Indian Economy Questions for SSC and Competitive Exams

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.

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

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

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

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: -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.

Expl:- The Kautilya’s Arthasastra is related to political reign. Arthastra is an ancient Indian treatise on statecraft, economic Policy and Military strategy, written in sanskrit.

The Arthashastra is an ancient Indian treatise on statecraft, economic policy and military strategy, written in Sanskrit.

Explain: -In 1933, Ragnar Frisch firstly used the words “Micro” and “Macro”