Easy Indian Economics GK Questions and Answers

Micro economics is also known as Price theory because it takes into account the demand and supply of individual units and thus aims to determine the price of a product using the factors of production.

Camera, in photography, a device for recording an image of an object on a light-sensitive surface; It is essentially a light-tight box with a hole to admit light that is focused onto a sensitive film or plate. 35 mm single-lens reflex (SLR) camera.

Dynamic theory of profit was advocated by J.B Clark. He stated that profits rise in that of type of economy where the things change. No profits will be generated n the static economy, where everything remains constant.

Fiscal Deficit is the difference between the total income of the government (total taxes and non-debt capital receipts) and its total expenditure. It occurs when the government's expenditure exceeds its income.

Correct answer is US$ 600 billion. In June 2021, India crossed the 600 Billion USD mark for the first time. India has large foreign-exchange reserves; holdings of cash, bank deposits, bonds, and other financial assets denominated in currencies other than India's national currency, the Indian rupee.

According to preliminary Census 2011 data, there are 1210.19 million people living in the nation. Out of these, 623.72 million (51.54%) are men and 586.46 million (48.46%) are women. The following are the main points of the Census 2011 (Provisional figures): Over the decade from 2001 to 2011, India's population grew by more than 181 million people. Percentage growth in 2001-2011 is 17.64; males 17.19 and females 18.12. With the exception of 1911–1921, the decade from 2001–2011 is the first in which population growth was lower than that of the prior decade. The most populous State in the nation is Uttar Pradesh, with 199.5 million people, followed by Maharashtra, with 112 million.

The correct answer is Qualitative – Moral Suasion. Monetary policy refers to the policy of the central bank with regard to the use of monetary instruments under its control to achieve the goals specified in the Act. The Reserve Bank of India (RBI) is vested with the responsibility of conducting monetary policy.

The correct answer is Repo Rate. Key Points. Repo rate is the rate at which the central bank of a country (Reserve Bank of India in case of India) lends money to commercial banks in the event of any shortfall of funds. Repo rate is used by monetary authorities to control inflation.

There is freedom of entry and exit. Sellers have perfect knowledge about the market conditions. They are price taker. Price Elasticity of Demand of a firm is Infinite which means demand curve for Perfect competition is a Perfectly Elastic.

Gross primary deficit refers to the difference between the current year's fiscal deficit and interest payments made on the previous year's borrowings. In other words, it represents the fiscal deficit of the government excluding interest payments.