Question
What do you mean by inflation?
Solution
Inflation means continuous increase in prices.
What do you mean by inflation?
Inflation means continuous increase in prices.
Name the deficits of 1980 which compelled the government to announce new economic policy.
(i) Fiscal deficit, (ii) Revenue deficit and (iii) Deficit of current account of balance of payment.
What do you mean by fiscal deficit? What was main cause of increasing fiscal deficit?
Fiscal deficit means difference between total expenditure of government and total receipts (excluding borrowings) of government. It is equal to total loan taken by government.
Main cause of increasing fiscal deficit was heavy increase in non-development expenditure.
Differentiate between Multilateral trade agreements and Bilateral trade agreements.
Multilateral trade agreement involves more than two countries, whereas bilateral trade agreement involves only two countries.
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