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.
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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.
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
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The churning poor are the people who go in and out of poverty (for example, small farmers and seasonal workers).
_______ 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
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Microeconomics is the study of the behavior of individuals and firms in making decisions such as consumers, resource owners, and firms.
Who is called the father of macroeconomics?
- Alfred Marshall
- John Maynard Keynes
- Adam Smith
- Leon Walras
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Macroeconomics as a modern discipline began with the publication of John Maynard Keynes's General Theory of Employment, Interest, and Money where he offered a new theory of economics that evolved into Keynesian economics.
Which Act abolished the administration system in India?
- Pitt’s India Act of 1784
- Government of India Act of 1858
- Charter Act of 1913
- Regulating Act of 1773
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The Regulating Act of 1773 abolished the administration system in India. This was the first step taken by the British government to control and regulate the affairs of the East India Company in India, as well as the first time the Company's political and administrative functions were recognized.
