Indian Economy and Finance Mock Test

Per capita income or total income measures the average income earned per person in a given area in a specified year. It is calculated by dividing the area's total income by its total population. Per capita income is national income divided by population size.

During the 1911 to 1921 decade, the population of India recorded a negative growth rate. The year 1921 is often known as the year of demographic divide because it is the only census year when there was a decrease in the growth of population.

It refers to the right or ability of an industrial unit to withdraw from or leave an industry or in other words to close down.

NationCal Mineral Development Corporation (NMDC) is a Navratna Company. The Navratna Companies are Public Sector Enterprises (PSEs) that can invest up to ₹. 1000 crore or 15% of their net worth on a single project without seeking approval from the government. List of Navratna Companies: BEL, CCIL, EIL, HAL, MTNL, NALCO, NBCC, NMDC, NLCIL, OIL, PFC, RINL, REC and SCI.

Dumping, in economics, is a kind of injuring pricing, especially in the context of international trade. It occurs when manufacturers export a product to another country at a price below the normal price with an injuring effect.

Statutory Liquidity Ratio (SLR) is a minimum percentage of deposits that a commercial bank has to maintain in the form of liquid cash, gold or other securities (or any bond). It is basically the reserve requirement that banks are expected to keep before offering credit to customers.

In 1998, Amartya Sen received the Nobel Prize in Economic Sciences for his theoretical, field, and ethics work in welfare economics and for his research advancing the understanding of social-choice theory, poverty, and the measurement of welfare.

A budgetary deficit is referred to as the situation in which the spending is more than the income. budgetary deficit is met by the net addition of the treasury bills issued by the RBI and drawing down of cash balances kept with the RBI. So when it is estimated, drawing down of cash balances is excluded.

objectives of the Industrial Licensing Policy in India were to establishment, expansion and ownership of private industries according to priorities of five-year plans and to check the monopoly tendency in industries. It also had the objective of balanced industrial development across regions.

In early development, investment opportunities for those who already have wealth multiply so owners of capital can accumulate wealth. At the same time, there is an influx of cheap rural labour to the developing cities, which drives down wages. Therefore, in early development, inequality increases.