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Correct option is B) He’s a driver

Adam Smith

Adam Smith was an 18th-century Scottish economist, philosopher, and author, and is considered the father of modern economics.

(c) Large closed-loop input impedance

According to classical theory, rate of interest is a reward for Saving.

(d) All the above 

C + I + G + (X-M) is the equilibrium condition of circular flow in four sector model.

(c) NNP = GNP Depreciation

(a) Closed-loop voltage gain of unity

(b) Opposes the input signal

(b) Two or more input signals

Lok Sabha is more powerful Of the two Houses of the Union Parliament

The responsibilities of Additional DPC are:

i) Head the District EGS Unit comprising functional wings such as Works, Finance and Accounts, Quality Control and Vigilance, Social Audit, MIS, Horticulture, Natural, resource management (NRM), Capacity Building etc. 

ii) Preparation of District Labour Budget. 

iii) Managing MGNREGS Funds, Finance and Accounts. 

iv) Planning of numerous shelf of works for the district. 

v) Ensure opening of works to meet the labour demand. 

vi) Ensure timely payments.

vii) Ensure quality of works. 

viii) Ensure proper management of muster rolls. 

ix) Attend to complaints and redressal of grievances. 

x) Regular reviews with BDO / Programme Officers, Block Officers and other implementing agencies. 

xi) Regular monitoring and inspection of worksites. 

xii) Social Audit and Social Audit follow-up actions. 

xiii) Conduct training & capacity building of all MGNREGS field staff in the district. 

xiv) Ensure Transparency and Accountability.

State Employment Guarantee Mission (SEGM) is headed by a senior officer (Secretary/Commissioner MGNREGS), who is designated as Chief Executive Officer (CEO) of the Mission. SEGM will also have a Chief Operating Officer (COO). The following is an indicative list of fields where thematic experts may be required.

a. Rights and entitlements; 

b. Participatory planning process for livelihoods and convergence; 

c. Natural Resource Management (NRM), livelihoods, Quality Standardisation and Assurance; 

d. Technical Works & Measurement; 

e. Wage payment; 

f. Information and Communication Technology (ICT); 

g. MIS; h. Strategy & Planning; 

i. Monitoring & Evaluation; 

j. Social Inclusion;

k. Capacity building – Training of field staff at the block, cluster and GP; 

l. Human resource management – Developing a sensitive human resource management policy for contract staff and/or permanent staff; 

m. Social audit and grievance redress mechanism; 

n. Vigilance; 

o. Knowledge Management and learning including research; 

p. External communication. 

The thematic experts will play their roles in such a manner as to provide oversight, build capacity, resolve problems and monitor quality of programme implementation at the district, cluster and GP.

The state has to supplement the traditional revenue sources with borrowing from individuals, and institutions within and outside the country. The amount of borrowing is huge in the under developed countries to finance development activities. The debt burden is a big problem and most of the countries are in debt trap.

Functions of Modern State: The modem state is a welfare state and not just police state. The state assumes greater roles by creating economic and social overheads, ensuring stability both internally and externally, conserving resources for sustainable development and so on.

(i) Defence: 

1. The primary function of the Government is to protect the people from external aggression and internal disorder.

2. The government has to maintain adequate police and military forces and render protective services.

(ii) Judiciary: 

1. Rendering justice and settlement of disputes are the concern of the government. 

2. It should provide adequate judicial structure to render justice to all classes of citizens,

(iii) Enterprises: 

1. The regulation and control of private enterprise fall under the purview of the modem State. 

2. Ownership of certain enterprises and operating them successfully are the responsibilities of the government.

(iv) Social Welfare: It is the duty of the state to make provisions for education, social security, social insurance, health and sanitation for the betterment of the people in the country.

(v) Infrastructure: Modem States have to build the base for the economic development of the country by creating social and economic infrastructure.

(vi) Macro-economic policy: The Government has to administer fiscal policy and monetary policy to achieve macroeconomic goals.

