Indian Economy Questions

GDP full form is Gross domestic product.

It is a measurement of a nation’s overall economic activity. 

GDP is the monetary value of all the finished goods and services produced within a country's borders in a specific time period.

A bank run occurs when a large number of people withdraw their money from a bank, because they believe the bank may cease to function soon.

A banking panic or bank panic is a financial crisis that occurs when many banks suffer runs at the same time, as people suddenly try to convert their threatened deposits into cash or try to get out of their domestic banking system altogether.

According to the Survey, inflation in the country continued to moderate during 2017-18 with the CPI based headline inflation averaging 3.3 per cent during the period --the lowest in the last six financial years

Retail inflation fell to a record low of 2.18% in May as prices of kitchen staples like vegetables and pulses declined sharply although there was a marginal spike in fruit rates.

Monopolistic competition is a type of imperfect competition such that many producers sell products that are differentiated from one another (e.g. by branding or quality) and hence are not perfect substitutes.

In other words, large sellers selling the products that are similar, but not identical and compete with each other on other factors besides price.