The Reserve Bank of India (RBI) is India’s central banking institution, which controls the monetary policy of the Indian rupee. It is an independent apex monetary authority which regulates banks and provides important financial services like storing of foreign exchange reserves, control of inflation, monetary policy report.
Q3. What does indifference curve represent?
अपक्षपात वक्र क्या दर्शाता है?
(a) Levels of Income and Capital / आय तथा पूंजी का स्तर
(b) Satisfaction derived from two goods / दो वस्तुओं से प्राप्त संतुष्टि
(c) Income from two businesses / दो व्यापारों से प्राप्त आय
(d) Relationship between expenditure and savings / व्यय तथा बचत का संबंध
An indifference curve is a graph showing combination of two goods that give the consumer equal satisfaction and utility. Each point on an indifference curve indicates that a consumer is indifferent between the two and all points give him the same utility.
The burden of taxation falls more heavily upon the poor than on the rich. Regressive taxation may increase the inequalities on the distribution of income and wealth. Hence, the burden of taxation is higher on the poor than on the rich. In effect, this system widens the gap between the rich and the poor.
Q7. In which of the following market forms a firm does not exercise control over price?
निम्नलिखित में से किस प्रकार के बाजार में एक व्यवसाय संघ कीमतों को नियंत्रित करने में असमर्थ रहता है?
Monopoly – A monopoly exists when a specific person or enterprise is the only supplier of a particular commodity. Monopolies are thus characterized by a lack of economic competition to produce the good or service, a lack of viable substitute goods, and the possibility of a high monopoly price well above the seller’s marginal cost that leads to a high monopoly profit.
Oligopoly – An oligopoly is a market form wherein a market or industry is dominated by a small number of sellers (oligopolists). Oligopolies can result from various forms of collusion which reduce competition and lead to higher prices for consumers. Oligopoly has its own market structure.
Perfect Competition – the situation prevailing in a market in which buyers and sellers are so numerous and well informed that all elements of monopoly are absent and the market price of a commodity is beyond the control of individual buyers and sellers.
Q8. Which of the following is represented by ‘Lorenz Curve’?
The Lorenz curve is a graphical representation of income inequality or wealth inequality developed by American economist Max Lorenz in 1905. The graph plots percentiles of the population according to income or wealth on the horizontal axis.
Q9. In a centrally planned economy, the ________ plans all the important activities in the economy.
केन्द्रीकृत योजनाबद्ध अर्थव्यवस्था के अंतर्गत _______ उस अर्थव्यवस्था के सभी महत्वपूर्ण क्रियाकलापों की योजना बनाती है|
A centrally planned economy is an economic system in which the state or government makes economic decisions rather than the interaction between consumers and businesses.
Q10. _______ says that if we keep increasing the employment of an input, with other inputs fixed, eventually a point will be reached after which the resulting addition to output (i.e., marginal product of that input) will start falling.
______ कहता है की अगर किसी आगत के प्रयोग में वृद्धि करते हैं, जब अन्य आगत स्थिर हों, तो एक समय के बाद ऐसी स्थिति आयेगी कि प्राप्त होने वाला अतिरिक्त आगत (जैसे आगत का सीमांत उत्पाद) में गिरावट आने लगेगी|
(a) Law of diminishing marginal product/ हासमान सीमांत उत्पाद नियम
(b) Law of variable proportions/ परिवर्ती अनुपात नियम
The law of diminishing marginal productivity is an economic principle that states that while increasing one input and keeping other inputs at the same level may initially increase output, further increases in that input will have a limited effect, and eventually no effect or a negative effect, on output.
The law of variable proportions states that as the quantity of one factor is increased, keeping the other factors fixed, the marginal product of that factor will eventually decline.
Prime lending rate: Interest rate banks charge to their most creditworthy customers. The rate is determined by the market forces affecting a bank’s cost of funds and the rates that borrowers will accept.
Statutory Liquidity Rate: Statutory liquidity rate (SLR) is the Indian government term for reserve requirement that the commercial banks in India require to maintain in the form of gold, government approved securities before providing credit to the customers.
Bank Rate : Bank Rate refers to the official interest rate at which RBI will provide loans to the banking system which includes commercial / cooperative banks, development banks etc. Such loans are given out either by direct lending or by rediscounting (buying back) the bills of commercial banks and treasury bills.
Repo Rate: Repo rate is the rate at which the central bank of a country (Reserve Bank of India in case of India) lends money to commercial banks in the event of any shortfall of funds. Repo rate is used by monetary authorities to control inflation.
Q2. Medium term loans are provided for a period of________.
Long terms loans are those loans which have a long tenure more than five years. Most of the long terms are secured loans for example home loans, car loans, loans against property all these category falls under long terms loans. EMI for such loans in quite low
Medium term loans are those loans such as 1 to 5 years the interest rate is upto 36%. Also medium loans are the unsecured ones in most of the cases. EMI of such loans is more than the long terms loans.
Short term loans are those loans which has a loan tenure of 1–12 months. Interest rate that is being charged is applied on a per month basis can vary 0.5% to 2.5% per month.
Q3. India’s first official census operation was undertaken in which year?
भारत का पहला आधिकारिक जनगणना अभियान किस वर्ष चलाया गया था?
The first complete census of population was, however, conducted in 1881, on a uniform basis throughout India providing the most complete and continuous demographic record for any comparable population.
Q4. The change in the optimal quantity of a good when its price changes and the consumer’s income is adjusted so that she can just buy the bundle that she was buying before the price change is called?
किसी वस्तु की कीमत में परिवर्तन होने पर और उपभोक्ता की आय को इस प्रकार समायोजित करने पर कि वह उसी बण्डल को खरीद सके जिसे वह कीमत में परिवर्तन के पहले खरीदता था, वस्तु की इष्टतम मात्रा में हुए परिवर्तन को क्या कहा जाता हैं?
The tertiary sector or service sector is the third of the three economic sectors of the three-sector theory. The service sector consists of the production of services instead of end products. Services include attention, advice, access, experience, discussion, and affective labour.
Q6. Which among the following is not a direct tax?
A direct tax is one imposed upon an individual person (juristic or natural) or property (i.e. real and personal property, livestock, crops, wages, etc.) as distinct from a tax imposed upon a transaction. Income tax, Corporate tax, Wealth tax are all examples of direct taxes.
Q7. Which of the following pair/pairs is/are INCORRECT?
Golden revolution – Fruits production
Blue revolution – Increasing production of fertilizers
Yellow revolution – For the production of eggs
निम्नलिखित में से कौन सा/से युग्म सही नहीं है/हैं?
Taxation – Taxation refers to compulsory or coercive money collection by a levying authority, usually a government. The term “taxation” applies to all types of involuntary levies, from income to capital gains to estate taxes.
Public expenditure – Public expenditure is spending made by the government of a country on collective needs and wants such as pension, provision, infrastructure, etc.
Public debt – Government debt (also known as public interest, national debt and sovereign debt) is the debt owed by a government.
Credit Rationing – Credit rationing is the limiting by lenders of the supply of additional credit to borrowers who demand funds, even if the latter are willing to pay higher interest rates.
Q10. Which of the following equation is/are INCORRECT?
NI = NDP + Net Foreign Income
GNP = GDP + Net Foreign Income
NDP = GNP – Depreciation
निम्नलिखित में से कौन सा/से समीकरण सही नहीं है/है?
The difference between a nation’s savings and its investment. The current account is an important indicator about an economy’s health. It is defined as the sum of the balance of trade (goods and services exports less imports), net income from abroad and net current transfers.
Q2. The relation between the consumer’s optimal choice of the quantity of a good and its price is very important and this relation is called the ________function.
