Indian Economy Quiz 5

National income is the accumulated money value of all final goods and services produced in a country during one financial year. Winning a lottery is not included in the national income because it does not add to current flow of goods and services.

Taxes imposed by the state government are; Sales Tax and VAT, Professional Tax, Luxury Tax, Entertainment Tax, House tax, Motor Vehicles Tax, Tax on Vehicles Entering State, Tax on Agricultural Income, Tax on Land and Buildings and Tax on Mineral Rights.

Brain drain is defined as the movement of highly skilled and educated people to a country where they can work in better conditions and earn more money.

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.

Population growth rate is affected by birth rates, death rates, immigration, and emigration. A high growth rate of population is characterised by high birth and low death rates.

Sir John Hicks was a British economist. He is considered one of the most important and influential economists of the twentieth century. He was awarded the Nobel Prize in 1972 for his work in general equilibrium and welfare economics.

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.

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.

Disinvestment is when governments or organizations sell or liquidate assets or subsidiaries. Disinvestment in India is a policy of the Government of India, wherein the Government liquidates its assets in the Public sector Enterprises partially or fully.

The Green accounting system is a type of accounting that attempts to factor environmental costs into the financial results of operations. The main objective of green accounting is to assist businesses to understand environmental goals are as important as financial goals.