1. Share of the sector in India's GDP is highest is Service Sector (56.4% in the year 2011 . 2. !

he "aha#ano$is strategy of Indian P#anning gave e%&hasis to gro'th of (eavy )a&ita# Goods Ind*stria# Sector. +. )hi#d ,a$o*r e%&#oy%ent in factory is $anned in Indian $e#o' the age of 14 years. 4. -P, %eans -e#o' Proverty ,ine. 5. .ationa# /*ra# 0%&#oy%ent G*arantee Sche%e gives right to e%&#oy%ent for 100 days a year. 6. Indian 0cono%y is a "i1ed econo%y. 2. Str*ct*ra# 3d4*st%ent Po#icy 'as introd*ced $y India on ta5ing #oan fro% 3sian Deve#o&%ent -an5. 6. In a ca&ita#ist econo%y the &rice of co%%odity is deter%ined $y the "ar5et %echanis%. 7. 0cono%ics is a socia# science 'as for%*#ated $y ,. /o$$ins. 10. 8ather of %odern econo%ics 9. " :eynes. 11. !he $oo5 ;&#anned econo%y for india< 'as 'ritten $y ". =isves'araya. 12. India o&ted for %i1ed econo%y in Ind*stria# &o#icy of 1746. 1+. >hich of the fo##o'ing is not one of the three centres &ro$#e%s in econo%y ? >hen to &rod*ce. 14. 8or%er soviet /*ssia has a Socia#ist econo%y. 15. 3ccording to %ahat%a gandhis econo%ic &hi#oso&hy co%&#ete ha&&iness can $e achieved $y I%&#e%enting cottage ind*stries. 16. G#o$a#i@ation of Indian econo%y %eans (aving %in% &ossi$#e restrictions on econo%ic re#ating 'ith other co*ntry. 12. Indian econo%y can $e descri$ed as 3 deve#o&ing econo%yA an o&en econo%yA a %i1ed econo%yA se%i contro##ed econo%y. 16. !he father of &o#itica# econo%yBfather of econo%y is 3da% s%ith. 17. 3 &rod*ctive *nit is referred to as 8ir%A factoryA instit*tion. 20. )a&ita#is% is a#so ter%ed as 8ree econo%y. 21. >hich of the fo##o'ing nations is different fro% others as regards econo%y C India. 22. 3n econo%y is a Syste% 'hich &eo&#e set for #iving. 2+. Socia#is% &ro%otes Socia# 'e#fare. 24. -oth &*$#ic and &rivate sector co?e1ist in "i1ed econo%y. 25. Socia#ist societies have P#anning. 26. Socia#ist econo%y s*ffers d*e to -*rea*cratic ad%inistration. 22. In a ca&ita#ist econo%y ;'hat to &rod*ce< is decided $y !he &rice %echanis%. 26. !he f*nda%enta# econo%ic &ro$#e% is the &ro$#e% of Scarcity. 27. >hich of the fo##o'ing is a fi1ed ca&ita# 100%. +0. 3n enter&rise is one 'hich has a /is5 and *ncertainty. +1. Indian econo%y is an *nderdeve#o&ed econo%y ,o' &er ca&ita inco%e as co%&ared to DS3A #o' ca&ita# acc*%*#ationA 'ea5 infrastr*ct*re of econo%y. +2. Indian econo%y at the ti%e of inde&endence is considered as Dnderdeve#o&ed econo%y. ++. Indian econo%y on the eve of inde&endence 'as Stagnant. +4. >hat is econo%ics a. It %eansE i. Practica# science of the &rod*ction and distri$*tion of 'ea#th.

