IRDP was introduced during the

• Third Five Year Plan

• Sixth Five Year Plan

• Fifth Five Year Plan

• Fourth Five Year Plan

Who has called the Prime Minister primus inter pares (first among equals)?

• Morely

• Harcourt

• Laski

• Lowell

The market in which loans of money can be obtained is called

• Reserve market

• Institutional market

• Money market

• Exchange market

In short run, if a competitive firm incurs losses, it will

• stop production

• continue to produce as long as it can cover its variable costs

• raise price of its product

• go for advertising campaign

Average propensity to consume is defined as

• Aggregate consumption ÷  Total population

• Aggregate income ÷ Aggregate consumption

• Change in consumption ÷  Change in income

• Aggregate consumption ÷ Aggregate income

Which one of the following is not a qualitative control of credit by the Central Bank of a country?

• Rationing of credit

• Regulation of consumer credit

• Variation of the reserve ratio

• Regulation of margin requirements

The Keynesian consumption function shows a relation between

• aggregate consumption and total population

• aggregate consumption and general price level

• aggregate consumption and aggregate income

• aggregate consumption and interest rate

Prof. Milton Friedman was the leader of

• Ohio school

• Chicago school

• Cambridge school

• London school

Average propensity to consume is defined as

• Aggregate consumption  ÷   Total population

• Aggregate income ÷ Aggregate consumption

• Change in consumption ÷ Change in income

• Aggregate consumption ÷ Aggregate income

The labour which creates value and gets rewarded for its services is called

• both skilled and unskilled labour

• average labour

• productive labour

• unproductive labour