Top 100 Indian Economics GK Questions

Hiralal Chaudhuri and Dr. Arun Krishnsnan are known as Father of Blue revolution. The Blue Revolution in India was launched during the 7th Five Year Plan (1985-1990) during the sponsorship of the Fish Farmers Development Agency (FFDA) by the Central Government of India.

Expl:- Labour Intensive Technique will be chosen in Labour Surplus Economy because in such economy labour cost is low.

Explain: -With increase in rate of interest there is decrease in consumption level i.e. there is inverse relation between rate of interest and consumption level.

Explain: -Rent is a cost paid for land as wages and interest are paid  for labour and capital respectively.

Explain: -The Social Accounting system in India is classified into income, Product and Expenditure Social accounting (also known as social accounting and auditing, social accountability, social and environmental accounting, corporate social reporting, corporate social responsibility reporting, non-financial reporting or accounting) is the process of communicating the social and environmental effects of organizations.

Explain: -In 1933, Ragnar Frisch firstly used the words “Micro” and “Macro”

Explain: -IMF was established on 27th Dec 1945 by Bretton Woods conference. It started working from 1st March, 1947. Every member nations gives 25% money in terms of gold or US dollars.

Explain: -Decrease in profit is not a sudden positive sign.

Explain: -IMF stands for international monetary fund. It publishes “World Economic outlook” every year, IMF is an organisation of 189 countries, working to faster global monetary co-orperation, secur. The International Monetary Fund (IMF) is an organization of 189 countries, working to foster global monetary cooperation, secure financial stability, facilitate international trade, promote high employment and sustainable economic growth, and reduce poverty around the world.

Explanation:- If there is low marginal labour production, then after giving wages there will be profit from marginal labourer. Ultimately, demand of labour will increase and labour demand curve will shift towards right.