What was the comparative advantage theory of David Ricacrdo?
- When a country can produce a good or service at a lower opportunity cost than another country.
- Pursuit of self-interest, division of labor, and freedom of trade.
- A theory of free-market capitalism directly opposed to government intervention.
- A theory centers on entrepreneurship, knowledge, innovation and technological advancement.
Comparative advantage is an economy's ability to produce a particular good or service at a lower opportunity cost than its trading partners.
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.
Indian constitutional amendment procedure is:
- Rigid
- Flexible
- Rigid as well as Flexible
- None
Indian constitution is more flexible than rigid. For example, most of its provisions can be amended by a two-thirds majority in the parliament. However, in order to amend some of the provisions like the election of the president, powers and functions, the extent of Centre-State relations, etc. apart from two-thirds majority in both houses of the parliament, the bill must be passed by at least half of the total state legislatures.
Who was the first temporary chairman of the Constituent Assembly?
- BN Rau
- Harendra Coomar Mookerjee
- Dr. Sachchidananda Sinha
- Dr. Rajendra Prasad
Dr. Sachchidananda Sinha was appointed as the interim(temporary) chairman of the Constituent Assembly.
Constitution day of India is celebrated on
- 26th November 1949
- 26th November 1948
- 26th January 1950
- 26th November 1946
The Constitution of India was adopted by the Constituent Assembly on 26th November 1949 and came into force on 26th January, 1950.