किसी वस्तु की मात्र के लिए उपभोक्ता का इष्टतम चयन तथा उसकी कीमत में सम्बन्ध अत्यंत महत्वपूर्ण हैं तथा यह सम्बन्ध ________ फलन कहलाता है |
Demand is the consumer’s need or desire to own the product or experience the service. It’s constrained by the willingness and ability of the consumer to pay for the good or service at the price offered.Demand is the underlying force that drives everything in the economy.
Q3. In ____________, the short run equilibrium results in quantity produced being lesser and prices being higher compared to perfect competition.
________में आपातकालीन संतुलन के परिणामस्वरूप पूर्ण प्रतिस्पर्धा की तुलना में उत्पादन की मात्र कम होती है |
The average product curve is one of three related curves used in the analysis of the short-run production of a firm. The other two are total product curve and marginal product curve. The average product curve illustrates how average product is related to a variable input. Its shape is like an inverted U.
Q5. Which among the following is not an account under Balance of Payment?
निम्नलिखित में से कौन सा भुगतान संतुलन के अंतर्गत एक खाता नहीं हैं?
(a)Current Account / चालू खाता
(b)Capital Account / पूंजीगत खाता
(c)Official Reserves Account / आधिकारिक आरक्षित खाता
The Official Reserve Account. The official reserve account, a subdivision of the capital account, is the foreign currency and securities held by the government, usually by its central bank, and is used to balance the payments from year to year.
Globalisation is the process by which businesses or other organizations develop international influence or start operating on an international scale.
Privatization refers to the act of transferring ownership of specified property or business operations from a government organization to a privately owned entity, as well as the transition of ownership from a publicly traded, or owned, company to a privately owned company.
Liberalisation of the economy means to free it from direct or physical controls imposed by the government.
Q7. In which market form, a market or industry is dominated by a few firms?
किस प्रकार की बाज़ार व्यवस्था में, बाज़ार अथवा उद्योग पर कुछ ही विक्रेताओं का वर्चस्व होता है?
Monetary policy is the process by which monetary authority of a country , generally central bank controls the supply of money in the economy by its control over interest rates in order to maintain price stability and achieve high economic growth.
Q9. Which one of the following is not an instrument of credit control in India?
निम्नलिखित में से कौन सा भारत के ऋण नियंत्रक का एक प्रकार नहीं है?
(a) Rationing of credit/ ऋण का राशन
(b) Direct Action/ सीधी कार्यवाही
(c) Open Market operations/ खुले बाजार के कार्यकलाप
(d) Variable cost reserve ratios/ परिवर्तनीय लागत आरक्षित निधि अनुपात
The variable cash reserve ratio is comparatively new method of credit control used by central banks in recent times. In 1935, the U.S.A.’s Federal Reserve System adopted it, for the first time. In countries where the money market is unorganised or underdeveloped, increasing recourse is now taken to this method of credit control.
The variable reserve ratio device springs from the fact that the central bank, in its capacity as Bankers Bank, must hold a part of the cash reserves of commercial banks.
Q10. Which among the following is an example of microeconomic variable?
निम्नलिखित में से कौन सा सूक्ष्म आर्थिक चर का एक उदाहरण है?
The consumer’s effort to maximize total utility, subject to these constraints, is referred to as the consumer’s problem. The solution to the consumer’s problem, which entails decisions about how much the consumer will consume of a number of goods and services, is referred to as consumer equilibrium.
A mixed economy is defined as an economic system consisting of a mixture of markets and economic planning, public ownership and private ownership. Mixed economy is also considered as a compromise between state socialism and free-market capitalism.
Q2. What was the main motive of Third Five Year Plan in India?
भारत में तीसरी पंचवर्षीय योजना का मुख्य उदेश्य क्या था?
The Third Five-year Plan, stressed agriculture and improvement in the production of wheat, but the brief Sino-Indian War of 1962 exposed weaknesses in the economy and somewhat shifted the focus towards the defence industry and the Indian Army.
Q3. Which one of the following is a component of Food Security System?
निम्नलिखित में से कौन सा खाद्य सुरक्षा प्रणाली का एक घटक है?
Buffer stock – A supply of inputs held as a reserve to safeguard against unforeseen shortages or demands.
Minimum support price – Minimum Support Price is the price at which government purchases crops from the farmers, whatever may be the price for the crops.
Fair Price Shop – Fair Price Shop (FPS) Fair Price Shop means a shop which has been licensed to distribute essential commodities by an order issued under section 3 of the Essential Commodities Act, 1955, to the ration card holders under the Targeted Public Distribution System.
Midday Meal – The Midday Meal Scheme is a school meal programme of the Government of India designed to improve the nutritional status of school-age children nationwide. The programme supplies free lunches on working days for children in primary and upper primary classes in government, government aided, local body, Education Guarantee Scheme, and alternate innovative education centres, Madarsa and Maqtabs supported under Sarva Shiksha Abhiyan, and National Child Labour Project schools run by the ministry of labour.
Q4. What is the accepted average Calorie requirement for rural area in India?
भारत में ग्रामीण क्षेत्र के लिए आवश्यक औसत कैलोरी कितनी है?
The term neo-Malthusianism was first used in 1877 by Dr. Samuel Van Houten, one of the vice- presidents of the Malthusian League. It stressed on birth control methods and also identified the working class with the problem of overpopulation.
Q6. The demand curve facing a perfectly competitive firm is
मांग वक्र , जो एक पूरी तरह से प्रतिस्पर्धी फर्म का सामना कर रहा हैं, वह हैं
The demand curve is a graphical representation of the relationship between the price of a good or service and the quantity demanded for a given period of time. In a typical representation, the price will appear on the left vertical axis, the quantity demanded on the horizontal axis.
Q7. Who takes the decision regarding the savings and loan activities in a Self Help Group (SHG)?
स्वयं सहायता समूह (एस.एच.जी) में बचत व ऋण गतिविधियों से सम्बंधित निर्णय कौन लेता है?
In economics, general equilibrium theory attempts to explain the behavior of supply, demand, and prices in a whole economy with several or many interacting markets, by seeking to prove that the interaction of demand and supply will result in an overall general equilibrium. The theory was developed by the French economist Leon Walras. It stands in contrast with partial equilibrium theory, or Marshellian partial equilibrium, which only analyzes specific markets.
Q10. Which of the following is not true about a Demand Draft?
निम्लिखित में से कौन सा डिमांड ड्राफ्ट के सन्दर्भ में सही नहीं है?
(a)It is a negotiable instrument./यह एक परक्राम्य लिखित है |
(b)It is a banker’s cheque./यह एक बैंकर्स चेक है |
(c)It may be dishonoured for lack of funds./यह धन के अभाव के कारण अस्वीकृत किया जा सकता है |
(d)It is issued by a bank./यह बैंक द्वारा जारी किया जाता है |
Both the Cheque and Demand Draft are used for the purpose of payments because it is not always possible to give the money in cash. A cheque is a negotiable instrument instructing a bank to pay a specific amount from a specified account held in the issuer of the cheque/depositor’s name with that bank. A demand draft, also commonly known as DD, is a kind of a pre-paid negotiable instrument used for effecting the transfer of money. It is almost equal to a banker’s cheque that is used to make payments. A cheque may be dishonoured for lack of funds but a Demand Draft cannot be returned because it is a pre-paid instrument.
“Reverse Repo Rate” is the interest rate at which the Reserve Bank of India takes loan from other banks. This process of taking loan is used as a measure by the RBI to control the money supply in the country.
Q2. Movement along the supply curve is known as ______ .
आपूर्ति वक्र के साथ साथ चलने को _______ कहते हैं I
(a)Contraction of supply / आपूर्ति में संकुचन
(b)Expantion of supply / आपूर्ति में विस्तार
(c)Increase in supply / आपूर्ति में बढ़ोतरी
(d)Expansion and contraction of supply / आपूर्ति में विस्तार तथा संकुचन
A supply curve is a graphical representation of the relationship between the amount of a commodity that a producer or supplier is willing to offer and the price of the commodity, at any given time.Movement along a supply curve represents the variation in quantity supplied of the commodity with change in its price and other factors remaining unchanged.
