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.
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.
How many articles, parts, and schedules are in the Indian constitution?
- 395 Articles, 22 Parts, and 8 Schedules
- 395 Articles, 22 Parts, and 12 Schedules
- 385 Articles, 22 Parts, and 8 Schedules
- 385 Articles, 22 Parts, and 12 Schedules
At its enactment, it had 395 articles in 22 parts and 8 schedules. At about 145,000 words, it is the second-longest active constitution—after the Constitution of Alabama—in the world.
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.
