Indian Economy Quiz 7

The decennial Census of India has been conducted 15 times, as of 2011. While it has been undertaken every 10 years, beginning in 1872 under British Viceroy Lord Mayo, the first complete census was taken in 1881. The next Census was to be held in 2021. But it has been postponed due to the COVID-19 pandemic.

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.

Tea and coffee are examples of Substitute goods. Substitutes present the consumer with alternative choices. If the price of one good falls, then demand for the substitute is likely to decrease.

The full form of IDBI is Industrial Development Bank of India. It was established in 1964 by an act to provide credit and other financial facilities for the development of the fledgling Indian industry.

Risk-bearing is the most essential function of an entrepreneur. He has to pay to all the other factors of production in advance. There are chances that he may be rewarded with a handsome profit or he may suffer a heavy loss. Therefore, risk-bearing is the final responsibility of an entrepreneur.

The main advantage of devaluation is to make the exports of a country or currency area more competitive, as they become cheaper to purchase as a result. This can increase external demand and improvement in the balance of payment.

Non-Plan Expenditure is money that's spent on sustaining the country like defence, postal deficit, subsidies, etc. and Plan Expenditure is the money that is spent on improving the country like the money spent on dams, roads, etc. The biggest items of Non-Plan Expenditure are interest payments and debt servicing, defence expenditure and subsidies.

High infant mortality rate, high death rate and high birth rate, along with low life expectancy rate are some characteristics of the population of a Developing country.

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.

The Centre earns money through several taxes, such as corporate tax, income tax, goods and services tax, Union excise duty and customs duty. A part of the taxes is shared with state governments. The taxes, which are not shared with states include a surcharge on income tax, some cesses like education and road.