Q3. The ________ curve represents the demand of all consumers in the market taken together at different levels of the price of the good.
_______वक्र बाजार में सभी उपभोक्ताओं कि मांग को वास्तु की कीमत के विभ्भिन स्तरों पैर समग्र दृष्टि से देख कर मांग को प्रदर्शित करता है |
A consumer’s demand for a normal good moves in the same direction as the income of the consumer. However, there are some goods the demands for which move in the opposite direction of the income of the consumer.
Disguised unemployment exists where part of the labor force is either left without work or is working in a redundant manner where worker productivity is essentially zero. It is unemployment that does not affect aggregate output. An economy demonstrates disguised unemployment when productivity is low and too many workers are filling too few jobs. disguised unemployment may also be referred to as the underemployed, covering those who are working in some capacity but not at their full capacity.
Q9. When there is only one buyer and one seller of product, it is called _____ situation.
जब किसी वस्तु का केवल एक क्रेता एवं एक विक्रेता होता है, तब वह _______स्थिति कहलाती है|
Regional Rural Banks were established under the provisions of an Ordinance passed in September 1975 and the RRB Act 1976 to provide sufficient banking and credit facility for agriculture and other rural sectors. he Regional Rural Banks were owned by the Central Government, the State Government and the Commercial Bank sponsor the regional rural banks
Geographical Indication/ Patents/ Trade Mark :: SSC CGL :: study material
Geographical Indication/ Patents/ Trade Mark :: SSC CGL :: study material
A geographical indication (GI) is a name or sign used on certain products which corresponds to a specific geographical location or origin (e.g. a town, region, or country). The use of a geographical indication may act as a certification that the product possesses certain qualities, is made according to traditional methods, or enjoys a certain reputation, due to its geographical origin.
A geographical indication (GI) is a sign used on products that have a specific geographical origin and possess qualities or a reputation that are due to that origin. In order to function as a GI, a sign must identify a product as originating in a given place. In addition, the qualities, characteristics or reputation of the product should be essentially due to the place of origin. Since the qualities depend on the geographical place of production, there is a clear link between the product and its original place of production.
Protection for a GI
Under the Geographical Indications Act, it is not necessary to file an application to protect the GI.
In Singapore, a GI can be protected under the Geographical Indications Act (Cap. 117B). It may also be eligible for registration as a trade mark under the Trade Marks Act (Cap. 332).
A GI is distinct from a trade mark. A GI informs consumers that a product comes from a certain place and has special qualities due to that place of origin, while a trade mark is used to distinguish a business’ goods or services from those of its competitors. A GI may be used by all producers or traders whose products originate from that place and which share typical characteristics, while a trade mark gives its owners the right to prevent others from using the trade mark.
In Singapore, the law protects only the GIs of a country which is a member of the World Trade Organization, a party to the Paris Convention for the Protection of Industrial Property, or a country designated by the Singapore Government as a qualifying country from which GIs of that country can be protected. In addition, the GI must be protected in its country of origin. The producer, trader or association of such producers or traders of any such GI enjoy automatic protection.
GIs that are not protected
It is important to note the following instances where a GI will not be protected:
It is immoral or against public order;
It is no longer in use or no longer protected in the country of origin;
It has become the common name in Singapore for the goods or services which it identifies;
[for wines and spirits] it has been used continuously for at least 10 years preceding 15 April 1994 or in good faith preceding that date;
It is confusingly similar to a trade mark for which rights had been acquired before the GI is protected in its country of origin; or
It is the name of a person or a predecessor in a particular business.
Rights and remedies
In Singapore, a producer, trader or an association of producers or traders can sue for false use of a GI by an unauthorised party when the GI is used in a situation where it is misleading, unfair or dishonest, or where the GI used identifies a wine or spirit that does not originate from the place as indicated by the GI.
A producer, trader or an association can exercise his rights under the Geographical Indications Act by taking legal action against the infringing party.
Benefits of registration of geographical indications:
It confers legal protection to Geographical Indications in India.
Prevents unauthorized use of a Registered Geographical Indication by others.
It provides legal protection to Indian Geographical Indications which in turn boost exports.
Significance of Geographical Indications
A geographical indication is a geographical name signifying that a product originates in a country or a specific locality. Recently, geographical indication (GIs) emerged as one of the most important instrument of protecting quality, reputation or other character of goods essentially attributable to their geographical origin. It is valuable to providence, a ‘source identifier’ and indicator of quality. GI helps to promote its goods “eligible for relief from acts of infringement and/or unfair competition”.
The concern shown by the World Intellectual Property Organization (WIPO) and World Trade Organization (WTO) gave new impetus to protection of GIs. According to the WIPO Standing Committee on the Law of Trademarks, Industrial Designs and Geographical Indications “a geographical indication is best protected under trademark and unfair competition law. Trademark having acquired in good faith had to be protected against conflicting geographical indications.”Protection of GI prevent third parties from passing off their products as those originating in the given region. Famous examples are ‘Champagne’ for sparkling wine and ‘Roquefort’ for cheese from areas of these names in France or ‘Darjeeling’ for tea from this district in India. It is not necessary for these indications to be geographical names as in the case of ‘Feta’ for cheese from Greece or ‘Basmati’ for rice from India and Pakistan as there are no places, localities or regions with these names. Plant varieties developed with traditional knowledge and associated with a particular region can also be protected as geographical indications. The advantage in such protection is that it is not time-limited. However, needless to say, commercial benefits can be derived from the protection of geographical indications only when the name becomes reasonably famous.
Registration of Geographical Indications in India
The Register of Geographical Indications will keep a Geographical Indications Registry at the head office Chennai. In that register, all registered geographical indications with the names, addresses and descriptions of the proprietors, the names, addresses and descriptions of authorised user and such other prescribed matters relating to registered geographical indications are entered. Such registers may be maintained wholly or partly on computer. The Registrar can keep the records wholly or partly in computer floppies or diskettes or in any other electronic form, subject to prescribed safeguards. A copy of the register and such other documents as may be notified by the Central Government in the official Gazette shall be kept at each branch office of the G.I. Registrar. The Register has two parts. Part A contains particulars relating to the registration of geographical indications. Part B contains the particulars relating to the authorised users. Registration is required both for a geographical indication as well as an authorised user. A geographical indication is registered for a period of ten years. The registration can be renewed from time to time for further ten years from the expiration of last registration. An authorised user is registered for a period of ten years, or till the date of expiry of the registration of the geographical indication for which the authorised user is registered whichever is earlier. For registration, or renewal of registration an application is to be made in the prescribed format accompanied by the prescribed fee in each case. If the registration is not renewed when due, the geographical indication or the authorised user for it, as the case may be, is removed from the register.
However, an application to continue the registration can be made within six months from the expiration of the last registration. Registration of a geographical indication is not mandatory under the Act. However, if a geographical indication is registered, it affords a better legal protection to authorised users in cases of infringement of registered geographical indications. No infringement proceedings can be launched under the Act, for an unregistered geographical indication, either to prevent infringement or to recover the damages. In case of two or more authorised users, they would have co-equal rights as against other persons and no one will have the exclusive right to the use of any of those geographical indications.
Any right to a registered G.I. is not the subject matter of assignment, transmission, licensing, mortgage or any such agreement. But on the death of an authorised user, the user’s right in a registered G.I. passes on to his successor.
