181. What is opportunity cost? Opportunity cost is also known as transfer cost, displacement cost and alternative cost. When the cost is measured by the value of the most valuable alternative commodities that could have been produced by those resources, it is called opportunity cost. 182. What is fixed cost or supplementary cost? It means
161. What are derived demand? Demand is said to be derived when it is tied to the demand for some ‘parent’ product. 162. What are autonomous demand? When the demand for a commodity is entirely independent of demand for any other commodities it is autonomous demand. 163. What are industry demand? Industry demand means the
141. When was the National productivity Council started? 1958 142. In which year was the first Industrial Policy Resolution passed? 1948 143. Which is the important plantation crop produced in India? Rubber 144. When was the New Industrial Policy announced? July 24, 1991 145. Where in India are the largest deposits of Uranium found? Bihar
121. When was TRYSEM launched in India? In 1975 122. What is the full form of NRY? Nehru Rozgar Yojana 123. When was Jawahar Rozgar Yojana launched? In 1989. 124. What is the full form of DWCRA? Development of Women and Children in Rural Areas 125. What is the full form of ICDS? Integrated Child
101. What is the branch dealing with honey production? Apiculture 102. What is the branch dealing with the development of forests? Silviculture 103. What is the branch dealing with the development of worms used for disintegrating organic waste? Vermiculture 104. Which are the two crop seasons of India? Rabi and Kharif 105. When are the
81. Which is the apec bank for industrial finance in India? IDBI 82. Which is the oldest industry in India? Cotton textile Industry 83. In which industry the largest number of workers are employed in India? Cotton textile Industry 84. What is the name given to the trade by exchanging one commodity for another? Barter
61. When was the Reserve Bank of India nationalized? 1949 62. Which body represents India in the International Monetary Fund (I.M.F.)? Reserve Bank of India 63. Which bank is known as the Banker’s Bank? Reserve Bank of India 64. When was the present coinage system in India Introduced? 1957 65. Which is the largest public
41. Which was the period of the fourth five year plan of the India? 1969-74 42. What was the objective of the fourth five year plan? Growth and stability 43. Which was the period of the fifth five year plan? 1974-79 44. What was the slogan adapted for the fifth five year plan? “Garibi Hatato”
21. Who is the father of Modern Economics? Adam Smith 22. Which is the famous book on Economics written by Adam Smith? A wealth of Nations 23. Adam Smith postulated which theory on Economics? Theory of Laissez Faire 24. Which type is Indian Economy? Mixed Economy 25. What is the name of Economy where imports
This is the Part 1 general knowledge questions and answers section on “Economics” with explanation for various interview, competitive examination and entrance test. Solved examples with detailed answer description, explanation are given and it would be easy to understand. 1. What is Economics? Economics is the study of how goods and services produced and how