Indian Economy Quiz

Once a crop is seeded, for example, farmers have limited ability to alter the quantities they put on the market. Therefore, in the short-term, market supply is relatively inelastic or unresponsive. Demand for most farm products is inelastic. People can consume only so much then they are satiated. Even if price drops they will not buy much more.

Eco mark is a certification mark issued by the Bureau of Indian Standards to products conforming to a set of standards aimed at the least impact on the ecosystem. The marking scheme was started in 1991.

A mixed economy is partly run by the government and partly as a free market economy. In a mixed economy, government controls part of the economy with restriction and licensing requirements, which includes involvement in such areas as education, courts, roads, hospital care, and postal delivery. The government's role in a mixed economy can also include financial policies, such as monetary and fiscal policies.

Quasi-rent is the surplus which is received in a short period because of demand exceeding the supply by the man-made factors besides land.

The birth rate in a period is the total number of live births per 1,000 population divided by the length of the period in years.

India's biggest nationalised enterprise today is Indian Railways. It manages the fourth largest railway network (after US, Russia and China.) in the world by size, comprising 1,21,407 km of track length over a route of 67,368 km.

Inflation can be controlled by a contractionary monetary policy is one common method of managing inflation. A contractionary policy aims to reduce the supply of money within an economy by lowering the prices of bonds, rising interest rates and rising tax rates.

Excess reserves are capital reserves held by a bank or financial institution in excess of what is required by regulators, creditors, or internal controls.

Per capita income (PCI) is a measure of the amount of money earned per person in a nation or geographic region. It is calculated by dividing the national income by its total population.

Price theory is a microeconomic principle that uses the concept of supply and demand to determine the appropriate price point for a given good or service.