The following are the geographical indications that cannot be registered in India:
Things which are determined to be generic names or indications of goods and are, therefore, not or ceased to be protected in their country of origin, or which have fallen into disuse in that country
Things which comprise or contain any matter likely to hurt the religious susceptibilities of any class or section of the citizens of India
Things which would otherwise be disentitled to protection in a court
The use of which would be likely to deceive or cause confusion
The use of which would be contrary to any law for the time being in force
Things which comprise or contain scandalous or obscene matter
Things which although literally true as to the territory, region or locality in which the goods originate, but falsely represent to the persons that the goods originate in another territory, region or locality, as the case may be.
Problem/issues with GI Act?
India has huge social, cultural, ethnic, food diversities= thousands of products that would qualify for a geographical indication.
But Most of the people engaged in the production of such products are small households or small units, although in the same area.
So it is often difficult to organize them into associations and apply for the GI registration.
The word patent originates from the Latin patere, which means “to lay open” (i.e., to make available for public inspection). More directly, it is a shortened version of the term letters patent, which was a royal decree granting exclusive rights to a person, predating the modern patent system. Similar grants included land patents, which were land grants by early state governments in the USA, and printing patents, a precursor of modern copyright.
In modern usage, the term patent usually refers to the right granted to anyone who invents any new, useful, and non-obvious process, machine, article of manufacture, or composition of matter. Some other types of intellectual property rights are also called patents in some jurisdictions: industrial design rights are called design patents in the US, plant breeders’ rights are sometimes called plant patents, and utility models and Gebrauchsmuster are sometimes called petty patents or innovation patents.
A patent is a government license that gives the holder exclusive rights to a process, design or new invention for a designated period of time. Applications for patents are usually handled by a government agency. In the United States, the U.S. Patent and Trademark Office handles application and documentation.
Head office- Kolkata
Branch office at
Objectives of Patent Law
One of the primary objectives of patent law is to promote innovation in the market place. It works to accomplish this by granting the developers of patentable inventions an incentive in the form of an exclusive right to use, produce and sell the invention for a period of time.
Patent law is so important because without such protection, unauthorized parties would be free to wait for others to invest the time, energy and money necessary to develop new technology and then simply copy it. Therefore, patent protection helps to facilitate a return on investment.
EXAMPLE: Suppose a company expends the time, money and effort necessary to develop an innovative and potentially life saving surgical device. The company eventually applies for and obtains a patent for the product. That company would be granted an exclusive right to produce, use and sell that invention for a set period of time.
During the protection period a third party with no rights to the invention begins to produce, use and sell the device. The patent holder may then call on a court and/or the police) to order the infringer to cease production use, and/or sale of the device and impose fines and/or imprisonment.
Another objective of patent law is to provide greater certainty in the market by providing a system by which to determine who holds the exclusive rights to a particular invention.
Types of patent applications-
Pct National Phase Application
When an international application is made according to PCT designating India, an applicant can file the national phase application in India within 31 months from the international filing date or the priority date (whichever is earlier).
Patent Of Addition
When an applicant feels that he has come across an invention which is a slight modification of the invention for which he has already applied for or has obtained patent, the applicant can go for patent of addition if the invention does not involve a substantial inventive step. There is no need to pay separate renewal fee for the patent of addition during the term of the main patent and it expires along with the main patent.
When an application made by applicant claims more than one invention, the applicant on his own or to meet the official objection may divide the application and file two or more applications, as applicable for each of the inventions. This type of application, divided out of the parent one, is called a Divisional Application. The priority date for all the divisional applications will be same as that claimed by the Parent Application (Ante-dating).
A provisional application is a temporary application which is filed when the invention is not finalized and is still under experimentation.
Procedure of Patent in India
Rights Conferred by Registration
Patent represents one of the powerful intellectual property rights. The registration of a patent confers on the patentee the exclusive right to use, manufacture or sell his invention for the term of the patent. It means that the invention cannot be commercially made, used, distributed or sold without the patentee’s consent. The patent rights can usually be enforced in a court of law.
Who Can Apply
Any person claiming to be the true and first inventor of the invention;
Any person being the assignee of the person claiming to be the true and first inventor in respect of the right to make such an application;
Any legal representative of any deceased person who immediately before his death was entitled to make such application Patent Search;
It is prudent to conduct searches as early as possible to avoid spending time and money re-inventing a known matter. A patent is not granted to an invention if it is already available with the public either in the form of published literature or common knowledge.
The process of patenting typically involves conducting prior art searches to distinguish the invention and develop a description that illustrates the best method of working the invention. The description of the invention is called specification. Depending upon the sufficiency of the description a specification may be either provisional or complete Specification.
Provisional and Complete Specification
A provisional specification is often the first application filed in respect of an invention, and usually contains only a brief description of the invention. It need not contain claims. Compared with the provisional, the complete specification contains the full description of the invention, and the best method of making the invention work. The complete specification comprises a title, field of invention, the background of the invention, the description of the related art, drawbacks of the prior art, the summary of the invention, the brief description of the figures, the detailed description of the preferred embodiments, claims and abstract. Complete specification must be filed within 12 months from the date of filing of the provisional specification.
Claims are the most important component in the patent specification as it is the legal operative part which define and determine the legal protection sought for. The extent of patent protection for an invention shall be determined by the terms of the claims. The description and the appended drawings may be used to interpret the claims.
Filing and Prosecuting Patent Applications
The procedure for the grant of a patent starts with filing of the patent application along with the prescribed fees at the patent office followed by filing of request for examination in the prescribed format, after the publication of the application. The applications are examined substantively and a first examination report stating the objections is communicated to the applicant. Application may be amended in order to meet the objections. If the applicant does not comply with the objection, the application will be abandoned. After complying off the requirements the application is published in the Official Journal. At that time, opposition can be filed on limited grounds, but hearing is not mandatory. Patent will be granted if the application is found to be in order. Then, the application and other related documents will be open for public inspection. Thereafter, at any time after the grant but before the expiry of a period of one year from the date of publication opposition on substantive grounds is available. The whole process typically takes at least two years.
Duration of a Patent
The tenure for patents is 20 years from the date of filing of the application for the patent before the patent office. It is the responsibility of the patentee to maintain an issued patent by paying the annuities until the patent expires. After 20 years term the invention claimed in the patent falls into the public domain.
Information Required for Patent Registration
Name address of the applicant.
Power of Attorney.
Priority documents (if any).
A trademark, trade mark’, or trade-mark is a recognizable sign, design, or expression which identifies products or services of a particular source from those of others, although trademarks used to identify services are usually called service marks. The trademark owner can be an individual, business organization, or any legal entity. A trademark may be located on a package, a label, a voucher, or on the product itself. For the sake of corporate identity, trademarks are often displayed on company buildings.
A Trade Mark is a visual symbol in the form of a word , a device ,or a label applied to articles of commerce with a view to indicate to the purchasing public that is a good manufactured or other wise dealt in by a particular person as distinguished from similar goods dealt or manufacture by other persons
Object of Trade Mark
IS to deal with the precise nature of the rights which a person can acquire in respect of a TM-The mode of acquisition of such rights -the method of transfer of those rights to others-the precise nature of infringement of such rights-and the remedies available in respect thereof.
Functions of a Trade Mark
It identifies the product of its origin 2. It guaranties its unchanged quality 3. It advertises the products & 4. It creates an image for products.
What is a good Trade Mark
It should be easy to pronounce and remember if it is word mark
In case of a device mark -should be capable of being described by a single word.
It was be easy to spell correctly and write legibly
It should not be descriptive
It should be short
It should appeal to the eye as well as the ear.
It should not belong to the class of marks prohibited for registration
It should satisfy the requirements of registration.
Main Features Of New Legislation In India
Under the new Trademarks Act of 1999:
Registration of Service Marks allowed in addition to Trademarks for goods.
No separate application necessary for each category/class of goods or services; a single application would do, however filing fee will be charged separately for each class of goods/services.
The term of registration of trademark is ten years, subject to renewal thereafter.
