Indian Economy Quiz 3

Opportunity cost is the value of the next best alternative forgone as a result of making a decision. When economists refer to the “opportunity cost” of a resource, they mean the value of the next-highest-valued alternative use of that resource.

Developmental expenditure refers to the expenditure on activities that are directly related to the social and economical development of the country. The expenditures incurred on agriculture, health, education, etc are referred to as development expenditures.

From 1951 to 2017, the Indian economy was premised on the concept of planning. This was carried through the Five-Year Plans, developed, executed, and monitored by the Planning Commission. The Fourth Five-Year Plan (1969–1974) set before itself the two principal objectives – growth with stability and progress towards self-reliance.

The decennial Census of India has been conducted 15 times, as of 2011. While it has been undertaken every 10 years, beginning in 1872 under British Viceroy Lord Mayo, the first complete census was taken in 1881. The next Census was to be held in 2021. But it has been postponed due to the COVID-19 pandemic.

Usefulness is the benefit that is derived by consuming a commodity whereas utility is the want satisfying power of a commodity. A commodity having utility need not be useful.

The Government of India (Ministry of Finance) has the sole right to mint coins. The responsibility for coinage vests with the Government of India in terms of the Coinage Act 1906. The Reserve Bank puts the coins into circulation on behalf of the Government of India.

The Reserve Bank of India (RBI) was nationalised with effect from 1 January 1949 on the basis of the RBI Act 1948.

In economics, the demand for inferior goods decreases as income increases or the economy improves. When this happens, consumers will be more willing to spend on more costly substitutes. Some of the reasons behind this shift may include quality or a change to a consumer's socio-economic status.

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.

The term “narrow money” typically covers the most liquid forms of money, i.e. currency (banknotes and coins) as well as bank-account balances that can immediately be converted into currency or used for cashless payments.