Economic growth refers to

• prevention of concentration of wealth

• continuous growth of national income for atleast two years

• continuous growth of per capita real income over a period of time in an economy.

• continuous growth of per capita real income over a period of time in an economy.

Which of the following statements is incorrect?

• The central problem of an economy is the problem of allocation of resources

• Economy faces the problem of utilization of resources

• Economy faces the problem of growth of resources

• Economy faces the problem of growth of resources

In the case of direct taxes, the payment liability and the ultimate burden of the tax lies upon

• the person on whom it has been imposed

• the person on whom it has not been imposed

• the tax department who collects the taxes

• the tax department who collects the taxes

Interest paid to a bank for a crop loan is 

• a transfer payment

• a factor payment

• capital formation

• capital formation

If only a part of the labour force employed by a firm can be dismissed at anytime and without pay, the total wages and salaries paid by the firm must be considered.

•  a variable cost

• a fixed cost

• partly a fixed cost and partly a variable cost

• partly a fixed cost and partly a variable cost

Members of the Union Public Service Commission are appointed by the

• President

• Prime minister

• Chief Justice

• Chief Justice

Who said - A state is known by the rights that it maintains?

• Laski

• Maclver

• J S Mill

• J S Mill

Which of the following systems is based on the principle of surplus value?

• Capitalism

• Individualism

• Idealism

• Idealism

Which of the following provides Representative Government?

• Indirect Democracy

• Direct Democracy

• Democracy

• Democracy

What is the main duty of the Legislature?

• Enacting laws

• Implementing judicial matters

• Implementing laws

• Implementing laws