The system of maintaining registration of trademark in Part A and Part B with different legal rights, dispensed away.
Registration of trademarks which are imitations of well known trademarks not permitted.
Registration of Collective Marks owned by associations allowed.
Offences relating to trademark made cognizable.
Filing Fees enhanced by more than 8 times.
Extension of application of convention countries.
Trademarks In India
The Function Of A Trademark
Under modern business condition a trade mark performs four functions:
It identifies the goods / or services and its origin.
It guarantees its unchanged quality
It advertises the goods/services
It creates an image for the goods/ services.
HOW TO SELECT A TRADEMARK
If it is a word it should be easy to speak, spell and remember.
The best trade marks are invented words or coined words.
Please avoid selection of a geographical name. No one can have monopoly right on it.
Avoid adopting laudatory word or words that describe the quality of goods (such as best, perfect, super etc)
It is advisable to conduct a market survey and a search at Trademark office to ascertain if same/similar mark is used in market.
THE TYPES OF TRADEMARKS THAT CAN BE REGISTERED
Under the Indian trademark law the following are the types of trademarks that can be registered:
Product trademarks: are those that are affixed to identify goods.
Service trademarks: are used to identify the services of an entity, such as the trademark for a broadcasting service, retails outlet, etc. They are used in advertising for services.
Certification trademarks: are those that are capable of distinguishing the goods or services in connection with which it is used in the course of trade and which are certified by the proprietor with regard to their origin, material, the method of manufacture, the quality or other specific features
Collective trademarks: are registered in the name of groups, associations or other organizations for the use of members of the group in their commercial activities to indicate their membership of the group.
DIFFERENT TYPES OF TRADEMARKS AVAILABLE FOR ADOPTION
Any name (including personal or surname of the applicant or predecessor in business or the signature of the person), which is not unusual for trade to adopt as a mark.
An invented word or any arbitrary dictionary word or words, not being directly descriptive of the character or quality of the goods/service.
Letters or numerals or any combination thereof.
The right to proprietorship of a trade mark may be acquired by either registration under the Legislation or by use in relation to particular goods or service.
Devices, including fancy devices or symbols
Combination of colors or even a single color in combination with a word or device
Shape of goods or their packaging
Marks constituting a 3- dimensional sign.
Sound marks when represented in conventional notation or described in words by being graphically represented.
WHO CAN APPLY FOR A TRADEMARK
A person who claims to be the proprietor of the trademark can apply for the registration of its mark for goods as well services.
A person may apply for registration of a trade mark to the Trademark office under whose jurisdiction the principal place of the business of the applicant in India falls.
In case, the principal place of business is outside India, then the application can be filed in the Trademark office under whose jurisdiction the office of the lawyer appointed by you is located.
In case of a company about to be formed, anyone may apply in his name for subsequent assignment of the registration in the company’s favor.
Before making an application for registration it is prudent to conduct a trademark search in the Trademark office in context of the already registered trademarks to ensure that registration may not be denied in view of resemblance of the proposed mark to an existing one or prohibited one.
LEGAL REQUIREMENTS FOR REGISTRATION OF TRADEMARK IN INDIA
The legal requirements to register a trade mark under the Legislation are:
The selected mark should be capable of being represented graphically (that is in the paper form).
It should be capable of distinguishing the goods or services of one undertaking from those of others.
It should be used or proposed to be used mark in relation to goods or services for the purpose of indicating or so as to indicate a connection in the course of trade between the goods or services and some person have the right to use the mark with or without identity of that person.
BENEFITS OF TRADEMARK REGISTRATION
The registration of a trade mark confers upon the owner the exclusive right to the use of the registered trade mark and indicate so by using the symbol (R) in relation to the goods or services in respect of which the mark is registered and seek the relief of infringement in appropriate courts in the country. The exclusive right is however subject to any conditions entered on the register such as limitation of area of use etc. Also, where two or more persons have registered identical or nearly similar mark due to special circumstances such exclusive right does not operate against each other.
REMEDIES FOR INFRINGEMENT OF TRADEMARK IN INDIA
Two types of remedies are available to the owner of a trademark for unauthorized use of his or her mark or its imitation by a third party. These remedies are:
an action for infringement’ in case of a registered trademark; and
an action for passing off’ in the case of an unregistered trademark
SEZ (Special Economic Zone) :: SSC CGL Study Material : Tier 1
SEZ (Special Economic Zone) :: SSC CGL Study Material : Tier 1
A special economic zone (SEZ) refers to designated areas in countries that possess special economic regulations that are different from other areas in the same country. Moreover, these regulations tend to contain measures that are conducive to foreign direct investment. Conducting business in a SEZ usually means that a company will receive tax incentives and the opportunity to pay lower tariffs.
India was one of the first in Asia to recognize the effectiveness of the Export Processing Zone (EPZ) model in promoting exports, with Asia’s first EPZ set up in Kandla in 1965. With a view to overcome the shortcomings experienced on account of the multiplicity of controls and clearances; absence of world-class infrastructure, and an unstable fiscal regime and with a view to attract larger foreign investments in India, the Special Economic Zones (SEZs) Policy was announced in April 2000.
SEZs are controlled by a three tier Organizational Set-up described as under:
Supreme controlling body in the Department is known as The Board of Approval
At district level, The Unit Approval Committee tackles with SEZs development and other associated issues
Every district is led by a Development Commissioner, who also controls the Unit Approval Committee.
The operating definition of a SEZ is determined individually by each country. According to the World Bank in 2008, the modern day special economic zone typically includes a “geographically delimited area, usually physically secured (fenced-in); single management/administration; eligibility for benefits based upon physical location within the zone; separate customs area (duty-free benefits) and streamlined procedures.”
The main objectives of the SEZ Act are:
(a) generation of additional economic activity
(b) promotion of exports of goods and services;
(c) promotion of investment from domestic and foreign sources;
(d) creation of employment opportunities;
(e) development of infrastructure facilities;
It is expected that this will trigger a large flow of foreign and domestic investment in SEZs, in infrastructure and productive capacity, leading to generation of additional economic activity and creation of employment opportunities.
The SEZ Act 2005 envisages key role for the State Governments in Export Promotion and creation of related infrastructure. A Single Window SEZ approval mechanism has been provided through a 19 member inter-ministerial SEZ Board of Approval (BoA). The applications duly recommended by the respective State Governments/UT Administration are considered by this BoA periodically. All decisions of the Board of approvals are with consensus.
The SEZ Rules provide for different minimum land requirement for different class of SEZs. Every SEZ is divided into a processing area where alone the SEZ units would come up and the non-processing area where the supporting infrastructure is to be created.
The SEZ Rules provide for:
“Simplified procedures for development, operation, and maintenance of the Special Economic Zones and for setting up units and conducting business in SEZs;
Single window clearance for setting up of an SEZ;
Single window clearance for setting up a unit in a Special Economic Zone;
Single Window clearance on matters relating to Central as well as State Governments;
Simplified compliance procedures and documentation with an emphasis on self certification
Free trade zones(FTZ)
It is a tax free area that provides essential facilities for trading, shipping, import, and export business. By operating in such area, rules and regulation on tariffs, labour, and environment might be exempted or reduced or less controlled.
Export processing zones (EPZ)
Export Processing Zones (EPZs) can be summarized as a unit bearing clusters of specially designed zones of aggressive economic activity for the promotion of export. The main concept of Export Processing Zones was conceived in the early 1970s to promote the growth of the sickening export business of India. Export Processing Zones (EPZs) also encompasses pre-defined infrastructural facilities and regulations pertaining to establishment of such zones and environmental stipulations, respectively. These Export Processing Zones of India were established to help the growth of Indian export commodities, especially from the fast growing sectors. –
Free Zones/ free economic zones (FZ/ FEZ),
Free economic zones (FEZ) or free zones (FZ) are a class of special economic zone (SEZ) designated by the trade and commerce administrations of various countries. The term is used to designate areas in which companies are taxed very lightly or not at all to encourage economic activity. The taxation rules are determined by each country.
Industrial parks/ industrial estates (IE)
An industrial park (also known as industrial estate, trading estate) is an area zoned and planned for the purpose of industrial development. An industrial park can be thought of as a more “heavyweight” version of a business park or office park, which has offices and light industry, rather than heavy industry.
A free port is a port or other area with relaxed jurisdiction of customs or related national regulations. Most commonly a free port is a special customs area or small customs territory with generally less strict customs regulations (or no customs duties and/or controls for transshipment). Earlier in history, some free ports like Hong Kong enjoyed political autonomy. Many international airports have free ports, though they tend to be called customs areas, customs zones, or international zones.
Bonded logistics parks(BLP)
A Bonded logistics park is a type of special economic zone. Trade arrangements are similar to that of a bonded warehouse but over a specific geographic area. Sometimes with international port capabilities. Goods may be stored, manipulated, or undergo manufacturing operations without payment of duty.
Urban enterprise zones
An Urban Enterprise Zone is an area in which policies to encourage economic growth and development are implemented. Urban Enterprise Zone policies generally offer tax concession, infrastructure incentives, and reduced regulations to attract investments and private companies into the zones.
How a SEZ is created?
There is a well defined approval mechanism for SEZ. The developer submits the proposal for establishment of SEZ to the concerned State Government.
The net worth of the applicant is to be Rs. 50 crore minimum and investment criterion of Rs. 250 Crore for sector specific SEZ. Net worth for Multiproduct SEZ was fixed Rs. 250 Crore and investment of ` 1000 Crore.
The State Government has to forward the proposal with its recommendation within 45 days from the date of receipt of such proposal to the Board of Approval. However, the applicant also has the option to submit the proposal directly to the Board of Approval. The Board of Approval has been constituted by the Central Government in exercise of the powers conferred under the SEZ Act. All the decisions are taken in the Board of Approval by consensus. The Board of Approval has 19 Members. The Chairman of the BoA is Secretary, Department of Commerce. The Board may approve as such or modify and approve a proposal for establishment of a Special Economic Zone, in accordance with the SEZ Rules, subject to the requirements of minimum area of land and other terms and conditions indicated in the SEZ Rules. Once the BOA gives formal approval and the concerned Development Commissioner gives an inspection report certifying the contiguity and vacancy of the area, the area is notified as SEZ.
Administrative Set Up For Sezs:
SEZs is governed by a three tier administrative set up
a) The Board of Approval is the apex body in the Department,
b) The Unit Approval Committee at the Zonal level dealing with approval of units in the SEZs and other related issues, and
c) Each Zone is headed by a Development Commissioner, who also heads the Unit Approval Committe
Who can set up a SEZ?
State Government Agencies
Who monitors SEZs?
An appointed committee of State govt. representative or a Development Commissioner is responsible to monitor the performance of SEZ on annual basis.
The Life Cycle of a SEZ
Anybody who wishes to develop a SEZ submits a proposal to the Board of Approval (BoA). A Single Window approval mechanism has been provided through a 19 member inter ministerial Board of Approval (BoA), headed by the Secretary, Department of Commerce.
The BoA then grants an ‘in-principle’ or a ‘formal’ approval.
The Central Government issues a notification when the developer proves the possession, contiguity and irrevocable rights on Land. These are called ‘Notified SEZs’
BoA allows the Developer for authorised operation. The SEZs that start operations are called ‘Operational SEZs’
Developer/Units are allowed various Tax Concessions/exemptions for effecting Exports
The biggest challenges faced by SEZ’s in today’s scenario are the taking away of agricultural land from the farmers. The farmers are being paid disproportionate money which is not in lieu of the current land prices. The best example could be seen in the case of farmers from Kalinganagar in Orissa where the money given was disproportionate to as high as 1:10 with respect to the market rates. Moreover SEZ’s are leading to decrease in crop production (arable Land Grabbing!) thus slowing down of agricultural activity in the country. (Though it may help boost it in other ways by increased export of local goods, both processed and non-processed). More and more farmers are moving towards the lucrative manufacturing side in search of greater economic security. Moreover the greatest problem that seems to be emerging out is that arable land is being used for non agricultural purpose which could lead to food crisis and loss of self sustenance in future. For example: Nadigram district of West Bengal. But FDI could also help in providing our farmers to gain access to technological better farming methods.
The SEZ’s could drastically improve the economic activity in the country, make the country’s export competitive and globally noticeable, be net foreign exchange earner and provide immense employment opportunity. But this should not be done at the cost of bringing down the agricultural activities, Land grabbing and real estate mafia should be properly regulated so that the common man is not the net sufferer to get the net foreign exchange earner up and running. As compared to china where majority of the SEZ’s were setup by the government, similar should be adopted in India, if not fully it should be a public-private partnership and regulatory bodies should be properly managed to weed out fallacies. To be economically viable SEZ’s should be approved over a particular land area (greater than 1000 acres) for rapid economic growth in the area and for it to be profitable and self sustainable. Relaxed Tax norms, Labor laws and DTA regulations will surely attract foreign investment and major industries to setup industries in the SEZ’s making it profitable and meeting its desired results!
For more Topics visit the link below-
Click here :: For Previous topic – Micro vs. Macro
Explanation : The term “capital” refers to produced goods used to produce future goods. A capital gain is a profit that results from a sale of a capital asset, such as stock, bond or real estate, where the sale price exceeds the purchase price.
Q2.The President can dismiss a member of the Council of Ministers?
Explanation : On the advice of Prime Minister he can dismiss council of ministers in a State and introduce President Rule initially for a period of six months, which can be again extended by another six months with in which re election shall be conducted .
Although the Constitution explicitly says that the president is the executive head of the state, real executive power is exercised by the Council of Ministers, headed by the Prime Minister.
If any existing central government ministry fails to prove majority on the floor or President is aware that the ministry has lost majority he will call back the Prime Minister and ask to dissolve the ministry. He will ask PM to function as care taker government with his ministers and that ministry cannot take any policy decisions till next elected majority government takes charge on the call of President.
Explanation : The Public Accounts Committee (PAC) is a committee of selected members of Parliament, constituted by the Parliament of India, for the auditing of the revenue and the expenditure of the Government of India. Since 1967, the chairman of the committee is selected from the opposition. Earlier, it was headed by a member of the ruling party.
Q5.From the national point of view, which of the following indicates micro approach?
Explanation : The money market is where financial instruments with high liquidity and very short maturities are traded. It is used by participants as a means for borrowing and lending in the short term, with maturities that usually range from overnight to just under a year.
Q7.India shares longest international boundary with which country?
Explanation : Bangladesh and India share a 4,096-kilometer (2,545-mile)-long international border, the fifth-longest land border in the world, including 262 km in Assam, 856 km in Tripura, 180 km in Mizoram, 443 km in Meghalaya, and 2,217 km in Bengal.
Q8.The Residuary powers of legislation under Indian Constitution rests with
Explanation : The Residuary powers of legislation under Indian Constitution rests with Parliament.
Article 248 (2) of the Constitution of India says that the Parliament has exclusive power to make any law with respect to any matter not enumerated in list II and III. Such power shall include the power of making any law imposing a tax not mentioned in either of those lists.
Q9.Appointments for all India Services are made by
Explanation : Fixed Foreign Exchange Rate can be changed by RBI. Fixed Foreign exchange rate is a type of exchange rate regime where a currency’s value is fixed against either the value of another single currency, to a basket of other currencies, or to another measure of value, such as gold. To maintain this fixed exchange rate, the Reserve Bank of India would need to hold dollars on reserve and stand ready to exchange rupees for dollars (or dollars for rupees) on demand at the specified exchange rate.
Q11.Which institution is known as ‘Soft Loan Window’ of World Bank?
Explanation : The International Development Association (IDA) is an international financial institution which offers concessional loans and grants to the world’s poorest developing countries. The IDA is a member of the World Bank Group and is headquartered in Washington, D.C., United States.
The IDA lends to countries with the aim to finance projects that will develop infrastructure and improve education, healthcare, access to clean water and sanitation facilities, and environmental responsibility. It is considered to be the soft lending window of the World Bank, while the IBRD is considered to be the hard lending window.
Q12.Which curve shows the inverse relationship between unemployment and inflation rates
Explanation : The Phillips curve relates the rate of inflation with the rate of unemployment. The Phillips curve argues that unemployment and inflation are inversely related: as levels of unemployment decrease, inflation increases.
The Phillips curve offered potential economic policy outcomes: fiscal and monetary policy could be used to achieve full employment at the cost of higher price levels, or to lower inflation at the cost of lowered employment. However, when governments attempted to use the Phillips curve to control unemployment and inflation, the relationship fell apart.
Q13.Which one of the following Committees is described as the ‘twin sister’ of the Estimates Committee?
Explanation : Public Accounts Committee is called the twin-sister of the Estimates Committee. It is concerned with the manner and results of spending public funds. It is its duty to scrutinize the appropriation accounts and the report of the Comptroller and Auditor-General of India. Unlike the Estimates Committee, it has at its disposal the expert advice of the Comptroller and Auditor-General based upon a detailed examination of the government’s accounts.
Q14.Short term contractions and expansions in economic activity are called ______________
Explanation : Short term contractions and expansions in economic activity are called business cycle .
The business cycle is the fluctuation in economic activity that an economy experiences over a period of time. A business cycle is basically defined in terms of periods of expansion or recession. During expansions, the economy is growing in real terms (i.e. excluding inflation), as evidenced by increases in indicators like employment, industrial production, sales and personal incomes.
Q15.Who appoints the Finance Commission in India?
(a) Governor, R.B.I./ गवर्नर, भारतीय रिजर्व बैंक
(b) CAG of India/भारत के नियंत्रक एवं महालेखा परीक्षक
(c) President of India/ राष्ट्रपति
(d) Central Finance Minister/केन्द्रीय वित्त मंत्रालय
Explanation : Finance Commission of India is established by President of India as per Article 280 of the constitution. The first finance commission was established in 1951.
Article 281, Recommendations of the Finance Commission. The President shall cause every recommendation made by the Finance Commission under the provisions of this Constitution together with an explanatory memorandum as to the action taken thereon to be laid before each House of Parliament Miscellaneous Financial Provisions.
Q16.The term ‘Macro Economics’ was used by __________ .
Explanation : ‘Macroeconomics’ is the field of economics that studies the behavior of the aggregate economy. Macroeconomics examines economy-wide phenomena such as changes in unemployment, national income, rate of growth, gross domestic product, inflation and price levels.
The difference between macro and micro was introduced in 1933 by the Norwegian, Ragnar Frisch. The origin of the words says a lot about their meaning: in Greek, macro means big and micro means small. Macroeconomics studies the behavior of economic aggregates.
Explanation : Spurred by the Unnikrishnan judgment and a public demand to enforce the right to education, successive governments from 1993 worked towards bringing a constitutional amendment to make education a fundamental right. That led to the 86th amendment in December 2002 which inserted the following articles in the Constitution:
Insertion of new article 21A- Right to education:-
“21A. The State shall provide free and compulsory education to all children of the age of six to fourteen years in such manner as the State may, by law, determine.”
Explanation : Population density is a measurement of population per unit area or unit volume; it is a quantity of type number density. It is frequently applied to living organisms, and most of the time to humans.
Q21.Which of the following is not a features of the capitalist economy ?
Explanation : Capitalist Economy is that system, where means of production are owned by private individuals, profit is the main motive and there is no interference by the government in the economic activities of the economy
Main Features of Capitalist Economy:
(i) Private Property (ii) Price Mechanism (iii) Freedom of Enterprise
(iv) Sovereignty of that consumer (v) Profit Motive (vi) No Government Interference (vii) Democratic (viii) Self-Interest
Q22.In the 42nd Constitutional Amendment 1976, which word was added to thePreamble?
Economic Liberalism in India :: SSC Combined Graduate Level (Tier 1)
Economic Liberalism in India :: SSC Combined Graduate Level (Tier 1)
Freedom of speech
3 natural rights-
Life- not under anyone
Liberty- freedom to do things
Property- freedom to own things
Against absolute power
What is Liberalism?
An ideology which central theme is about: commitment to the individual, desire to construct a society where people can satisfy their interests and achieve fulfillment.
Liberalism forwards the idea that individuals are naturally endowed with reason and as such, be allowed to enjoy the maximum possible freedom.
It gives emphasis on merit. This means that though individuals have equal legal and political rights, they must be rewarded according to their talents and willingness to work.
It revolves around the twin principles of constitutionalism and consent.
How did Liberalism come about?
It’s origins can be traced back to early agricultural societies when people started living in settled communities and were forced to find ways of trading and living with strangers (Seabright, 2004)
Nonetheless, as a developed ideology; it can be traced back to the breakdown of feudalism in Europe and they rise of an aspiring middle class.
The middle class gave rise to a capitalist society and a market economy.
This change exposed people to an array of choices and for the first time it created a sense on individualism among the people
This gradually evolved into radical demands for change from the people to abolish traditional structures of power that conflict with their interests.
Variants of Liberalism-
Classical Liberalism –
Earliest Liberal tradition which developed in the transition from feudalism to capitalism and reached its height in the industrial era.
It is characterized by:
First, a belief in egoistical individualism; that human beings are rationally self-interested and capable of self-reliance.
Second, a belief in negative freedom or absence of external restraints.
Third, that the state is a “necessary evil” (Thomas Paine). They believe that there must be minimal state intervention.
Fourth, it is characterized by a broadly positive view of civil society.
Economic Liberalism –
Came about from the economic theories of political economists Adam Smith and David Ricardo.
It applied the classical liberal belief of limited state to the handling of the economy. For economic liberals, the economy will flourish if left free from state intervention.
Economic liberalism is an anti-thesis to Mercantilism.
A revival of classical liberalism that occurred in the 1970’s.
A notch higher than Economic Liberalism for it espouses Market Fundamentalism which sees the market as morally and practically superior to the Government in terms of political control.
It is a response to the increasing popularity of economic ideologies that expand the role of the government in the market.
Modern Liberalism –
Dubbed as the 20th century liberalism. It is a response to the growing problems brought about by unrestrained economic individualism which led to the disadvantage of the working class, spread of poverty, disease and ignorance.
For modern liberals, the minimal state approach is incapable of rectifying the injustices of civil society; as a consequence, they vouch for a more interventionist or enabling state.
Modern Liberals place value on affirmative action and positive freedom contrast to the Classical Liberals who value strict meritocracy and negative freedom.
Modern Liberals believe that there must be a balance between the state and the market. However, they stay true to the liberal belief in the primacy of the individual over the society.
