Chapter 1: Introduction to Micro & Macro Economics
Question 01
Microeconomics : Slicing Method :: Macroeconomics : ________________
सूक्ष्म अर्थशास्त्र : विभाजन पद्धत :: स्थूल अर्थशास्त्र : ________________
Completed Statement: Microeconomics : Slicing Method :: Macroeconomics : Lumping Method / राशी पद्धत (एकत्रीकरण पद्धत)
Logical Link: Microeconomics splits the entire economy into individual units to study them in detail (Slicing Method), whereas Macroeconomics aggregates individual units to study the economy as a whole (Lumping Method).
Chapter 1: Introduction to Micro & Macro Economics
Question 02
General Equilibrium : Macroeconomics :: ________________ : Microeconomics
सर्वसाधारण समतोल : स्थूल अर्थशास्त्र :: ________________ : सूक्ष्म अर्थशास्त्र
Completed Statement: General Equilibrium : Macroeconomics :: Partial Equilibrium / अंशतः समतोल : Microeconomics
Logical Link: Macroeconomics analyzes the general equilibrium of the entire system including interdependences, while Microeconomics isolates individual units and assumes other variables to be constant, making it a study of partial equilibrium.
Chapter 1: Introduction to Micro & Macro Economics
Question 03
Adam Smith : Wealth of Nations :: Lord J. M. Keynes : ________________
ॲडम स्मिथ : राष्ट्राची संपत्ती (Wealth of Nations) :: लॉर्ड जे. एम. केन्स : ________________
Completed Statement: Adam Smith : Wealth of Nations :: Lord J. M. Keynes : General Theory of Employment, Interest and Money / रोजगार, व्याज आणि पैशाचा सर्वसाधारण सिद्धांत
Logical Link: Adam Smith laid the foundation of classical economics with his book ‘Wealth of Nations’ (1776), while Lord Keynes revolutionized modern macroeconomics with his path-breaking book published in 1936.
Chapter 2: Utility Analysis
Question 04
Utility : Want-satisfying power of a commodity :: Usefulness : ________________
उपयोगिता : वस्तूच्या अंगी असणारी मानवी गरज भागविण्याची क्षमता :: उपयुक्तता : ________________
Completed Statement: Utility : Want-satisfying power of a commodity :: Usefulness : Value in use of a commodity / वस्तूचे मानवी कल्याण साधण्याचे मूल्य (उपभोग्य मूल्य)
Logical Link: Utility is a subjective concept indicating the capacity to satisfy a want, whereas usefulness is an objective concept representing the actual benefit or welfare derived from that commodity.
Chapter 2: Utility Analysis
Question 05
Services of a Doctor : Service Utility :: Wooden chair from a log of wood : ________________
डॉक्टरांची सेवा : सेवा उपयोगिता :: लाकडाच्या ओंडक्यापासून लाकडी खुर्ची बनवणे : ________________
Completed Statement: Services of a Doctor : Service Utility :: Wooden chair from a log of wood : Form Utility / रूप उपयोगिता
Logical Link: Services of a doctor represent utility created by providing individual professional skills (Service Utility), whereas making a chair out of wood represents utility created by changing the shape or structure of an existing material (Form Utility).
Chapter 2: Utility Analysis
Question 06
Woollen clothes in winter : Time Utility :: Sand transported from a riverbank to a construction site : ________________
हिवाळ्यात लोकरीचे कपडे : काल उपयोगिता :: नदीच्या पात्रातून बांधकाम क्षेत्रापर्यंत वाळू आणणे : ________________
Completed Statement: Woollen clothes in winter : Time Utility :: Sand transported from a riverbank to a construction site : Place Utility / स्थल उपयोगिता
Logical Link: Time utility refers to changes in utility due to variations in time/seasons, whereas place utility occurs when utility increases by transferring a commodity from its origin to where it is more urgently needed.
