What type of economy is followed in India?
Traditional Economy: Economic system based on goods, services, and work, all of which follow certain established trends. Command Economy: A dominant centralized authority – usually the government – that controls a significant portion of the economic structure. Market Economy: Economic system based on the concept of free markets. Mixed Economy: Economic system that combine the characteristics of the market and command economic systems.
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A mixed economic system is a system that combines aspects of both capitalism and socialism. This means that some industries are controlled by private businesses and individuals, while other industries are controlled by the government.
Who has the power to create new states?
Parliament of India Chief Justice of India Governor State legislatures
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Article 3 assigns to Parliament the power to enact legislation for the formation of new States. Parliament may create new States in a number of ways, namely by (i) separating the territory from any State, (ii) uniting two or more States, (iii) uniting parts of States, and (iv) uniting any territory to a part of any State.
Who is considered as the father of economics?
Alfred Marshall Adam Smith David Ricardo Esther Duflo
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Adam Smith was an 18th-century Scottish philosopher. He is considered the father of modern economics. He published “The Wealth of Nations” in 1776.
For how many years the charter gave the company a monopoly to trade with the east and west coasts of India?
10 Years 20 Years 15 Years Indefinite Years
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For an initial 15 years, the charter granted the company a monopoly on trade with India's east and west coasts.
What does republic mean in the Indian Constitution?
India is a Union of States The head of state is elected by people People have final authority in all the matters India has parliamentary system of government
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'Republic' is a State in which supreme power is held by the people and their elected representatives. It has an elected head of state rather than a monarch.
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