Indian Economy Quiz 7

The main functions of CSO are to provide advisory services to other statistical agencies, keep liaison (public relation) with international statistical bodies, prepare and publish national accounts statistics, industrial statistics, conduct economic census, etc.

Monopolistic competition is a type of imperfect competition such that there are many producers competing against each other, but selling products that are differentiated from one another and hence are not perfect substitutes.

Professional tax, VAT, and motor vehicle tax are some of the taxes that are levied and collected by the state. It is a direct tax. A person earning an income from salary or anyone practicing a profession such as chartered accountant, company secretary, lawyer, doctor etc. are required to pay this professional tax.

Gresham's law is a monetary principle stating that “bad money drives out good.” It is primarily used for consideration and application in currency markets. when two coins are equal in face value but unequal in intrinsic value (cost of material), the one having less intrinsic value tends to remain in the market circulation, whereas the other disappears to be hoarded.

During the 1911 to 1921 decade, the population of India recorded a negative growth rate. The year 1921 is often known as the year of demographic divide because it is the only census year when there was a decrease in the growth of population.

The current account balance of payments is a record of a country's international transactions with the rest of the world. The nation's current account is its imports, exports, net income, asset income, and direct transfers. Short-term commercial borrowings is not included in the current account of India's Balance of Payments.

Natural rubber is cultivated in 16 states in India on a commercial scale. With over 600,000 hectares, Kerala tops rubber cultivation, followed by Tripura with over 85,038 hectares under plantation. Other major natural rubber producers are Karnataka, Tamil Nadu, Assam and other northeastern states.

Because higher interest rates mean higher borrowing costs, people will eventually start spending less. The demand for goods and services will then drop, which will cause inflation to fall. Thus, higher borrowing costs will increase production costs and decrease return on capital.

After the recent (2020) mergers of government banks, there are a total of 12 nationalized banks in India. They are: Punjab National Bank, Bank of Baroda, Bank of India, Central Bank of India, Canara Bank, Union Bank of India, Indian Overseas Bank, Punjab and Sind Bank, Indian Bank, UCO Bank, Bank of Maharashtra and State Bank Of India.

The terms 'microeconomics' and 'macroeconomics' were first coined by a Norwegian economist, Ragnar Frisch.