Chapter 2: Utility Analysis
Question 07
Total Utility : Sum of marginal utilities :: Marginal Utility : ________________
एकूण उपयोगिता : सीमांत उपयोगितांची बेरीज :: सीमांत उपयोगिता : ________________
Completed Statement: Total Utility : Sum of marginal utilities :: Marginal Utility : Utility derived from the consumption of the last unit / शेवटच्या नगाच्या उपभोगापासून मिळणारी भर
Logical Link: Total Utility is the cumulative sum of utility derived from all units consumed, while Marginal Utility measures the incremental utility added by consuming one additional unit of a commodity.
Chapter 3A: Demand Analysis
Question 08
Individual Demand : Single Consumer :: Market Demand : ________________
वैयक्तिक मागणी : एक ग्राहक :: बाजार मागणी : ________________
Completed Statement: Individual Demand : Single Consumer :: Market Demand : All consumers in the market / बाजारातील सर्व ग्राहक
Logical Link: Individual demand refers to the quantity demanded by a single consumer at various prices, whereas market demand is the sum total of quantities demanded by all consumers in the market at a given point in time.
Chapter 3A: Demand Analysis
Question 09
Direct Demand : Consumer Goods :: Indirect Demand : ________________
प्रत्यक्ष मागणी : उपभोग्य वस्तू :: अप्रत्यक्ष मागणी : ________________
Completed Statement: Direct Demand : Consumer Goods :: Indirect Demand : Factors of Production / Producer Goods / उत्पादनाची साधने / उत्पादक वस्तू
Logical Link: Consumer goods have direct demand because they satisfy human wants immediately, whereas factors of production (like labor or machinery) have indirect (derived) demand because they are needed to produce final consumer goods.
Chapter 3A: Demand Analysis
Question 10
Tea and Coffee : Substitutes :: Car and Fuel : ________________
चहा आणि कॉफी : पर्यायी वस्तू :: कार आणि इंधन : ________________
Completed Statement: Tea and Coffee : Substitutes :: Car and Fuel : Complementary Goods (Joint Demand) / पूरक वस्तू (संयुक्त मागणी)
Logical Link: Tea and coffee can be used in place of each other (substitutes), while a car and fuel must be consumed together to satisfy a single want, rendering them complementary goods (joint demand).
Chapter 3A: Demand Analysis
Question 11
Downward sloping demand curve : Normal goods :: Upward sloping demand curve : ________________
खाली जाणारा मागणी वक्र : सामान्य वस्तू :: वर जाणारा मागणी वक्र : ________________
Completed Statement: Downward sloping demand curve : Normal goods :: Upward sloping demand curve : Giffen Goods (or Inferior Goods) / गिफेन वस्तू (हीन दर्जाच्या वस्तू)
Logical Link: The demand curve slopes downwards for normal goods due to the inverse relationship between price and demand, but it slopes upwards for Giffen/inferior goods because of the direct relationship established under the Giffen paradox.
Chapter 3B: Elasticity of Demand
Question 12
Perfecty Elastic Demand : Horizontal demand curve :: Perfectly Inelastic Demand : ________________
संपूर्ण लवचिक मागणी : क्षितिज समांतर मागणी वक्र :: संपूर्ण अलवचिक मागणी : ________________
Completed Statement: Perfecty Elastic Demand : Horizontal demand curve :: Perfectly Inelastic Demand : Vertical demand curve parallel to Y-axis / य-अक्षाला समांतर असणारा उभा मागणी वक्र
Logical Link: When price changes cause infinite demand changes, the curve is a horizontal line (perfectly elastic), but when price changes cause zero demand changes, the curve is a vertical line (perfectly inelastic).
