Indian Economy Previous Year Questions (PYQ) with Answers – Page 16

A change in a good's own price, with everything else fixed, moves the buyer up or down the same demand curve.

The International Labour Organisation put it forward in the 1970s, asking that every person first have the essentials of a decent life.

Mutual funds in India are registered with and regulated by the Securities and Exchange Board of India under the SEBI (Mutual Funds) Regulations, 1996, which lay down the three-tier structure of sponsor, trustees and asset management company, the scheme categories, the cap on the expense ratio and the disclosures a…

A famine is marked by widespread deaths from starvation and from epidemics, which spread through contaminated water, rotting food and bodies weakened by hunger.

The Consumer Protection Act, 1986 created a three-tier machinery and fixed a money limit for each tier: the district forum could hear a complaint where the value of the goods or services and the compensation claimed did not exceed twenty lakh rupees, the state commission took claims above that limit…

Under a fixed exchange rate, the government or central bank decides the rate and keeps it there by buying and selling currency.

Fiscal deficit is total expenditure minus total receipts other than borrowings, so it shows how much the government must borrow in a year.

The terms of employment, such as regular jobs, fixed hours and legal protection, decide whether work belongs to the organized or the unorganized sector.

Money must work as a medium of exchange, serve as a unit of account and be easy to divide; a higher value in other uses is not required.

When actual (equilibrium) real GDP is below the output the economy could produce at full employment, the shortfall is called a recessionary gap.

At full employment the measured unemployment rate is not negative; it stays at a small positive level called the natural rate of unemployment.

PMGSY is a centrally sponsored rural development scheme, launched as part of the poverty reduction strategy, to give all-weather road connectivity to unconnected villages.

Deen Dayal Upadhyaya Grameen Kaushalya Yojana does not rely only on government agencies; most of its training is run by private and non-government partners.

Charles Fourier and Saint-Simon were French thinkers of the early nineteenth century who, with Robert Owen in Britain, argued that competition should be replaced by cooperative and planned communities in which property is held in common.

Mission Indradhanush was launched in December 2014 to bring every child under two years and every pregnant woman under full immunisation against vaccine-preventable diseases.

Saubhagya, the Pradhan Mantri Sahaj Bijli Har Ghar Yojana, was launched to give an electricity connection to every household in the country.

The nature of the good, its substitutes and its share in the budget decide how strongly demand reacts to price; the growth of income in the economy does not.

On the frontier all resources are already fully used, so more of one good can be produced only by giving up some of the other.

As lender of last resort, the RBI provides liquidity to banks facing a temporary crisis, so only statement 2 fits.

Statements 1 and 3 are correct; WaterCredit is not a WHO or World Bank initiative. WaterCredit was created by Water.org, the non-profit co-founded by Gary White and Matt Damon.