Indian Economy Mixed Quiz: Set 38

The market clears where the demand and supply curves cut each other, that is where the quantity buyers wish to buy is exactly the quantity sellers wish to sell; the price there is the equilibrium price and the quantity the equilibrium quantity.

Issue price is the subsidised rate at which grain from the government's buffer stock is sold through ration shops, and it is deliberately kept below the market price.

The Rural Infrastructure Development Fund was created in 1995 to 1996 and is maintained with NABARD; it is funded by the amounts commercial banks fall short of in their priority sector lending targets, and NABARD lends from it to state governments for rural roads, bridges, irrigation works, warehouses and similar…

It is the micro-finance scheme under which women borrow small sums at a concessional rate of interest, so the rebate in interest is built into the scheme itself.

A monopoly is a market with one seller whose product has no close substitute, so the firm is the industry and is a price maker: it chooses the price and lets the market decide the quantity, or the reverse.

Bharat Heavy Electricals Limited is a public sector undertaking, which means the government holds the majority of its shares and controls its management.

Besides refinancing them, NABARD carries out the inspection and supervision of the regional rural banks, the state cooperative banks and the district central cooperative banks on behalf of the Reserve Bank, and it also prepares the potential linked credit plans from which district credit plans are drawn.

The law of variable proportions divides short run production into three stages. In stage one, increasing returns, both total and marginal product rise because the fixed factor is still under used.

A duopoly is the limiting case of oligopoly in which only two firms supply the whole market, so each one frames its price and output with a direct eye on the other.

Rural cooperative credit societies were the microfinance structure already in place when India became independent.

The National Housing Bank was established on 9 July 1988 under the National Housing Bank Act, 1987, with its head office in New Delhi, to refinance and regulate housing finance; it was set up as a wholly owned subsidiary of the Reserve Bank, whose shareholding was transferred to the Government…

The Total Fertility Rate is the average number of children a woman would have in her lifetime if she followed the current birth rates at each age from 15 to 49.

In his Principles of Economics he defined consumer surplus as the difference between what a buyer is willing to pay for a good and what he actually pays, and he also gave the standard measure of elasticity of demand, which is why his name attaches to both ideas.

The balance of trade, also called the merchandise or visible balance, is the difference between the value of goods exported and goods imported; nothing else enters it.

CGTMSE was established in 2000 by the Government of India together with SIDBI to guarantee loans given without collateral or third-party guarantee to micro and small enterprises, so that a lender's fear of security does not keep a small unit out of formal credit.

An intermediate good is bought by one producer to be used up or built into another good in the same year, while a final good is bought by the last user for consumption or investment.

NaBFID was created by the National Bank for Financing Infrastructure and Development Act, 2021 as a development finance institution for long-term infrastructure finance, with its head office in Mumbai, and it is the newest of the country's apex development institutions.

The General Insurance Corporation of India, or GIC, was incorporated as a company in November 1972, the year general insurance was nationalised in India.

A development finance institution is not a deposit-taking bank for the public; it raises resources from bonds and debentures, from the government, from the Reserve Bank and from multilateral agencies, and uses them for long-term lending.

The Reserve Bank of India publishes four measures of money supply, and M3 is the one called broad money, also known as aggregate monetary resources.