Who was the Prime Minister of the British Empire during the 1857 revolt?
- William Pitt
- Charles Grey
- William Lamb
- Lord Palmerston
Henry John Temple, 3rd Viscount Palmerston was a British statesman who served twice as a Prime Minister in the mid-19th century. Palmerston dominated British foreign policy during the period 1830 to 1865 when Britain was at the height of its imperial power. He held office almost continuously from 1807 until his death in 1865.
Procedure for Amendment in Indian Constitution is given in which article?
- Article 332
- Article 318
- Article 368
- Article 364
Article 368 in Part 20 of the Constitution deals with the power of parliament to amend the constitution and its procedures. The procedure of amending the constitution has been adopted from the constitution of South Africa.
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.
The Charter was issued to the East Indian Company in 1600 by whom?
- King Charles II
- Queen Elizabeth I
- Queen Victoria
- Queen Mary
On December 31, 1600, Queen Elizabeth I issued the Royal Charter to the East India Company. The British East India Company established trading facilities on the east and west coasts of India as well as in Bengal as a result of this Charter.
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.
