Indian Economy Quiz 5

Consumer sovereignty is a theory that states the fact that consumers have the power to determine which products or services are actually produced in a given economy. It is an idea that places the customer's preferences in the centre of the product development funnel.

National income is the sum total value of all goods and services produced in the country during a period of one year.

The economy is in equilibrium only when saving is equal to investment. If saving and investment are equal at a time, they will be soon brought into equilibrium by automatic changes in the rate of interest. Given the rate of investment, if saving increases, then the rate of interest will fall. With the decline in the rate of interest, investment demand will rise.

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.

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.

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.

The value of a commodity expressed in terms of money is known as price. Price is the amount of money that has to be paid to acquire a given product.

The Reserve Bank has the sole authority to issue banknotes in India. The Currency notes of ₹2 and above denominations are banknotes and are issued with the signature of the Governor, Reserve Bank of India. The one rupee note is the only note bearing the signature of the Finance Secretary and not the Governor of the RBI.

The process of curing inflation by reducing money supply is called Disinflation. Disinflation is a temporary slowing of the pace of price inflation and is used to describe instances when the inflation rate has reduced marginally over the short term.

Gandhiji believed that means Justify end. For Gandhi, the end is satya or truth which requires no justification and the means- ahimsa or non-violence must be justified not only with reference to the end but also in itself. Every act must be justified with reference to satya and ahimsa.