Economics (Part-vi) (Railway)

Fiscal deficit refers to the excess of government expenditures over its receipts exclusive of borrowing.

• Thus, fiscal deficit points to borrowing requirements of the government to cope with its expenditure of the year.

The Aatmanirbhar Bharat ARISE-ANIC program is a national initiative to promote research & innovation and increase competitiveness of Indian startups and MSMEs.

• The objective of Aatmanirbhar Bharat ARISE-ANIC program is to proactively collaborate with esteemed Ministries and the associated industries to catalyse research, innovation and facilitate innovative solutions to sectoral problems.

The system of ad hoc treasury bills to finance the budget deficit will be discontinued with effect from April 1. 1997.

• A scheme of ways and means advances (WMA) by the RBI to the Central government was introduced to accommodate temporary mismatches in the government's receipts and payments.

Real wage rate is equal to the Marginal Productivity of Labour

• The marginal productivity theory of wage states that the price of labour, i.e., wage rate, Is determined according to the marginal product of labour.

• Real wage rate is equal to the Marginal Productivity of Labour.

• The marginal product of labor shows how much output changes as an additional unit of labor is employed.

• The real wage shows how much an employer's variable costs change when an additional unit of labor is employed.

Prasanta Chandra Mahalanobis was an Indian scientist and statistician who founded the Indian Statistical Institute in 1931 and contributed to the design of largescale sample surveys.

• For his contributions, Mahalanobis has been considered the father of modern statisties in India.

• He was one of the members of the first Planning Commission of free India.

Punjab CM Bhagwat Mannla began the 'Ghar Ghar Ration Yojna' on 28 March 2022.

• The scheme aims to provide for home delivery of foodgrains to beneficiaries.

• Under the scheme, the state government will give 5 kg wheat to every individual beneficiary per month at Rs 2 per kg.

The law of variable proportions states that as the quantity of one factor is increased. keeping the other factors fixed, the marginal product of that factor will eventually decline.

• This means that upto the use of a certain amount of variable factor, margirial product of the factor may increase and after a certain stage it starts diminishing.

• When the variable factor becomes relatively abundant. the marginal product may become negative.

Implicit cost is the imputed or estimated value of Inputs supplied by the owner of the firm himself.

• The cost incurred on the selfowned factors of production is an implicit cost because it represents the opportunity cost of using these factors in the production process.

• These are cost of self-supplied factors of production, which are generally not recorded in firm's account book.

Ministry of Minority Affairs implements Qaumi Waqf Board Taraqqiati Scheme (QWBTS) for better administration of Waqf properties and to safeguard and prevent encroachment of Waqf properties.

• Under QWBTS financial assistance is provided to SWBs towards computerization & digitization of records of Waqf properties, GIS Mapping of Waqf properties, maintenance of Centralized Computing Facility (CCF). etc.

output produced by the firm

• The production function brings the relationship between inputs and outputs of a firm.

• The production function is measured based on the quantity of output produced with the input given.

• If the input utilized is more and the export produced is less, then the production function will be negative and vice versa.