Indian Economy Mixed Quiz: Set 70

All four policies shape the market price of rice in India, because the government is the biggest buyer, holder and seller of the grain.

PAHAL is the direct benefit transfer scheme for subsidy on cooking gas (LPG). PAHAL stands for Pratyaksh Hanstantrit Labh, meaning direct transferred benefit.

If two goods are perfect substitutes, such as two brands of identical salt, the consumer is willing to exchange them at a fixed rate whatever quantity he already holds, so the marginal rate of substitution is constant and a constant slope means a straight line.

As a member of the World Trade Organization, India had to protect geographical indications under the TRIPS Agreement, and the 1999 Act was passed for that purpose.

Average fixed cost is total fixed cost divided by output; the numerator is unchanged, so a larger output spreads the same fixed cost over more units.

These states made consolidation compulsory and completed it over most of their cultivated area, exchanging a farmer's scattered strips for one compact block, which made tube wells, tractors and field channels worth installing and so fed into the green revolution.

Under the Patents Act of 1970 as amended, a patent in India runs for twenty years from the date of filing of the application, a term fixed in line with the minimum standard laid down by the TRIPS agreement of the World Trade Organization, and renewal fees must be paid…

It inserted the words socialist, secular and integrity into the Preamble, so the description of India became a sovereign socialist secular democratic republic.

Industrial corridors are linear development belts built along a transport spine to speed up industrial growth, but they do not link all State capitals.

The target declared for Make in India was to raise the share of manufacturing in gross domestic product to twenty-five per cent along with the creation of a large number of jobs; the deadline, first set for 2022, was later extended.

The Petroleum and Natural Gas Regulatory Board covers the downstream chain, refining to sale, but not the production of crude oil and natural gas.

The Office of the Economic Adviser in the Department for Promotion of Industry and Internal Trade, which is a department of that ministry, compiles and releases the Wholesale Price Index every month, along with the index of eight core industries; the wholesale index covers primary articles, fuel and power and…

The reason is arithmetic rather than economic: so long as marginal cost is below average cost, each extra unit pulls the average down, and once marginal cost rises above average cost the average must rise, so the two can only be equal where the average is at its lowest.

Section 22 of the Reserve Bank of India Act, 1934 confers on the Reserve Bank the sole right to issue banknotes in India, and the Issue Department of the Bank keeps this function separate from its banking business.

It replaced the Indian Patents and Designs Act of 1911 on the recommendations of the Ayyangar Committee, allowed only process patents in medicines and food at first, and was amended in 1999, 2002 and 2005 to meet the obligations India accepted at the World Trade Organization.

For companies and limited liability partnerships the application for insolvency is filed before the Tribunal, which admits or rejects it, declares the moratorium and appoints the interim resolution professional; appeals lie to the National Company Law Appellate Tribunal and then to the Supreme Court.

This is the defining condition of the short run, where plant and machinery cannot be changed, so only the proportion between the variable factor and the fixed factor alters.

Under the Copyright Act of 1957, copyright in a literary, dramatic, musical or artistic work lasts for the life of the author and sixty years counted from the beginning of the year following the year of death, after which the work enters the public domain.

A firm in perfect competition is a price taker because its output is a negligible part of the market, so it can sell any quantity at the ruling price.

Darjeeling tea, grown on the hill slopes of the Darjeeling district of West Bengal, was the first product registered under the Geographical Indications of Goods Registration and Protection Act of 1999 after the Act came into force, and the Tea Board of India holds the registration.