Indian Economy General Knowledge Questions and Answers for SSC and Bank Exams

Explain: -The Social Accounting system in India is classified into income, Product and Expenditure Social accounting (also known as social accounting and auditing, social accountability, social and environmental accounting, corporate social reporting, corporate social responsibility reporting, non-financial reporting or accounting) is the process of communicating the social and environmental effects of organizations.

Explain: -The Production of a commodity mostly through the natural process is an activity of primary sector. For Example:– agriculture an agricultural products, fertilizers, animal husbandry etc

Explain: -Rent is a cost paid for land as wages and interest are paid  for labour and capital respectively.

Explain: -New Deal definition. A group of government programs and policies established under President Franklin D. Roosevelt in the 1930s; the New Deal was designed to improve conditions for persons suffering in the Great Depression.

Explain: -With increase in rate of interest there is decrease in consumption level i.e. there is inverse relation between rate of interest and consumption level.

Explain: -The Surplus earned by a factor other than land in the short period is referred as quasi-rent.

Expl:- Labour Intensive Technique will be chosen in Labour Surplus Economy because in such economy labour cost is low.

Explain: -For Welfare Economics and Social Choice Theory, Amartya Sen, in 1998 was awarded the Noble Prize. Welfare economics is a branch of economics that uses microeconomic techniques to evaluate well-being (welfare) at the aggregate (economy-wide) level. ... The field of welfare economics is associated with two fundamental theorems.

Hiralal Chaudhuri and Dr. Arun Krishnsnan are known as Father of Blue revolution. The Blue Revolution in India was launched during the 7th Five Year Plan (1985-1990) during the sponsorship of the Fish Farmers Development Agency (FFDA) by the Central Government of India.

The Malthusian theory explained that the human population grows more rapidly than the food supply until famines, war or disease reduces the population. He believed that the human population has risen over the past three centuries.