Economic Sectors and Infrastructure

In this industry, goods are manufactured by village artisans and their family members.

Phosphorus (particularly white and red phosphorus) has been historically used in the match industry. White phosphorus was used in early 'strike-anywhere' matches, but it was highly toxic and dangerous due to its tendency to ignite spontaneously. Modern safety matches use red phosphorus on the striking surface, which is safer. While phosphorus is crucial in fertilizers, detergents, food additives, and metallurgy, the match industry is a classic textbook application taught in schools.

Correct Answer: Manufacturing chairs at subsidised rate

India's cold drink industry is an oligopoly - dominated by a few major players (Coca-Cola, PepsiCo) with significant market power and barriers to entry. It is not perfectly competitive (few firms, not many), not a monopoly (more than one firm), and not monopolistically competitive (high brand differentiation, significant barriers).

Economic activities involve production of goods and services for sale in the market with profit motive. A son looking after his ailing mother is a non-economic activity done out of love and affection, without any monetary consideration. The other options (chartered accountant practicing, soldier serving, farmer growing crops) all involve market-oriented production or services with economic value.

The tertiary sector (services) contributes the largest share to India's national income, accounting for over 50% of GDP. This includes sectors like IT, banking, insurance, trade, transport, communications, and various public services. The primary sector (agriculture) employs the most people but contributes less to national income in value terms.

Medical facilities rendered by a charitable dispensary is an economic activity because it involves provision of services to beneficiaries, even if charges are minimal or waived. It contributes to production and has economic value. Teaching one's own nephew at home, household duties by a housewife, and watching TV are non-economic activities done for personal consumption without market transaction.

The household sector contributes the most to Gross Domestic Savings in India, typically accounting for over 60-70% of total savings. This includes savings by households in the form of bank deposits, life insurance, provident funds, and other financial assets, reflecting the high savings propensity of Indian households.

The Cotton Industry in India is the most labor-oriented among the given options. It employs millions of workers, especially in manual picking, ginning, and processing. Cotton has high labor intensity in both cultivation and processing stages, making it more labor-dependent than industries like iron and steel, jute, or cement which are more capital-intensive.

The tertiary sector consists of service-oriented activities. Transport and trade are services, thus part of the tertiary sector. Electricity generation is a secondary sector activity (industrial/production), not tertiary.

Option (2) is the correct answer. 

National income includes the contribution of three sectors of the economy:

Arcelor is a multinational steel manufacturing corporation that was formed in 2002 through the merger of Aceralia (Spain), Usinor (France), and Arbed (Luxembourg). It was the world's largest steel producer before merging with Mittal Steel in 2006 to form ArcelorMittal, which remains the dominant player in the global steel industry.

Correct choice. FDI inflows into the Service sector declined by 47.5 percent to 1.19 billion US dollars during the April-August 2013 period