Chapter 3B: Elasticity of Demand
Question 13
Ed = ∞ : Perfectly Elastic Demand :: Ed = 0 : ________________
Ed = ∞ : संपूर्ण लवचिक मागणी :: Ed = 0 : ________________
Completed Statement: Ed = ∞ : Perfectly Elastic Demand :: Ed = 0 : Perfectly Inelastic Demand / संपूर्ण अलवचिक मागणी
Logical Link: Ed = ∞ denotes infinite responsiveness of demand to a slight price change, whereas Ed = 0 denotes that changes in price produce absolutely no change in the quantity demanded.
Chapter 3B: Elasticity of Demand
Question 14
Luxuries : Elastic Demand :: Medicines (Necessities) : ________________
चैनीच्या वस्तू : लवचिक मागणी :: औषधे (जीवनावश्यक वस्तू) : ________________
Completed Statement: Luxuries : Elastic Demand :: Medicines (Necessities) : Inelastic Demand / अलवचिक मागणी
Logical Link: Luxuries have highly elastic demand because consumers can postpone their consumption when prices rise, whereas life-saving medicines are indispensable, meaning their demand remains inelastic.
Chapter 3B: Elasticity of Demand
Question 15
Ratio Method : Dr. Alfred Marshall :: Point Method : ________________
गुणोत्तर पद्धत : डॉ. अल्फ्रेड मार्शल :: बिंदू पद्धत : ________________
Completed Statement: Ratio Method : Dr. Alfred Marshall :: Point Method : Dr. Alfred Marshall (or Geometric Method) / डॉ. अल्फ्रेड मार्शल (भूमितीय पद्धत)
Logical Link: Dr. Alfred Marshall formulated both the Ratio (Percentage) method and the Point (Geometric) method to measure the price elasticity of demand under different pricing conditions.
Chapter 4: Supply Analysis
Question 16
Expansion of Supply : Rise in Price :: Contraction of Supply : ________________
पुरवठ्याचा विस्तार : किंमत वाढणे :: पुरवठ्याचा संकोच : ________________
Completed Statement: Expansion of Supply : Rise in Price :: Contraction of Supply : Fall in Price / किंमत कमी होणे (घटणे)
Logical Link: Expansion of supply occurs when a higher quantity is supplied solely due to a rise in price (other factors remaining constant), whereas contraction occurs when a lower quantity is supplied solely due to a fall in price.
Chapter 4: Supply Analysis
Question 17
Increase in Supply : Favourable change in other factors :: Decrease in Supply : ________________
पुरवठ्यातील वाढ : इतर घटकात अनुकूल बदल :: पुरवठ्यातील घट : ________________
Completed Statement: Increase in Supply : Favourable change in other factors :: Decrease in Supply : Unfavourable change in other factors / इतर घटकात प्रतिकूल बदल
Logical Link: An increase in supply refers to more quantity supplied at the same price due to positive external shifts (like technology), whereas a decrease occurs when adverse shifts cause less supply at the same price.
Chapter 4: Supply Analysis
Question 18
Total Revenue : Price × Quantity :: Average Revenue : ________________
एकूण प्राप्ती : किंमत × नगसंख्या :: सरासरी प्राप्ती : ________________
Completed Statement: Total Revenue : Price × Quantity :: Average Revenue : Total Revenue / Total Quantity / एकूण प्राप्ती / एकूण नगसंख्या
Logical Link: Total Revenue is calculated by multiplying price per unit by total units sold, whereas Average Revenue is the revenue per unit, computed by dividing Total Revenue by the total units sold.
Chapter 5: Forms of Market
Question 19
Monopoly : Single Seller :: Oligopoly : ________________
मक्तेदारी : एक विक्रेता :: अल्पाधिकार : ________________
Completed Statement: Monopoly : Single Seller :: Oligopoly : Few Sellers / काही विक्रेते (अल्प विक्रेते)
Logical Link: Monopoly is a market structure characterized by a single firm controlling the entire supply, while oligopoly consists of a few dominant firms competing and colluding in the market.
