Indian Economy Quiz 7

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.

Inflation allows borrowers to pay lenders back with money worth less than when it was originally borrowed, which benefits borrowers.

The basic approach was the development of high-yielding varieties of cereal grains, expansion of irrigation infrastructure, modernization of management techniques, distribution of hybridized seeds, synthetic fertilizers, and pesticides to farmers.

In the post-independence period, economic reforms were first introduced in India under P.V. Narasimha Rao Government in 1991.

Economic activity is an activity of providing, making, buying, or selling of commodities or services by people to satisfy their day-to-day needs of life. A teacher teaching his own daughter at home does not constitute an economic activity.

Balance of trade is the difference between the value of a country's exports and the value of its imports. A favourable balance of trade means an excess of commodity exports over commodity imports. An unfavourable balance of trade is used to mean an excess of commodity imports over commodity exports.

Disinvestment in Public sector is a process of public asset sales done by the Government to the private sector.

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.

Efficient allocation of resources is achieved to greatest extent under Perfect competition. Efficient allocation of resources is a property of an efficient market whereby all goods and services are optimally distributed among buyers in an economy. It occurs when parties are able to use the accurate and readily available data reflected in the market to make decisions about how to utilize their resources.

Three Important Methods for Measuring National Income are - Income Method, Product/ Value Added Method and Expenditure Method.