Indian Economy Questions

Government imposes taxes to run the machinery of the state. Taxes serve as the main source of income for the government revenue.

The multiplier effect means that "An effect in economics in which an increase in spending produces an increase in national income and consumption greater than the initial amount spent."

Missing a credit card payment can increase your credit card's APR.

APR means Annual Percentage Rate.

Opportunity cost is the cost of other alternative choices for making your interested choice of work. Oppurtunity cost is also called as alternative cost.

For example on a holiday, you have two choices to do, either you can go to movie or a function. And if you chose to go to moavie, the oppurtunity cost of going to movie is the value that would have gotten if you had gone to function.

The law of increasing opportunity costs states that as you increase production of one good, the opportunity cost to produce an additional good will increase.

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.

A negative supply shock in the sho rt run causes the aggregate supply curve to shift to the left.

Most electric, gas, and water companies are examples of natural monopolies. Utilities like water, electricity and gas are essential services that play a vital role in economic and social development.