(vii) Social Justice:

1. During the process of growth of an economy, certain sections of the society gain at the cost of others. 

2. The Government needs to intervene with fiscal measures to redistribute income.

(viii) Control of Monopoly: Concentration of economic power is another evil to be corrected by the Government. So, the state intervenes through control of monopolies and restrictive trade practices to curb concentration of economic power.

Non-Economic. Factors: 

1. Human Resource

2. Technical Know-how 

3. Political Freedom 

4. Social Organization 

5. Corruption free administration 

6. Desire for Development 

7. Moral, ethical and social values 

8. Casino Capitalism 

9. Patrimonial Capitalism

Non-Economic Factors: ‘Economic Development has much to do with human endowments, social attitudes, political conditions and historical accidents. Capital is a necessary but not a sufficient condition of progress.

(i) Human Resources: 

• Human resource is named as human capital because of its power to increase productivity and thereby national income. 
• There is a circular relationship between human development and economic growth. 
• A healthy, educated and skilled labour force is the most important productive asset.
• Human capital formation is the process of increasing knowledge, skills and the productive capacity of people.

(ii) Technical Know-how: As the scientific and technological knowledge advances, more and more sophisticated techniques steadily raise the productivity levels in all sectors.

(iii) Political Freedom: The process of development is linked with the political freedom.

(iv) Social Organization: People show interest in the development activity only when they feel that the fruits of development will be fairly distributed.

.(v) Corruption free administration:

• Corruption is a negative factor in the growth process.
• Unless the countries root-out corruption in their administrative system, the crony capitalists and traders will continue to exploit national resources.

(vi) Desire for development: The pace of economic growth in any country depends to a great extent on people’s desire for development.

(vii) Moral, ethical and social values:

• These determine the efficiency of the market, according to Douglas C. North. 
• If people are not honest, market cannot function.

(viii) Casino Capitalism: If People spend larger proportion of their income and time on entertainment liquor and other illegal activities, productive activities may suffer, according to Thomas Piketty.

(ix) Patrimonial Capitalism: If the assets are simply passed on to children from their parents, the children would not work hard, because the children do not know the value of the assets.

A National Management Team (NMT) will be set up within the Department of Rural Development to perform the national level functions under MGNREGA. These functions would be handled by the following divisions of the NMT:

i) Programme Management 

ii) Human Resource Development and Capacity Building 

iii) Monitoring and Evaluation (M & E) 

iv) Information Technology (IT) 

v) Social Audit, Vigilance and Grievance Redress Process 

The NMT will be headed by the Additional Secretary/Joint Secretary (MGNREGA).

At the national level, the Human Resource Development and Capacity Building Division within the National Management Team (NMT) will facilitate the entire training effort. The Human Resource Development and Capacity Building Division will 

i) Act as a coordinating and facilitating agency between different State level resource centres. 

ii) Help to define and refine, in coordination with State resource centres, training policy at both State and national levels and make training need assessments. 

iii) Act as a clearing house for training material and resources and as a nodal centre actively involved in development and dissemination of training material, methods and resources. 

iv) Identify and mobilise institutions which can play the role of training institutions for MGNREGA across the country. 

v) Define training content and syllabi for different stakeholders. 

vi) Draw up a national level training plan for different stages of MGNREGA implementation and for different stakeholders, factoring in State level training plans. 

vii) Identify and induct capable Civil Society Organisations (CSOs), professional agencies, technical institutes and other institutions who can conduct MGNREGA training and support. 

viii) Ensure that training requirements for MGNREGA are actually being fulfilled across the country as per the training plan. 

ix) Monitor the quality of training imparted and make specific, relevant recommendations for improvement of the same. 

x) Give clear recommendations and set clear deadlines to ensure compliance with the broadly agreed training road map.

Merger of Banks:

1. Union Cabinet decided to merge all the remaining five associate banks of State Bank Group with State Bank of India in 2017. 

2. After the Parliament passed the merger Bill, the subsidiary banks have ceased to exist.

3. Five associates and the Bharatiya Mahila Bank have become the part of State Bank of India (SBI) beginning April 1, 2017. 

