Indian Economy Quiz 4

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.

Interest on public debt is part of Transfer payments by the government. In economics, a transfer payment is a redistribution of income in the market system. Government debt is the debt owed by a central government. In the budget, it is listed among the transfer payments by the government.

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.

RBI is required to maintain a Gold and Foreign Exchange Reserves of ₹200 Crore of which at least ₹115 Crore should be in Gold. This is called Minimum Reserve System.

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.

Open market operations refer to the selling and purchasing of treasury bills and government securities by the central bank of any country (RBI) in order to regulate money supply in the economy.

Printing of currency notes in India is done on the basis of Minimum Reserve System (MRS). This system is applicable in India since 1956. Under the MRS, the RBI has to keep a minimum reserve of ₹200 crore comprising of gold coin and gold bullion and foreign currencies. Out of the total ₹200 crores, ₹115 crore should be in the form of gold coins or gold bullion and the rest in the form of foreign currencies.

National Bank for Agriculture and Rural Development (NABARD) is an apex regulatory body for overall regulation of regional rural banks and apex cooperative banks in India.

According to Keynes, employment can be increased by increasing demand and/or investment. demand depends on income and when income rises, demand also rises but not as much as income. A fall in aggregate demand causes a fall in real gross national product and employment.

The correct match is as follows: