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.