Indian Economy Quiz 3

The Fifth Five-Year Plan laid stress on employment, poverty alleviation (Garibi Hatao), and justice. The plan also focused on self-reliance in agricultural production and defence.

Excise duty is a type of tax charged on goods produced within the country (as opposed to customs duties, charged on goods from outside the country). Excise duty on a commodity is payable with reference to its production.

The Planning Commission, agency of the government of India established in 1950 to oversee the country's economic and social development, chiefly through the formulation of five-year plans.

Ceteris paribus is a Latin phrase that generally means “all other things being equal.” In economics, it acts as a shorthand indication of the effect one economic variable has on another, provided all other variables remain the same.

The current system of Indian government to issue notes is 'Minimum Reserve System'. Under this policy, the minimum reserves to be maintained in the form of gold and foreign exchange should consist of ₹200 crore. Out this reserve, the value of gold to be maintained is ₹115 crore.

Bank rate is the rate of interest which a central bank (RBI) charges on its loans and advances to a commercial bank.

The system of issuing and monitoring of money in the market is known as minimum reserve ratio. Minimum reserves allow credit institutions to smooth out fluctuations in liquidity such as those caused by the demand for banknotes.

An oligopoly is a market structure in which a market or industry is dominated by a small number of large firms (sellers). Examples of oligopoly include the auto industry, cable television, commercial air travel, etc.

Non-plan expenditure is what the government spends on the so-called non-productive areas, such as salaries, subsidies, loans and interest, while plan expenditure pertains to the money to be set aside for productive purposes, like various projects of ministries.

It is called Operations Research (OR). OR is an analytical method of problem-solving and decision-making that is useful in the management of organizations.