Name the economist who gave the theory of “Comparative Advantage.”
Adam Smith David Ricardo Thomas Robert Malthus Amartya Sen
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David Ricardo was a classical economist best known for his theory on wages and profit, the labor theory of value, the theory of comparative advantage, and the theory of rents.
Why does a star produce its own light and heat?
Nuclear fission Nuclear fusion Chemical reaction None
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Stars are huge celestial bodies made mostly of hydrogen and helium. Heat and light energy produced by the stars are due to the fusion reaction of hydrogen atoms.
________ implies that sustainable development should take a holistic approach towards notions of progress and give equal importance to non-economic aspects of wellbeing.
National Happiness Index Psychological Wellbeing Index Living Standards Index Community Vitality Index
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Gross National Happiness (GNH), sometimes called Gross Domestic Happiness (GDH), it provides a way for the country to understand and enact progress based on the society's value of happiness.
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 migration of health personnel in search of a better standard of living and quality of life, higher salaries, access to advanced technology, and more stable political conditions in different places worldwide.
Immigration Emigration Brain Drain Mass Exodus
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“Brain drain” is a term used to describe the large-scale migration of skilled human capital that causes a country to lose its innovative capabilities and limits its economic growth.
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