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General knowledge (Economics)

  • Who won Nobel prize for economics in 2018 ? 
William D Nordhus & Paul M Romer (USA).
They got nobel prize for the analysis of microeconomics in long term with climate change.

  • The father of modern economics is Adam Smith.
He define economics first time in 1776 ,in his book named as “an enquiry into the nature and causes of wealth of nation”.

  • In 1890 marshall has defined economics in his book named as “principle of economics”.
“Economics is the study of the activities for the economic development of any product
With the perfection of consumption, production, exchange & distribution”

POLICY

    In our country there are two types of policies

    Monetary policy -Deals with supply of money,cost and availability of credit.

    Fiscal policy - Is related with government expenditure and revenue.

  • Monetary policy is made by reserve bank of india. 
  • Current governor of R.B.I is Urjit R.Patel, he is the 24th governor of R.B.I. 
  • The rate at which R.B.I lends money to commercial bank is known as Repo Rate . 
  • The rate at which commercial bank lends money to R.B.I is known as Reverse Repo Rate .     


MONETARY POLICY
    


REPO RATE
6.50%
REVERSE REPO RATE
6.25%
STATUTORY LIQUIDITY RATIO
19.5%
CASH RESERVE RATIO
4%


  • The money which commercial bank keeps to R.B.I is called Cash Reserve Ratio. 
  • The money which commercial bank keeps with him is called Statutory Liquidity Ratio.

FISCAL POLICY

Fiscal policy is made by the government of india.
  • Its objective is to maintain the expenditure and revenue in form of budget.
  • Budget is made by the finance minister of our country.
  • The current finance minister of our country is Arun Jaitley. 
  
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