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.
Which theory explains the origin of the universe?
- Geocentric Model
- Heliocentricity
- Big Bang Theory
- Pulsating Theory
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The Big Bang was 13.8 billion years ago when the universe began as a tiny, dense, fireball that exploded.
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.
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.
Which article of the Indian Constitution describes it as rigid and flexible?
- Article 332
- Article 368
- Article 300
- Article 312
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Article 368 of the Indian Constitution provides for two types of amendments.
1. By a special majority of Parliament.
2. By a special majority of the Parliament with the ratification by half of the total states.
