What was the comparative advantage theory of David Ricacrdo?
- When a country can produce a good or service at a lower opportunity cost than another country.
- Pursuit of self-interest, division of labor, and freedom of trade.
- A theory of free-market capitalism directly opposed to government intervention.
- A theory centers on entrepreneurship, knowledge, innovation and technological advancement.
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Comparative advantage is an economy's ability to produce a particular good or service at a lower opportunity cost than its trading partners.
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.
Is the Constitution of India flexible or rigid?
- Rigid
- Flexible
- Both (a) and (b)
- None
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Indian Constitution is both a flexible and rigid form of constitution because in some cases it requires a simple majority of people for passing an amendment and in some cases, it requires the majority of people to pass the amendment.
Name of the first Governor-General of Bengal.
- Warren Hastings
- Lord Dalhousie
- WIlliam Bentick
- Lord Cornwallis
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The first Governor-General of Bengal was Warren Hastings, the head of the Supreme Council of Bengal.
What is the pulsating theory of the universe?
- A cosmological model that combines both the Big Bang and the Big Crunch as part of a cyclical event
- An expansion and contraction of the star as a whole in a regular periodic pulsation
- All the matter of the universe was present in a single place in the form of hot and dense fireball
- Counting of the galaxies is constant and new galaxies which are forming continuously are filling the empty spaces
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Sir J.C. Bose proposed a theory of the ascent of sap known as the pulsation theory. The Pulsating Universe Theory says that the universe follows self-sustaining cycles such as expanding and contrasting.