4. This has placed State Bank of India among the top 50 banks in the world. 

5. The five associate banks that were merged are State Bank of Bikaner and Jaipur (SBBJ), State Bank of Hyderabad (SBH), State Bank of Mysore (SBM), State Bank of Patiala (SBP) and State Bank of Travancore (SBT). 

6. The other two Associate Banks namely State Bank of Indore and State Bank of Saurashtra had already been merged with State Bank of India. 

7. After the merger, the total customer base of SBI increased to 37 crore with a branch network of around 24,000 and around 60,000 ATMs across the country.

Assumptions: 

1. There are two countries and two commodities (2 × 2 model). 

2. Labour is the only factor of production. 

3. Labour units are homogeneous. 

4. The cost or price of a commodity is measured by the amount of labour required to produce it. 

5. There is no transport cost.

Methods of Credit Control:

1. Bank Rate Policy: The bank rate is the rate at which the Central Bank of a country’ is prepared to re-discount the first class securities.

2. Open Market Operations:

• In narrow sense, the Central Bank starts the purchase and sale of Government securities in the money market.
• In Broad Sense, the Central Bank purchases and sells not only Government securities but also other proper eligible securities like bills and securities of private concerns.

Variable Reserve Ratio: 

(i) Cash Reserves Ratio:

• Under this system the Central Bank controls credit by changing the Cash Reserves Ratio.
• For example, if the Commercial Banks have excessive cash reserves on the basis of which they are creating too much of credit,this will be harmful for the larger interest of the economy.
• So it will raise the cash reserve ratio which the Commercial Banks are required to maintain with the Central Bank.

(ii) Statutory Liquidity Ratio:

• Statutory Liquidity Ratio (SLR) is the amount which a bank has to maintain securities.
• The quantum is specified as some percentage of the total demand and time liabilities (i.e., the liabilities of the bank which are payable on demand anytime, and those liabilities which are accruing in one month’s time due to maturity) of a bank.

Non-Banking Financial Institution (NBFI):

A non-banking financial institution (NBFI) or non-bank financial company (NBFC) is a financial institution that does not have a full banking license or is not supervised by the central bank.'The NBFIs do not carry on pure banking business, but they will carry on other financial transactions. They receive deposits and give loans: They mobilize people’s savings and use the funds to finance expenditure on investment activities. In short, they are institutions which undertake borrowing and lending. They operate in both the money and the capital markets.'

NBFIs can be broadly classified into two categories. Viz.., 

(1) Stock Exchange; and (2) Other Financial institutions. Under the latter category comes Finance Companies, Finance Corporations, ChitFunds, Building Societies, Issue Houses, Investment Trusts and Unit Trusts and Insurance Companies.

Propositions of the Law:

This law has three propositions: 

(i) When income increases, consumption expenditure also increases but by a smaller amount. The reason is that as income increases, we wants are satisfied side by side, so that the need to spend more on consumer goods diminishes. So, the consumption expenditure increases with increase in income but less than proportionately.

(ii) The increased income will be divided in some proportion between consumption expenditure and saving. This follows from the first proposition because when the whole of increased income is not spent on consumption, the remaining is saved. In this way, consumption and saving move together.

(iii) Increase in income always leads to an increase in both consumption and saving. This means that increased income is unlikely to lead to fall in either consumption saving. Thus with increased income both consumption and saving increase.

Gains from International Trade:

International trade helps a country to export its surplus goods to other countries and secure a better market for it.

Similarly, international trade helps a country to import the goods which cannot be produced at all or can be produced at a higher cost.

The gains from international trade may be categorized under four heads.

I. Efficient Production: International trade enables each participatory country to specialize in the production of goods in which it has absolute or comparative advantages. International specialization offers the following gains.

1. Better utilization of resources.

2. Concentration in the production of goods in which it has a comparative advantage. 

3. Saving in time. 

4. Perfection of skills in production. 

5. Improvement in the techniques of production. 

6. Increased production. 

7. Higher standard of living in the trading countries.

II. Equalization of Prices between Countries: International trade may help to equalize prices in all the trading countries.

1. Prices of goods are equalized between the countries (However, in reality it has not happened). 

2. The difference is only with regard to the cost of transportation. 

3. Prices of factors of production are also equalized (However, in reality it has not happened).

III. Equitable Distribution of Scarce Materials: International trade may help the trading countries to have equitable distribution of scarce resources.

