AP Police Indian Economy Basics · Chapter 20

Quick formula and distinction sheet

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Chapter quiz · 10 questions

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1.Which is the chemical formula of common salt?
2.Which scientist formulated the three laws of motion?
3.What is the chemical formula of water?
4.Who formulated the 'Peoples Plan' (an economic plan) in India? (RRB NTPC CBT-I (18/01/2021) Shift 1)
5.The Reserve Bank of India revised Priority Sector Lending (PSL) guidelines for Small Finance Banks from FY 2025–26, reducing the PSL target to what percentage of ANBC (adjusted net bank credit) or Credit Equivalent of Off-Balance Sheet Exposures (CEOBE)?
6.The monetary policy in India is formulated by the ___________. (RRB NTPC CBT-I (19/03/2021) Shift 2)
7.Who has the distinction of serving as the Chief Justice of India, President and the Vice president? (RRB NTPC Tier I (11/04/2016) Shift 1)
8.On which part of the screen in MS-Excel are the sheet names displayed?
9.Numbers and formulae entered in cell are called ____
10.___ refers to a cell or a range of cells on a spreadsheet and can be used to find the values or data that the user wants a formula to calculate.

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Concept	Quick rule	Exam caution
Percentage change	(new − old) ÷ old × 100	State the denominator and period.
Real vs nominal	Nominal values use current prices; real values use the stated constant-price method.	Do not mix series or bases.
Per-capita measure	Aggregate ÷ relevant population estimate	An average; not a median or distribution.
Fiscal deficit (simplified)	Total expenditure − revenue receipts − non-debt capital receipts	Check exact account scope and financing.
Revenue deficit	Revenue expenditure − revenue receipts	Needs revenue expenditure data.
Primary deficit	Fiscal deficit − interest payments	Use matching period and definitions.
Unemployment rate	Unemployed ÷ labour force × 100	Not unemployed ÷ total population.
Tax buoyancy	Growth in tax revenue ÷ growth in nominal GDP	Interpret with rates, exemptions and composition.
Exchange conversion	Foreign-currency amount × exchange rate	Specify rupees per unit of foreign currency.
CPI inflation	(current index − comparison index) ÷ comparison index × 100	Rate change is not the same as a change in the rate of inflation.
Expenditure-side GDP	C + I + G + (X − M)	Imports are removed to measure domestic production.
Simple interest	Principal × annual rate × time	Use only when the question gives simple interest and matching units.
Net services	Service exports − service imports	A surplus is a credit on this component, not the whole current account.
Tax incidence	Legal remitter can differ from final economic bearer.	Market response and elasticity affect who bears the burden.
Budget stages	BE = coming-year estimate; RE = revised current-year estimate; actual = recorded outcome.	Not interchangeable.
Stock vs flow	Stock measured at a date; flow over a period.	Debt/GDP combines a stock with an annual flow.
GDP vs welfare	GDP tracks domestic production.	Pair it with distribution, work and capability indicators.