ii. "arsha## defined as ;st*dy of %an5ind in the ordinary $*siness of #ifeA it e1a%ines the $ehavior of individ*a# and socia# action<. iii. 9aco$ =iner descri$ed as ;econo%ics is 'hat eco%ists do<. iv. 3da% S%ith te##s ;an inF*iry into the nat*re and ca*ses of 'ea#th of nations< and is re#ated to the #a's of &rod*ctionA e1changeA distri$*tion and cons*%&tion of 'ea#th. v. , /o$$ins te##s ;it is a$o*t &rod*ction and distri$*tion<. vi. 3 "arsha## te##s ;econo%ics is a socia# science<. vii. Sa%*e#son te##s ;econo%ics is an o#dest a%ong arts and ne'est a%ong science<. viii. .or%a# definition is E ;econo%y is defined as the #ega# and instit*tiona# fra%e'or5 in 'hich econo%ic activity ta5es &#ace<. +5. 0cono%ics co%es fro% t'o 'ords ;oi5os< %eaning (o*seho#d and ;no%os< %eaning %anage%ent. +6. >hat is %acroecono%icsG a. Dea#s 'ith entire econo%y as a 'ho#e %onetory &o#icy or &hysica# &o#icy. !he 'ord %acro has $een ta5en fro% the gree5 'ord ;%a5ros< %eaning #arge. Prof Sha&iro defined %acro econo%ics as ;'hich dea#s 'ith the f*nctioning of econo%y as a 'ho#e<. +2. >hat is %icroecono%ics G a. Dea#s 'ith individ*a# *nits fro% cons*%er ho*seho#d. !he 'ord %icro has $een ta5en fro% gree5 'ord ;%i5ros< %eaning s%a##. 3ccording to &rof. $o*#dingA ;%icro econo%ics is the st*dy of &artic*#ar fir%A &artic*#ar ho*seho#dA individ*a# &riceA 'ageA inco%eA ind*stry and &artic*#ar co%%odity<. +6. >hat is deve#o&%ent econo%icsG a. Dea#s 'ith econo%ys socia# &ro$#e% associated 'ith gro'th of econo%y. +7. Hn the $asis of o'nershi& of reso*rces an econo%y can $e c#assified as )a&ita#ist econo%yA socia#ist econo%yA %i1ed econo%y. 40. !y&es of econo%y E /ead fro% s%1 &g 24. 41. -efore inde&endence Indian econo%y 'as Stagnant. 42. In econo%ics for &ricing the varia$#e factors are ra' %ateria#sA #a$o*rAf*e# etc. 4+. In econo%ics for &ricing the fi1ed factors are $*#dingA %achineryA eF*i&%entA &er%anent office staff etc. 44. ,ong r*n average cost c*rve is D?sha&ed (,S3 . 45. Sha&e of average cost c*rve is D?sha&ed. 46. Sha&e of short r*n average cost c*rve (S3) is D?sha&ed. 42. -rea5 even &oint is the &oint 'here the %ini%*% &oint of 3) c*rve to*ches the hori@onta# sha&ed 3/ c*rve or "/ c*rve or &rice c*rve. In other 'ordsA it is the &oint at 'hich fir% covers its average cost. 1. ;Sh*t do'n< or ;c#osing do'n< is a &oint 'here the %ini%*% &oint of 3=) c*rve to*ches hori@onta# sha&ed 3/ c*rve or "/ c*rve. In other 'ords the &oint at 'hich the fir% covers on#y its varia$#e cost. 2. 3ccording to &rof. s'ee@yIs %ode#A the de%and c*rve in a o#igo&o#y %ar5et is 5in5ed de%and c*rve. +. Prod*ction refers to a re#ationshi& $et'een in&*t and o*t&*t. 4. "argina# cost is #ess than the average cost 'hen average cost fa##s 'ith an increase in o*t&*t.

5. D*%&ing invo#ves &rice discri%ination $et'een the ho%e %ar5et and foreign %ar5et. 6. !he theory of %ono&o#istic co%&#etion is deve#o&ed $y 0.( )ha%$er#in. 2. I%&#icit cost %ay $e considered as nor%a# cost. 6. "a1i%i@ation of tota# &rofit is the f*nda%enta# ai% of the %anage%ent of a fir%. 7. In c#assica# econo%ics &ri%ary factors of &rod*ction refers to #a$o*r and #and. 10. !he average varia$#e cost is the difference of 38) and 3). 11. 0ven if costs increaseA the ") re%ains *naffectedA the cost is fi1ed cost. 12. Dnder &erfect co%&etition ") J P. 1+. Dnder i%&erfect co%&etition P K "). 14. 8i1ed costs are a#so 5no'n as overhead costs. 15. >hen ") c*rve is fa##ingA 3) c*rve #ies a$ove ") c*rve. 16. !he de%and c*rve of a &rod*ct facing a &erfect#y co%&etitive for% is &erfect#y e#astic. 12. Interde&endency is a &ro%inent feat*re of o#igo&o#y %ar5et. 16. !he #a' of di%inishing ret*rnsA according to %odern vie' a&&#ies to a## fie#ds of &rod*ction. 17. Prod*ction f*nction re#ates in&*t to o*t&*t. 20. 3ccording to %arsha##A the #a' of di%inishing ret*rns is a&&#ica$#e to agric*#t*re. 21. !he n*%$er of se##ers in an o#igo&o#y %ar5et is a fe'. 22. >hen the o*t&*t of a fir% is increasingA its average cost of &rod*ction dec#ines and then rises. 2+. !he cost 'hich a fir% inc*rs in &*rchasing or hiring any factor of &rod*ction is referred to as e1&#icit cost. 24. -i#atera# %ono&o#y consists of a %ono&o#y faces %ono&sony. 25. !he sha&e of de%and c*rve of a fir% *nder o#igo&o#y is 5in5ed. 26. In eF*i#i$ri*% *nder &erfect co%&etition ") is eF*a# to the &rice. 22. In a &erfect#y co%&etitive %ar5et &rice is constant. 26. Price discri%ination is a feat*re of %ono&o#y %ar5et. 27. !he fi1ed cost of affir% 'hen e1&ressed as and averageA sho' a contin*o*s dec#ine 'ith increasing o*t&*t. 46. 3verage fi1ed cost di%inishes as o*t&*t increased. 47. H&&ort*nity costs are a#so 5no'n as a#ternative costs. 50. .or%a# &rofits are considered as i%&#icit costs. 51. I%&#icit costs are the costs of reso*rces o'ned $y the fir%. 52. !he difference $et'een average cost and average fi1ed cost sho's average varia$#e cost. 5+. .o' &rice co%&etition is a s&ecia# feat*re of o#igo&o#y. 54. !he va#*e of &rice e#asticity 'here "/ J 3/ J &rice is e& J infinity. 55.