Explore topic-wise InterviewSolutions in Current Affairs.

The major achievements of WTO are as follows 

1. Use of restrictive measures for BoP problems has declined markedly; 

2. Services trade has been brought into the multilateral system and many countries, as in goods, are opening their markets for trade and investment; 

3. The trade policy review mechanism has created a process of continuous monitoring of trade policy developments.

(a) Similarities

(c) Geographical classification 

(b) Class boundaries

c) Objective of investment in new agricultural avenues (non-farm activities) increases financial risks for the rural population.

Economy is the Country’s Social, Political and Economic Organ’s afterend Structure, wherein Performing Economic Activities in a Legal Way.

(b) Continuous 

The ASEAN Declaration states the aims and purposes of the Association as:

1. To accelerate the economic growth, social progress and cultural development in the region; 

2. To promote regional peace and stability and adherence to the principles of the United Nations Charter; 

3. To promote cooperation among the members of ASEAN through the exchange of knowledge and experience in the field of public sector auditing. 

4. To provide a conducive environment and facilities for research, training, and education among the members 

5. To serve as a centre of information and as an ASEAN link with other international organizations.

(c) Class limits

(d) Both (b) and (c)

The two modes of collecting data are personal interview and mailing questionnaires.

Total Expenses, Incurred by a Firm in Producing a Commodity, Service and Output.

c) Assertion (A) is true but Reason (R) is false.

People work to get some earning for a living. 

When the data is classified on the basis of certain characteristics like height, age, income etc., it is called as quantitative classification of data.

Answer is (c) C-iii 

The Creation of Utility is called Production. 

Consumer awareness refers to awareness about the rights of consumers. 

There are three types of measures of central tendency viz., mean, median and mode.

Market refers to that Complete Area in which there is a Close Contact (Personal or By any Means of Communication, such as Phone ,Telex ,Fax, e-mail, etc.) . 

The World Trade Organisation was founded in 1995 as the successor organization to the General Agreement on Trade and Tariff which was established in 1948.

The main objectives of WTO are as follows:

• To establish a rule based trading system in which nations cannot place arbitrary restrictions on trade. 
• To enlarge production and trade of services. 
• To ensure optimum utilisation of world resources. 
• To protect the environment.

The various WTO agreements cover trade in goods and services to facilitate international trade i.e., both bilateral and multilateral, through removal of tariff and non-tariff barriers and providing greater market access to all the member countries.

India, being a founder member, has been in the main frame in framing fair global rules, regulations and safeguards and advocating the interests of the developing world. India has kept its commitments towards liberalization of trade, made in the WTO, by removing quantitative restrictions on imports and reducing tariff rates.

But, some economists argue that the usefulness of WTO to India is not much when compared to developed countries. The major portions of benefits are enjoyed by the rich countries. They also say that while developed countries file complaints over agricultural subsidies given in their countries, developing countries feel cheated as they are forced to open up their markets for developed countries but are not allowed to access the markets of developed countries, which is totally unfair to Indian producers.

d) Andhra Pradesh, Rajasthan, West Bengal and Tamil Nadu

The correlation is said be negative the variables move in opposite directions.

Example:

• When the price of tomato increases, the demand for tomato decreases. 
• More is the time spent for studies, less are the chances of failure.

Standard deviation is the positive square root of the mean of squared deviations from mean.

In classification of data, summarizing the raw data, making it concise and comprehensible, does not show the details that are found in a raw data. There is a loss of information in classifying raw data though much is gained by summarizing it as a classified data. Once the data are grouped into classes, an individual observation has no significance in further statistical calculations. This is known as loss of information in classified data.

For example, suppose class 100-200 contains 6 values viz., 120,150,160,140,180, 190. When such data is grouped as a class 100-200, then individual values have no significance and only frequency i.e., 6 is recorded and not their actual values. All values in this class are assumed to be equal to the middle value of the class-interval or class mark. Statistical calculations are based only on the values of class mark instead of the actual values. As a result, it leads to considerable loss of information.

A System wherein, Goods are Exchanged for Goods.

The states where poverty level is far above the national poverty level are:

Odisha, Madhya Pradesh, Bihar and Uttar Pradesh.

1-5 

2-1 

3-2 

4-3 

5-4 

Sampling error refers to the differences between the sample estimate and the actual value of a characteristic of the population. It is the error that occurs when you make an observation from the samples taken from the population.

