What type of economy is followed in India?
- Traditional Economy: Economic system based on goods, services, and work, all of which follow certain established trends.
- Command Economy: A dominant centralized authority – usually the government – that controls a significant portion of the economic structure.
- Market Economy: Economic system based on the concept of free markets.
- Mixed Economy: Economic system that combine the characteristics of the market and command economic systems.
A mixed economic system is a system that combines aspects of both capitalism and socialism. This means that some industries are controlled by private businesses and individuals, while other industries are controlled by the government.
Which of the Viceroys started the budget system in India?
- Lord Minto
- Lord Macualey
- Lord Canning
- Lord Dalhousie
The introduction of the budget system in India started in the era of Lord Canning, the first Viceroy of India.
Which one is not the Component of the Preamble?
- Sovereign
- Secular
- Hostility
- Democratic Republic
The preamble declares India to be a sovereign, socialist, secular, and democratic republic. The objectives stated by the Preamble are to secure justice, liberty, and equality for all citizens and promote fraternity to maintain the unity and integrity of the nation.
Name the branch of astronomy that involves the origin and evolution of the universe.
- Cosmology
- Meteorology
- Petrology
- Orology
Cosmology is "the scientific study of the large-scale properties of the universe as a whole."
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.
