Indian Economy Mixed Quiz: Set 71

Both conditions are needed. If marginal revenue exceeds marginal cost the firm gains by producing more, and if marginal cost exceeds marginal revenue it gains by producing less, so profit can be highest only where they are equal; and the equality must occur on the rising part of the marginal…

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 World Intellectual Property Organization was set up by a convention signed in 1967, became a specialised agency of the United Nations in 1974, and has its headquarters at Geneva in Switzerland, where it administers the Paris and Berne Conventions, the Patent Cooperation Treaty and the Madrid system.

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

At that output the firm makes neither profit nor loss in the economic sense and earns only normal profit, since normal profit is already counted in cost as the reward of enterprise.

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…

The Agreement on Trade Related Aspects of Intellectual Property Rights is one of the agreements that came into force with the establishment of the World Trade Organization in 1995, and it binds every member to minimum standards of protection, enforceable through the dispute settlement system of the organisation.

A benami transfer records land in the name of a relative, a servant or a fictitious person while the real owner keeps control, and it was the commonest device used to stay within the family ceiling on paper while holding far more land in fact, which is one reason so…

Marginal cost is the addition to total cost from producing one more unit, so for a one unit change it is simply the difference between successive values of total cost.

A severe balance of payments crisis, with foreign exchange reserves down to a few weeks of imports, forced the government to announce the New Economic Policy in July 1991.

Under the Trade Marks Act of 1999 a registration lasts ten years from the date of application and may be renewed for further periods of ten years without any limit on the number of renewals, so a brand name can in practice be protected for as long as the business…

The government declared that 16 January, the day on which the Startup India Action Plan was released in 2016, would be celebrated as National Startup Day, and the National Startup Awards are associated with the same programme.

An implicit cost is the imputed value of a factor supplied by the entrepreneur himself, for which no payment leaves the firm; the rent he could have earned by letting out his own premises, the interest on his own capital and the salary he could have drawn elsewhere are the…

In 2019 the government merged the two bodies into a single National Statistical Office under the Ministry of Statistics and Programme Implementation, so that the preparation of the national accounts and the conduct of the large sample surveys would sit in one office.

It provides that the mere discovery of a new form of a known substance which does not result in the enhancement of the known efficacy of that substance is not an invention, and therefore cannot be patented; the Supreme Court applied it in the Novartis case concerning a cancer drug.

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.

Returns to scale asks what happens to output when every input is increased in the same proportion, which is possible only in the long run, when the firm can build a bigger plant as well as hire more labour.

The Office of the Controller General of Patents, Designs and Trade Marks, with its headquarters at Mumbai, works under the Department for Promotion of Industry and Internal Trade in that ministry, and the Copyright Office was also brought under the same Department.

Costs are classified as direct or indirect by traceability. A direct cost can be attributed wholly to one product, job or process, such as the raw material in a shirt or the wages of the worker who stitches it.

World Intellectual Property Day is observed every year on 26 April, the day on which the convention establishing the World Intellectual Property Organization came into force in 1970, and each year the organisation announces a theme on creativity and innovation.