Thus, the difference between the actual value of a parameter of the population and its estimate is the sampling error. It is possible to reduce the magnitude of sampling error by taking a larger sample.

For example, suppose the height of 5 students (in inches) are 50, 55, 60, 65, 70. Now, the average height will be calculated by adding all these observations and dividing the sum by 5 . then we get 60 inches. If we select a sample of two students with height of 50 and 60 inches, then average height of sample will be 50 + 60 divided by 2, we get 55 inches. Here the sampling error of the estimate will be 60 (true value) minus 55 (estimate) = 5.

The Total Amount of Income Acquiring to a Country from the Economic Activities (Including Foreign Incomes for Net Sources) in a year’s time is known as National Income.

The factors which contribute to human capital formation are as follows:

• Expenditure on education 
• Expenditure on health 
• Expenditure on training 
• Expenditure on information 
• Migration

1. Equity: Direct taxes are progressive i.e. rate of tax varies according to tax base. 

For example, income tax satisfies the canon of equity. 

2. Certainity: Canon of certainty can be ensured by direct taxes. For example, an income tax payer knows when and at what rate he has to pay income tax.

Forest are Natural resources.

(d) Open-end classes

The kinds of unemployment are as follows:

1. Open unemployment 

2. Disguised unemployment 

3. Seasonal unemployment 

4. Underemployment 

5. Technical unemployment 

6. Frictional unemployment

The four biotic factors of environment are birds, animals, plants, forests.

In a Democratic System, the Government presents the Budget before the “Legislature.

Economic Planning is “collective control or suppression of private activities of production and exchange”. – Robbins “Economic Planning in the widest sense is the deliberate direction by persons in-charge of large resources of economic activity towards chosen ends”. – Dalton

Personal interview method.

The components of Indian systems of medicine (AYUSH) are as follows: 

• Ayurveda 
• Yoga 
• Unani 
• Siddha 
• Naturopathy 
• Homeopathy

Budget Deficit refers to a Situation when Budget Expenditures of the Government are Greater than the Budget Receipts.

Two Assumptions of Economic Analysis are : 

• Other Things Remains the Same. 
• Rationality of the Economic Unit.  

Correct option is B) Australian

Difficulties in Measuring National Income: In India, a special conceptual problem is posed by the existence of a large, unorganised and non-monetised subsistence sector where the barter system still prevails for transacting goods and services. Here, a proper valuation of output is very difficult.

Transfer payments: 

1. Government makes payments in the form of pensions, unemployment allowance, subsidies, etc. These are government expenditure. 

2. But they are not included in the national income. 

3. Because they are paid without adding anything to the production processes. 

4. During a year, Interest on national debt is also considered transfer payments because it is paid by the government to individuals and firms on their past savings without any productive work.

Difficulties in assessing depreciation allowance:

1. The deduction of depreciation allowances, accidental damages, repair and replacement charges from the national income is not an easy task. 

2. It requires high degree of judgment to assess the depreciation allowance and other charges.

Unpaid services:

1. A housewife renders a number of useful services like preparation of meals, serving, tailoring, mending, washing, cleaning, bringing up children, etc. 

2. She is not paid for them and her services are not directly included in national income.

Income from illegal activities:

1. Income earned through illegal activities like gambling, smuggling, illicit extraction of . liquor, etc., is not included in national income. 

2. Such activities have value and satisfy the wants of the people but they are not considered as productive from the point of view of society.

Production for self-consumption and changing price:

1. Farmers keep a large portion of food and other goods produced on the farm for self consumption. 

2. The problem is whether that part of the produce which is not sold in the market can be included in national income or not.

Capital Gains:

1. The problem also arises with regard to capital gains. 

2. Capital gains arise when a capital asset such as a house, other property, stocks or shares, etc. is sold at higher price than was paid for it at the time of purchase. 

3. Capital gains are excluded from national income.

Statistical problems:

1. There are statistical problems, too. Great care is required to avoid double counting. Statistical data may not be perfectly reliable, when they are compiled from numerous sources. 

2. Skill and efficiency of the statistical staff and cooperation of people at large are also equally important in estimating national income.

Inclusive method. 

B. Net Annual cash flows 

Indian system of medicine includes Six systems.

Aggregate Demand is the Total Demand of all Final Goods and Services by all the Consumers of the Economy at given Price Level.

Aggregate Demand (A.D.) = C + I + G + N.E.

Here C = Private Consumption

I = Private Investment

G = Government Expenditure

N.E. = Net Exports

Forest is Natural resource.