Chapter 5: Forms of Market
Question 20
Homogeneous Product : Perfect Competition :: Differentiated Product : ________________
एकजिनसी वस्तू : पूर्ण स्पर्धा :: भेदकारक वस्तू : ________________
Completed Statement: Homogeneous Product : Perfect Competition :: Differentiated Product : Monopolistic Competition / मक्तेदारीयुक्त स्पर्धा
Logical Link: In perfect competition, all sellers offer identical (homogeneous) products, whereas in monopolistic competition, products are close substitutes but differentiated by branding, design, or quality.
Chapter 5: Forms of Market
Question 21
Price Maker : Monopoly :: Price Taker : ________________
किंमत कर्ता : मक्तेदारी :: किंमत स्वीकारणारा : ________________
Completed Statement: Price Maker : Monopoly :: Price Taker : Perfect Competition / पूर्ण स्पर्धा
Logical Link: A monopolist has complete market control and sets the price (Price Maker), whereas a firm in perfect competition is small relative to the market and must accept the market-clearing price (Price Taker).
Chapter 6: Index Numbers
Question 22
Base Year Price : P0 :: Current Year Price : ________________
मूळ वर्षातील किंमत : P0 :: चालू वर्षातील किंमत : ________________
Completed Statement: Base Year Price : P0 :: Current Year Price : P1 / P1
Logical Link: In index numbers, the subscript ‘0’ is standard mathematical shorthand for the base reference period, while ‘1’ denotes the current year under comparison.
Chapter 6: Index Numbers
Question 23
Laspeyre’s Index : Base Year Quantities (q0) :: Paasche’s Index : ________________
लासपेअरचा निर्देशांक : मूळ वर्षातील नगसंख्या (q0) :: पाशेचा निर्देशांक : ________________
Completed Statement: Laspeyre’s Index : Base Year Quantities (q0) :: Paasche’s Index : Current Year Quantities (q1) / चालू वर्षातील नगसंख्या (q1)
Logical Link: Laspeyre’s index uses base year quantities (q0) as weights in its calculation, whereas Paasche’s index relies on current year quantities (q1) as weights.
Chapter 6: Index Numbers
Question 24
Single Variable Index Number : Univariate Index :: Multiple Variables Index Number : ________________
एकाच चलाचा निर्देशांक : एकचल निर्देशांक :: अनेक चलांचा निर्देशांक : ________________
Completed Statement: Single Variable Index Number : Univariate Index :: Multiple Variables Index Number : Composite Index / एकत्रित निर्देशांक
Logical Link: A univariate index measures changes in a single item (e.g., price of wheat), while a composite index measures changes in a group of diverse variables (e.g., consumer price index).
Chapter 7: National Income
Question 25
GDP : Gross Domestic Product :: GNP : ________________
GDP : स्थूल देशांतर्गत उत्पादन :: GNP : ________________
Completed Statement: GDP : Gross Domestic Product :: GNP : Gross National Product / स्थूल राष्ट्रीय उत्पादन
Logical Link: GDP measures the total value of goods/services produced within a country’s boundaries, whereas GNP adds net factor income from abroad, measuring domestic and overseas production by national citizens.
Chapter 7: National Income
Question 26
Output Method : Product Method :: Income Method : ________________
उत्पादन पद्धत : माल पद्धत (Product Method) :: उत्पन्न पद्धत : ________________
Completed Statement: Output Method : Product Method :: Income Method : Factor Cost Method (or Factor Earnings Method) / घटक खर्च पद्धत (घटक उत्पन्न पद्धत)
Logical Link: The output method of national income is also called the product method, while the income method aggregates payments made to factors of production, calling it the factor cost method.
Chapter 7: National Income
Question 27
Net National Product : GNP − Depreciation :: Net Domestic Product : ________________
निव्वळ राष्ट्रीय उत्पादन : GNP − घसारा :: निव्वळ देशांतर्गत उत्पादन : ________________
Completed Statement: Net National Product : GNP − Depreciation :: Net Domestic Product : GDP − Depreciation / GDP − घसारा
Logical Link: Deducting depreciation (wear and tear of capital) from Gross National Product gives Net National Product, and similarly, deducting it from Gross Domestic Product gives Net Domestic Product.
