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.
In which of these constellations does the current Pole Star, Polaris, lie?
- Ursa Minor
- Orion
- Ursa Major
- Corona Borealis
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Ursa Minor, or the 'Little Bear', is a relatively conspicuous constellation, visible from the latitudes 90 degrees North to 10 degrees South. It is 'circum-polar', i.e. always visible in the sky, above 20 degrees North latitude.
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.
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.
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.
