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.
Constitution day of India is celebrated on
- 26th November 1949
- 26th November 1948
- 26th January 1950
- 26th November 1946
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The Constitution of India was adopted by the Constituent Assembly on 26th November 1949 and came into force on 26th January, 1950.
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.
Which article if the Indian Constitution abolishes untouchability?
- Article 30
- Article 17
- Article 19
- Article 21
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Abolition of Untouchability. To make an untouchability law further strong, parliament passed an Untouchability Offenses Act in 1955. However, this act was further amended and also renamed in the year of 1976 as Protection of the Civil Rights Act, 1955.
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.