Chapter 8: Public Finance in India
Question 28
Public Finance : Government :: Private Finance : ________________
सार्वजनिक वित्तव्यवहार : शासन :: खाजगी वित्तव्यवहार : ________________
Completed Statement: Public Finance : Government :: Private Finance : Individual / Private Business Firm / व्यक्ती / खाजगी उद्योग किंवा संस्था
Logical Link: Public finance studies the revenue and expenditure activities of public authorities (government), whereas private finance studies the financial planning of individuals or private business enterprises.
Chapter 8: Public Finance in India
Question 29
Direct Tax : Income Tax :: Indirect Tax : ________________
प्रत्यक्ष कर : उत्पन्न कर :: अप्रत्यक्ष कर : ________________
Completed Statement: Direct Tax : Income Tax :: Indirect Tax : Goods and Services Tax (GST) / वस्तू व सेवा कर (GST)
Logical Link: Income tax is a direct tax borne by the same person on whom it is levied, whereas GST is an indirect tax paid by consumers but collected and deposited by businesses.
Chapter 8: Public Finance in India
Question 30
Surplus Budget : Inflation :: Deficit Budget : ________________
शिलकीचे अंदाजपत्रक : चलनवाढ (महागाई) :: तुटीचे अंदाजपत्रक : ________________
Completed Statement: Surplus Budget : Inflation :: Deficit Budget : Depression (or Recession) / आर्थिक मंदी (Depression)
Logical Link: A surplus budget is used to curb inflation by reducing public demand, while a deficit budget increases public spending to revive demand during economic depressions.
Chapter 9: Money Market & Capital Market
Question 31
Central Bank : RBI :: Commercial Bank : ________________
मध्यवर्ती बँक : रिझर्व्ह बँक ऑफ इंडिया (RBI) :: व्यापारी बँक : ________________
Completed Statement: Central Bank : RBI :: Commercial Bank : State Bank of India (SBI) / स्टेट बँक ऑफ इंडिया (किंवा बँक ऑफ इंडिया)
Logical Link: RBI is the apex monetary institution (Central Bank) of India, while institutions like SBI operate as commercial banks focusing on public deposits and commercial credit.
Chapter 9: Money Market & Capital Market
Question 32
Money Market : Short-term funds :: Capital Market : ________________
नाणेबाजार : अल्पमुदतीचा निधी :: भांडवलबाजार : ________________
Completed Statement: Money Market : Short-term funds :: Capital Market : Long-term funds / दीर्घमुदतीचा निधी
Logical Link: The money market deals in short-term borrowing and lending of financial assets (up to one year), whereas the capital market serves long-term financial needs (equity, bonds, and debentures).
Chapter 10: Foreign Trade of India
Question 33
Export Trade : Selling goods to other countries :: Import Trade : ________________
निर्यात व्यापार : इतर देशांना वस्तू विकणे :: आयात व्यापार : ________________
Completed Statement: Export Trade : Selling goods to other countries :: Import Trade : Buying goods from other countries / इतर देशांकडून वस्तू खरेदी करणे
Logical Link: Export trade refers to the outflow of goods by selling them internationally, whereas import trade represents the inflow of goods purchased from foreign markets.
Chapter 10: Foreign Trade of India
Question 34
Visible Trade : Balance of Trade :: Visible and Invisible Trade : ________________
दृश्य व्यापार : व्यापार तोल :: दृश्य व अदृश्य व्यापार : ________________
Completed Statement: Visible Trade : Balance of Trade :: Visible and Invisible Trade : Balance of Payments / व्यवहार तोल
Logical Link: Balance of Trade measures only the difference between exports and imports of physical, tangible goods (Visible Trade), whereas Balance of Payments records both tangible goods and intangible services (Visible and Invisible Trade).
