Indian Economy Questions

A graph that describes the maximum amount of one good that can be produced for every possible level of production of the other good is nothing but a production possibilities curve.

Airtel Payments Bank is the first payment bank in India. A payments bank is a new category of banks conceptualized by the Reserve Bank of India, which operates at a smaller scale than an actual bank and doesn't involve any credit risk. It can carry out most banking operations but can't advance loans or issue credit cards.

The RBI as of date has given licences to 11 payments bank of which six are currently operational. These include

1. Aditya Birla Payments Bank,
2. Airtel Payments Bank,
3. India Post Payments Bank,
4. Fino Payments Bank,
5. Jio Payments Bank (and)
6. Paytm Payments Bank.

GDP tends to overstate economic well-being because it takes into account social costs related to the consumption of products with adverse health effects

Economics is the study of how society manages its scarce resources i.e, Limited wants & unlimited resources.

A credit card's interest rate is the price you pay for borrowing money. For credit cards, the interest rates are typically stated as a yearly rate. This is called the annual percentage rate (APR). On most cards, you can avoid paying interest on purchases if you pay your balance in full each month by the due date.

Your APR is expressed in terms of a year, but credit card companies use it to calculate charges over your monthly statement period.

The India's commerce and industry ministry has started the exercise to revise base year to 2017-18 for computation of wholesale inflation with a view to present more realistic picture of the price situation

In May last year, the government revised the base year for WPI-based inflation to 2011-12 to give a better indication of changes in prices of commodities.

The new index, with 2017-18, is expected to have new items, which would provide a more realistic picture of price rise and its impact on people.

Most of the additions could be in the manufactured products category. Currently, the index has a total of 697 items, including primary articles, fuel and power and manufactured products.