Economic Concepts Quiz

Gold coin is to Metal Money as Credit Card is to Debit Card
Economics is to Kautilya as Modern Economics is to Adam Smith
Exchange of goods is to Goods as Barter Economy is to Modern Economy
Deciles are Quantiles as Percentiles are to 99
Individual necessity is to Judge's coat as Social Necessity is to Travel by train

Economic growth refers to an increase in the production of goods and services in an economy over time, usually measured by Gross Domestic Product (GDP).
Economic development is a broader concept that encompasses economic growth, as well as improvements in living standards, such as education, healthcare, and infrastructure.
Standard coins refer to coins whose value is based on the metal content, known as intrinsic value. They are rare today.
Token coins are coins whose value is set by the government, regardless of their metal content. These are the coins we use today.
Quartiles divide a dataset into four equal parts, identifying the 25th, 50th, and 75th percentiles.
Percentiles divide a dataset into one hundred equal parts, indicating the value below which a given percentage of data points fall.

Foreign Direct Investment (FDI): Japan's investment of Rs. 5,000 crore in India for research in robotic technology exemplifies FDI, as it represents a significant investment in a foreign country to gain a controlling interest in an existing business or to create a new business.
Deciles: The statement that divides a series into ten equal parts refers to deciles, which are used to divide data into ten equal groups, with each decile representing 10% of the data. For example, the 5th decile corresponds to the value below which 50% of the data points fall.
Barter System: The use of cows, goats, and sheep as a medium of exchange in prehistoric times represents the barter system, where goods and services were exchanged directly without the use of money.

Factors of Production: The factors of production are the resources used to produce goods and services. These factors are:
- Land: This includes all natural resources, like forests, minerals, and water.
- Labor: Human effort used in producing goods and services.
- Capital: This includes all man-made resources, such as tools, machinery, and buildings.
- Entrepreneurship: The ability to combine land, labor, and capital to organize production and take risks.
Economy of Maharashtra: The economy of Maharashtra is characterized by its diverse industrial base, strong agricultural sector, and significant services industry.
- Industrial Sector: Maharashtra has a robust industrial sector with industries like textiles, automobiles, chemicals, pharmaceuticals, and IT. However, it faces challenges like competition from other states, infrastructure bottlenecks, and environmental concerns.
- Agricultural Sector: Agriculture is a vital sector for Maharashtra, producing a wide range of crops, including cotton, sugarcane, and fruits and vegetables.
- Services Sector: The services sector plays a major role in the state's economy, covering tourism, finance, education, healthcare, and retail.

D4 (Fourth Decile): The fourth decile (D4) is the value below which 40% of the data points fall.
- Step 1: Arrange the data in ascending order: 7, 8, 9, 10, 11, 12, 13, 14, 15.
- Step 2: Calculate the position of D4: (40/100) * 9 = 3.6.
- Step 3: Since the position of D4 is 3.6, we need to find the value between the 3rd and 4th data points.
- Step 4: D4 is approximately 9.8 (average of 9 and 10).
D8 (Eighth Decile): The eighth decile (D8) is the value below which 80% of the data points fall.
- Step 1: The data is already arranged in ascending order: 7, 8, 9, 10, 11, 12, 13, 14, 15.
- Step 2: Calculate the position of D8: (80/100) * 9 = 7.2.
- Step 3: Since the position of D8 is 7.2, we need to find the value between the 7th and 8th data points.
- Step 4: D8 is approximately 13.4 (average of 13 and 14).

Value in Use vs. Value in Exchange: Disagree. Value in use is the subjective value a consumer assigns to a good based on its usefulness. Value in exchange is the objective value determined by the market, typically based on supply and demand forces. These are distinct concepts, and the value in use can often differ from the value in exchange.
General Acceptability for Money: Disagree. While general acceptability is a critical characteristic of money, it is not the only characteristic. Other essential characteristics of money include durability, divisibility, portability, and stability.
Problems in Maharashtra's Industrial Sector: Agree. While Maharashtra's industrial sector has prospered, it faces several challenges, including competition from other states, infrastructure bottlenecks, lack of skilled labor, environmental concerns, and dependence on certain industries.

Ajit's Vegetable Market Transaction:
- Type of money used: The transaction at the vegetable market likely involved cash as this is commonly used for smaller purchases.
- Type of money used in D-Mart: The transaction at D-Mart involved using a credit card which represents a non-cash form of money. Credit cards function as a form of digital payment and are often used for larger purchases.
- Opinion: The passage highlights the evolution of money and how modern technologies have influenced payment methods. Using credit cards offers convenience and security for consumers, but it also raises issues related to debt accumulation and financial management.
Table and Figure: (Please provide the table and figure for an accurate analysis)