GK (Economics)

Correct Answer: Increase in production

Open Market Operations (OMO) involve the RBI buying or selling government securities in the open market to regulate the money supply in the economy.

Correct Answer: Marginal cost is above average cost.

When the average cost declines, the marginal cost is less than the average cost. When the average cost increases, the marginal cost is greater than the average cost. When the average cost stays the same (is at a minimum or maximum), the marginal cost equals the average cost.
 

Economic development is a broader concept than economic growth; it encompasses improvements in the quality of life, including social change, education, and health, alongside growth.

A firm reaches its optimum size when it operates at the minimum point of its long-run average cost curve, achieving maximum efficiency in production.

The Consolidated Fund of India is the primary account where all government revenues, loans, and repayments are credited. Withdrawals from this fund require parliamentary approval.

Correct Answer: when price falls, demand increases

The Balance of Payments (BoP) is a comprehensive record of all economic transactions between residents of a country and the rest of the world, including the current account, capital account, and financial account.

Net National Product (NNP) is calculated by subtracting depreciation from Gross National Product (GNP). The provided options are vague, but A is the standard definition often used in introductory textbooks to describe the value of final goods and services.

The bank rate is the official interest rate at which the central bank of a country lends money to commercial banks to meet their long-term financial needs.

In 1969, the Government of India nationalized 14 major commercial banks that had deposits of Rs. 50 crore or more.

The Central Statistical Organisation (CSO), now part of the National Statistical Office (NSO), is responsible for the collection and estimation of national income data in India.

Deflation is a general decline in prices for goods and services, typically associated with a contraction in the supply of money or credit in the economy.

Gross National Product (GNP) measures the total value of all finished goods and services produced by a country's residents, regardless of their location.

Correct Answer: Credit cards

The primary function of money is to serve as a medium of exchange, facilitating transactions by eliminating the need for a double coincidence of wants.

Devaluation is the deliberate downward adjustment of a country's currency value relative to a foreign currency or standard, which decreases its external purchasing power.

Land development banks are cooperative institutions that provide long-term credit to farmers for land improvement and development.

India adopted a mixed economy model, where both public and private sectors coexist, to balance growth and social justice under the Five Year Plans.