IV. General Advantages of International Trade:

1. Availability of variety of goods for consumption. 

2. Generation of more employment opportunities. 

3. Industrialization of backward nations. 

4. Improvement in relationship among countries (However, in reality it has not happened). 

5. Division of labour and specialisation. 

6. Expansion in transport facilities.

Ordinal Utility is propounded by the modern economists, J.R. Hicks, and R.G.D. Allen, which states that it is not possible for consumers to express the satisfaction derived from a commodity in absolute or numerical terms.

Qualitative measures includes those measures of central bank which controls the direction of credit creation in economy. 

They are also termed as selective measures. It includes : 

(i) Margin Requirement : The difference between the value of security and the amount of loan sanctioned is known as margin requirement. By changing the margin requirement Central bank can increase or decrease the credit creation in desired directions. If Central bank wants to increase the credit in a particular use then it will decrease the margin requirement for that use. 

(ii) Consumer Credit : Loans given by commercial banks to the consumers to purchase the durable consumer goods, are known-as consumer’s credit. Central bank can make the loans attractive or unattractive by following way :- (a) By changing the minimum down payments, (b) By changing the maximum period of repayment. (installment) 

(iii) Differentiated Rate of Interest : Central bank can decide different interst rates for different uses to affect the direction of credit. Central bank will increase the rate of interst for those uses where it wants to discourage the credit and will decrease the rate of interst for those uses where it wants to encourage the credit. 

The Right option is (d) Iraq

(c) Karnataka

(i) Open Market Operations : Open Market Operations refer to the Sale and Purchase of Government Securities in the Open Market by the Central bank . If Central Bank Sales the Securities of Government then the deposits of commercial bank decreases and due to that the credit creation ability of the commercial banks will also decreases. Thus, the credit creation by the commercial banks will also decreases. If central bank purchases the securities of government from the open market then the deposits of commercial bank increases and due to that the credit creation ability of the commercial banks will also increases. Thus, the credit creation by the commercial banks will also increases. In the condition of inflation in the economy central bank sales the Government securities and in the condition of deflation in the economy central bank purchases the Government securities to control the problems.

(ii) Statutory Liquidity Ratio : Statutory Liquidity Ratio refers to the minimum percentage of a bank deposits which is required to kept with themselves in cash. This ratio is determined by the central bank. If central bank increases the SLR then commercial banks has to keep more percentage of their deposits with themselves, which means their credit creation ability will decreases. Thus the credit creation by the commercial banks will also decreases. If central bank decreases the SLR then commercial banks has to keep less percentage of their deposits with themselves, which means their credit creation ability will increases. Thus the credit creation by the commercial banks will also increases. In the condition of inflation in the economy central bank increases the SLR and in the condition of deflation in the economy central bank decreases the SLR to control the problems.

(iii) Cash Reserve Ratio : Cash Reserve Ratio refers to the minimum percentage of a bank deposits which is required to kept with the central bank . All the commercial banks have to keep with the central bank a certain percentage of their deposits in the form of minimum cash reserve ratio. This ratio is determined by the central bank . If central bank increases the CRR then commercial banks has to keep more percentage of their deposits with central bank, which means that their credit creation ability will decreases. Thus the credit creation by the commercial banks will also decreases. If central bank decreases the CRR then commercial banks has to keep less percentage of their deposits with central bank, which means that their credit creation ability will increases. Thus the credit creation by the commercial banks will also increases.

In the condition of inflation in the economy central bank increases the CRR and in the condition of deflation in the economy central bank decreases the CRR to control the problems. 

 (c) Negroid race 

(b) Negritoes

Most Indians belong to the group Caucasoid .

Yellowish brown tinge skin colour consisting of straight and black hair, scanty body and facial hair, brachycephalic head with concave or straight nose having low nasal root and bridge, broad and flat face with prominent cheek bones, narrow slit-like opening of eyes with epicanthic.

Many people mistake “income” and “revenue” as the same thing. However, there are many small differences between the two financial concepts.

