Indian Economics GK Quiz for Competitive Exams

Any expenditure that is incurred on programmes which are detailed under the current (Five Year) Plan of the centre or centre's advances to state for their plans is called plan expenditure. Plan expenditure is further sub-classified into Revenue Expenditure and Capital Expenditure.

The correct answer is Late response to customer needs. A late response to customer needs is NOT an advantage of E-Commerce.

Nominal GDP is the value of GDP at the current prevailing prices.

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.

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.

Consumer surplus is highest in the case of necessities because consumers would be willing to pay a very high price as it is essential for their survival.

In monopolistic competition, you can find two and more sellers that compete with each other, whereas in a monopoly, there is only one seller.

The 'Innovation Theory of Profit' was proposed by Joseph. A. Schumpeter who believed that an entrepreneur can earn economic profits by introducing successful innovations.

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.

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.