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.
Who proposed the theory of the expanding universe?
- Georges Lemaitre
- Galileo Galilei
- Edwin Hubble
- Claudius Ptolemy
American astronomer Edwin Hubble discovered in the 1920s that the Universe is expanding by showing that most galaxies are receding from the Milky Way and the farther away they are, the faster they are receding.
Big bang theory was proposed by
- Georges Lemaitre
- Hermann Bondi
- Thomas Gold
- Hoyle
Georges Lemaitre was a Belgian cosmologist, Catholic priest, and father of the Big Bang theory.
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 act completely ended the commercial trade monopoly of the East India Company?
- Charter Act of 1853
- Charter Act of 1833
- Charter Act of 1813
- Government of India Act, 1858
The charter Act of 1853 abolished East India Company's Monopoly of Indian trade. Under the government of India Act 1858, the British parliament took the responsibility for ruling India directly.