For more Topics visit the link below-
Click here :: For Previous topic – Micro vs. Macro
Q51. Seawater, fresh air, etc., are regarded in Economics as
(a) Giffen goods
(b) inferior goods
(c) free goods
(d) normal goods
Q52. The concept that under a system of free enterprise, it is consumers who decide what goods and services shall be produced and in what quantities is known as
(a) Consumer Protection
(b) Consumer’s Decision
(c) Consumer Preference
(d) Consumer’s Sovereignty
Q53. According to modem thinking, the law of diminishing returns applies to
(d) all fields of production
Q54. In Economics, production means
(c) creating utility
Q55. Inflation occurs when aggregate supply is
(a) more than aggregate demand
(b) less than aggregate demand
(c) equal to aggregate demand
(d) None of these
Q56. ‘Golden Handshake Scheme’ is associated with
(a) inviting foreign companies
(b) private investment in public enterprises
(c) establishing joint enterprises
(d) voluntary retirement
Q57. When a large number of investors in a country transfer investments elsewhere because of disturbed economic conditions, it is called
(a) Transfer of Capital
(b) Escape of Capital
(c) Outflow of Capital
(d) Flight of Capital
Q58. How will a reduction in ‘Bank Rate’ affect the availability of credit ?
(a) Credit will increase
(b) Credit will not increase
(c) Credit will decrease
(d) None of these
Q59. A mixed economy works primarily through the
(a) market mechanism
(b) central allocative machinery
(c) market mechanism regulated by Government policy
(d) market mechanism guided by Government participation and planning
Q60. ‘Gresham’s Law’ in Economics relates to
(a) supply and demand
(b) circulation of currency
(c) consumption of supply
(d) distribution of goods and services
Q61. The ‘Interest Rate Policy’ is a component of
(a) Fiscal Policy
(b) Monetary Policy
(c) Trade Policy
(d) Direct Control
Q62. What is referred to as ‘Depository Services’ ?
(a) A new scheme of fixed deposits
(b) A method for regulating stock exchanges
(c) An agency for safe-keeping of securities
(d) An advisory service to investors
Q63. The term ‘Green GNP’ emphasises
(a) rapid growth of GNP
(b) increase in per capita income
(c) economic development
(d) sustainable development
Q64. The outcome of ‘devaluation of currency’ is
(a) increased export and improvement in balance of payment
(b) increased export and foreign reserve deficiency
(c) increased import and improvement in balance of payment
(d) increased export and import
Q65. What is Value Added Tax(VAT)?
(a) A simple, transparent, easy to pay tax imposed on consumers
(b) A new initiative taken by the Government to increase the tax-burden of high income groups
(c) A single tax that replaces State taxes like, surcharge, turnover tax, etc.
(d) A new tax to be imposed on the producers of capital goods
Q66. The difference between visible exports and visible imports is defined as
(a) Balance of trade
(b) Balance of payment
(c) Balanced terms of trade
(d) Gains from trade
Q67. Given the money wages, if the price level in an economy increases, then the real wages will
(c) remain constant
(d) become flexible
Q68. A firm is in equilibrium when its
(a) marginal cost equals the marginal revenue
(b) total cost is minimum
(c) total revenue is maximum
(d) average revenue and marginal revenue are equal
Q69. In the law of demand, the statement “Other things remain constant” means
(a) income of consumer should not change
(b) price of other goods should not change
(c) taste of consumer should not change
(d) All of the above
Q70. Which organization collects data for the unorganized sector ?
Q71. Scheduled Banks have to be registered with
(c) Finance Ministry
Q72. Which of the following is not viewed as national debt ?
(a) Life Insurance Policies
(b) Long-term Government Bonds
(c) National Savings Certificates
(d) Provident Fund
Q73. Excise duty on a commodity is payable with reference to its
(b) production and sale
(c) production and transportations
(d) production, transportation and sale
Q74. The data collection for national income estimation is conducted in India by—
(a) The Finance Ministry of the Government of India
(b) The RBI
(c) The NSSO (National Sample Survey Organization)
(d) None of these
Q75. A country’s balance of trade is unfavourable when—
(a) exports exceed imports
(b) imports exceed exports
(c) terms of trade become unfavourable
(d) None of these
Q76. The annual record for all the monetary transactions of a country with other countries of the world is known as
(a) Balance of trade
(b) Balance of monetary-receipts
(c) Balance of payments
(d) Balance Sheet
Q77. Bank-rate is the rate at which
(a) a commercial bank borrows loans from some other commercial bank
(b) the central bank borrows loans from the Government
(c) the commercial bank gives loans to the public
(d) the central bank re-discounts the commercial bills brought to it by the commercial banks
Q78. Who among the following has suggested tax on expenditure?
(d) Gautam Mathur
Q79. In calculating National Income which of the following is included?
(a) Services of housewives
(c) Income of smugglers
(d) Income of watchmen
Q80. In a Laissez-faire economy
(a) the customers take all the decisions regarding production of all the commodities
(b) the Government does not interfere in the free functioning of demand and supply forces in the market
(c) the private-sector takes all the decisions for price-determination of various commodities produced
(d) the Government controls the allocation of all the factors of production
Q81. Gresham’s law is related to
(a) Consumption and demand
(b) Supply and demand
(c) Circulation of money
(d) Deficit financing
Q82. One of the essential conditions of Monopolistic competition is
(a) Many buyers but one seller
(b) Price discrimination
(c) Product differentiation
(d) Homogeneous product
Q83. NIFTY is associated with
(a) Cloth Market Price Index
(b) Consumer Price Index
(c) BSE Index
(d) NSE Index
Q84. Rate of interest is determined by
(a) The rate of return on the capital invested
(b) Central Government
(c) Liquidity preference
(d) Commercial Banks
Q85. The ‘break-even point’ is where
(a) marginal revenue equals marginal cost
(b) average revenue equals average cost
(c) total revenue equals total cost
(d) None of these
Q86. The fixed cost on such factors of production which are neither hired nor bought by the firm is called
(a) social cost
(b) opportunity cost
(c) economic cost
(d) surcharged cost
Q87. Devaluation makes import
Q88. The share broker who sells shares in the apprehension of failing prices of shares is called
Q89. Bull and bear are related to which commercial activity ?
(c) International trade
(d) Stock market
Q90. While determining income the expenditure on which of the following items is not considered as investment ?
(a) Construction of factory
(c) Increase in the stock of unsold articles
(d) Stock and share in joint stock company
Q91. Gresham’s Law means
(a) Good money replaces bad money in circulation
(b) Bad money replaces good money in circulation
(c) Good money promotes bad money in the system
(d) Bad money promotes good money in the system
Q92. Which of the following results by dividing national income by size of population?
(a) Per capita income
(b) Subsistence level
(c) Subsistence expenditure
(d) Per capita production
Q93. Which of the following taxes is such which does not cause rise in price?
(a) Import duty
(b) Income tax
(d) Sales tax
Q94. The sum total of incomes received for the services of labour, land or capital in a country is called :
(a) Gross domestic product
(b) National income
(c) Gross domestic income
(d) Gross national income
Q95. “Legal Tender Money” refers to:
(c) Bill of exchange
(d) Currency notes
Q96. Sellers market denotes a situation where :
(a) commodities are available at competitive rates
(b) demand exceeds supply
(c) supply exceeds demand
(d) supply and demand are evenly balanced
Q97. “Dear Money” means
(a) low rate of interest
(b) high rate of interest
Q98. Which of the following is not required while computing Gross National Product (GNP) ?
(a) Net foreign investment
(b) Private investment
(c) Per capita income of citizens
(d) Purchase of goods by government
Q99. Investment and savings are kept equal through a change in the level of
(c) Government expenditure
Q100. A commercial bank law creates credit only if it has .
(a) Cash in the vault
(b) Excess reserves
(c) Permission of Reserve Bank of India
(d) Cooperation of other banks
51 c 76 c
52 d 77 d
53 d 78 b
54 c 79 d
55 b 80 b
56 d 81 c
57 d 82 c
58 a 83 d
59 d 84 c
60 b 85 b
61 b 86 a
62 c 87 d
63 d 88 c
64 a 89 d
65 c 90 c
66 a 91 b
67 b 92 a
68 a 93 b
69 d 94 c
70 a 95 d
71 b 96 b
72 a 97 b
73 a 98 c
74 c 99 a
75 b 100 a