Economics Important Questions and Answers for preparing all PSC Examination
1. Economy is divided into three sectors.
(i) Primary sector, eg. Agriculture
(ii) Secondary sector, eg. Industry
(iii) Tertiary sector, eg. Banking, insurance etc
2. Adam Smith if the father of modern economics
3. J B Clark introduced the marginal productivity theory of distribution
4. Big growth in all the three sectors of economy, high levels of national income and per capital income, absence of social problems like population exploitation, unemployment, literacy etc are the achievements of developed countries.
5. England is the birth place of co-operative movement and Robert Owen is the father of co-operation.
6. Co-operative week is being celebrated (in India) from 14th November.
7. Central Statistical Organization (CSO) of India was founded by Pro. Mahalanobis.
8. GDP (Gross Domestic Product) is the money value of final goods and services produced in the domestic territory of a country during an accounting year.
9. Rupee is the monetary unit of India, the symbol indicating rupee is designed by – D. Udayakumar
10. Finance is the backbone of all economic activities and trade is the life blood of commerce.