Economics GK Quiz for Competitive Exams

Explanation: Per capita net national income in India is estimated at Rs 1,11,782 (at current prices) during the financial year 2017-18, which shows an increase of 8.3% over the previous year. The per capita income during the financial year 2016-17 was Rs 1,03,219.

Explanation: In India, three groups of commodities have major contribution in the calculation of inflation. In this, primary products contribute 20.1%, fuel and electricity (14.9%) and manufacturing products contribute 65%. Therefore, the biggest reason for high inflation in India is manufacturing products.

Explanation: The share of agriculture sector in the income of Indian economy is about 17.1% in the financial year 2017-18. The service sector remains the foundation of the Indian economy and contributes about 59% to India's income.

Explanation: The largest export item exported from India during April 2017 to November 2017 is engineering goods which accounts for 26% of India's total exports. Chemical and related products rank second and contribute about 14.5% of total Indian exports.

Explanation: As per the new definition of micro, small and medium enterprises; The definition of micro, small and medium enterprises in the manufacturing sector is as follows;

Methods of credit control There are two methods that the Reserve Bank of India uses to control the money supply in the economy. ,

•             Publicity ...

•             quantitative method ...

This question talks about increasing marginal returns at a decreasing rate, which is actually a diminishing marginal return. In economics, the law of diminishing returns states: "If increasing amounts of a variable factor are applied to a fixed amount of other factors per unit of time, the increase in total output will increase at first but beyond a point it will According to Richard A. Bilas's law of diminishing returns, if investment of one resource is kept constant, the resulting increase in output will become smaller and smaller beyond a point. “So as marginal returns increase at a decreasing rate, total returns will eventually decrease.

According to the Act, RRBs are owned by the Central Government (50%), State Government (15%), and sponsor banks (35%). RBI has no ownership of RRBs.

Rajiv Awas Yojana (RAY) has been launched to create a Slum Free India whose main objective is to ensure availability of proper shelter with basic infrastructure and social facilities to every citizen.

In 1968, biologist Garrett Hardin proposed a theory called The Tragedy of the Commons, in which he argued that finite resources such as forests, fisheries, clean air, and clean water that are commonly used will inevitably be wasted unless will go as long as their use is unregulated. ,