory explains the origin of the universe?
- Geocentric Model
- Heliocentricity
- Big Bang Theory
- Pulsating Theory
The Big Bang was 13.8 billion years ago when the universe began as a tiny, dense, fireball that exploded.