Both “income” and “revenue” are financial and business terms. Their meanings closely resemble each other because they are often used in the same context. Both concepts are applicable in accounting and economic disciplines. 

“Revenue,” for instance, is the total amount of money that a business earns by doing its activities. These activities include selling a product or a service, but it can also be earned by an indirect means. Indirect business revenue can be gained if a business has placed money in investments.

On the other hand, “income,” also known as “net profit,” is the money left for a business after it subtracts costs and expenses from its revenue. Costs and expenses include the operational costs (salaries and wages, upkeep of machinery, security, expenses for rawmaterials, to name a few), depreciation, and capital. Costs can be categorized into many types (usually in tandem) that include fixed and variable costs, direct and indirect costs, and lastly, product and period costs. Income can also be categorized as positive or negative. Positive income means there is more revenue or less expenses while negative income accounts for a low revenue or high expenses.

producer equilibrium means the level of output where the firm is maximizing its profit and therefore has no tendency to change its output.

When MC=MR=AR(P)>SAC OR TR>TC.

Product differentiation under Monopolistic Competition - It is a distinct feature of monopolistic market. It means that buyers differentiate between the products produced by different firms. Therefore, they are willing to pay different prices for the products of different firms. Different groups of buyers prefer products of different firms. This gives an individual firm some monopoly power, i.e. power to influence the demand for its product by changing price.

Free entry and exit of firms under perfect competition - It means that there is no barrier for entry and exit of firms in the industry. This freedom ensures that firms earn just the normal profits in the long run.

If the existing firms earn above-normal profits, new firms enter in the industry, raise supply, which brings down the price. The profits fall till each firm is once again earning only the normal profits.

If the existing firms are having losses, the firms start leaving, supply falls and price goes up. The price continues to rise till the losses are wiped out and firms are just earning normal profits.

Oligopoly is a market structure in which there are few large sellers of a commodity, which sell homogenous and differentiated product. Under this market situation firms are interdependent.

The Oligopoly is the most common market structure. The main features of oligopoly are - few firms, Interdependence of firms, Barriers to entry, Differentiated products, advertising is often important.

Perfect Oligopoly - If the firms produce homogeneous products, it is called perfect oligopoly.

Imperfect Oligopoly - If the firms produce differentiated products, it is called imperfect oligopoly.

Collusive Oligopoly is one in which the firms cooperate with each other in deciding price and output.

Non Collusive Oligopoly is one in which firms compete with each other.

As per 2011 census Bihar's sex Ratio is 916. 

Bhutia tribe is related to Uttarakhand.

Industries which are not dependent on any specific raw material are Footloose industries. 

Madurai is the example of well developed ancient town of India.

Clustered settlement is predominantly found in alluvial regions of India.

1990 UNDP is publishing the Human Development Index.

Merits of Direct Taxes: 

(i) Equity:

1. Direct taxes are progressive i.e. rate of tax varies according to tax base. 

2. For example, income tax satisfies the canon of equity.

(ii) Certainty: 

1. Canon of certainty can be ensured by direct taxes. 

2. For example, an income tax payer knows when and at what rate he has to pay income tax. (Hi) Elasticity:

3. Direct taxes also satisfy the canon of elasticity. 

4. Income tax is income elastic in nature. 

5. As income level increases, the tax revenue to the Government also increases automatically. (iv) Economy: 

6. The cost of collection of direct taxes is relatively low. 7. The tax payers pay the tax directly to the state.

Demerits of Direct Taxes: 

(i) Unpopular:

1. Direct taxes are generally unpopular. 

2. It is inconvenient and less flexible.

(ii) Productivity affected: 

1. According to many economists direct tax may adversely affect productivity. 

2. Citizens are not willing to earn more income because in that case they have to pay more taxes.

(iii) Inconvenient: The tax payers find it inconvenient to maintain accounts, submit returns and pay tax in lump sum.

(iv) Tax Evasion:

1. The burden of direct tax is so heavy that tax-payers always try to evade taxes. 

2. This ultimately leads to the generation of black money, which is harmful to the economy.