Answer: Option A. -> Personal disposable income plus miscellaneous receipts of the Goverment
Answer: (a)
Disposable income is total personal income minus personal current taxes (or plus receipts of the government).
In national accounts, definitions, personal income, minus personal current taxes equals disposable personal income. Subtracting personal outlays (which includes the major category of personal (or, private) consumption expenditure) yields personal (or, private) savings

Answer: Option A. -> Gross domestic income
Answer: (a)
The Gross Domestic Income (GDI) is the total income received by all sectors of an economy within a nation. It includes the sum of all wages, profits, and taxes, minus subsidies.
Since all income is derived from production (including the production of services), the gross domestic income of a country should exactly equal its gross domestic product (GDP).

Answer: Option B. -> net profit
Answer: (b)
Normal profit or economic profit is an economic condition occurring when the difference between a firm’s total revenue and the total cost is equal to zero. Simply put, normal profit is the minimum level of profit needed for a company to remain competitive in the market.
In a sense, normal profit is the same as net profit which is calculated by subtracting a company’s total expenses from total revenue, thus showing what the company has earned (or lost) in a given period of time.
Accounting profit occurs when revenues are greater than costs, and not equal, as in the case of normal profit.

Answer: Option B. -> the Marginal Revenue Productivity of a factor becomes equal to its reward.
Answer: (b)
According to the Marginal Productivity Theory, the reward or the price of a factor unit depends upon its productivity or its contribution to the total product. While employing a factor, an employer compares the marginal revenue productivity (MRP) of the lost unit and the marginal cost of the factor.
He will employ a factor up to the point where the reward (marginal cost of the factor) paid to the factor equals its MRP.
If MRP is more than the marginal cost, the employer increases its profits by employing more units of the factor; on the other hand, if the marginal cost of the factor is greater than MRP, it will reduce employment to reduce its loss.

Answer: Option D. -> Variable Cost
Answer: (d)
In economics, marginal cost is the change in the total cost that arises when the quantity produced is incremented by one unit.
That is, it is the cost of producing one more unit of a good. Marginal cost is independent of the fixed cost and depends on the changes in the variable factors.
Since fixed costs do not change with output, there are no marginal fixed costs when output is increased in the short run.
It is only the variable costs that vary with output in the short run. Therefore, the marginal costs are in fact due to the changes in variable costs, and whatever the amount of fixed cost, the marginal cost is unaffected by it.

Answer: Option A. -> After the demand is granted
Answer: (a)
The estimates of expenditure included in the Budget and required to be voted by Lok Sabha are in the form of Demands for Grants.
These Demands are arranged Ministry-wise and a separate Demand for each of the major services is presented. Each Demand contains first a statement of the total grant and then a statement of the detailed estimate divided into items.
A demand becomes a grant after it has been voted. The voting of demands for grants is the exclusive privilege of the Lok Sabha and not of Rajya Sabha.

Answer: Option D. -> Per capita income
Answer: (d)
Per capita income or average income or income per person is a measure of mean income within an economic aggregate, such as a country or city.
It is calculated by taking a measure of all sources of income in the aggregate (such as GDP or Gross National Income) and dividing it by the total population.

Answer: Option D. -> A Musician performing for a benefit fund
Answer: (d)
Labour includes both physical and mental work undertaken for some monetary reward. In this way, workers working in factories, services of doctors, advocates, ministers, officers and teachers are all included in labour.
Any physical or mental work which is not undertaken for getting income, but simply to attain pleasure or happiness, is not labour.

Answer: Option B. -> Marginal efficiency of captial
Answer: (b)
The marginal efficiency of capital (MEC) is that rate of discount which would equate the price of a fixed capital asset with its present discounted value of expected income.
The term “marginal efficiency of capital” was introduced by John Maynard Keynes in his General Theory, and defined as “the rate of discount which would make the present value of the series of annuities given by the returns expected from the capital asset during its life just equal its supply price

Answer: Option B. -> When such increase is the result of increased production of intoxicants
Answer: (b)
An increase in per capita income due to increased production of intoxicants cannot be taken as economic welfare as it defeats the very notion of welfare.
Economic welfare refers to the level of prosperity and living standards of either an individual or a group of persons.
Factors used to measure the economic welfare of a population, include:
GDP,
Literacy,
Access to health care, and
Assessments of environmental quality.