When India Gained Its Freedom in 1947, It Was Organized

question 1

Multiple Choice

When India gained its freedom in 1947, it was organized as which of the following kind of states?

• A) communist
• B) centralized
• C) locally autonomous
• D) theocracy
• E) federal

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Definitions:

Social Optimum

A condition in which resources are allocated in the most efficient manner, often considered in terms of welfare or utility maximization.

Market Equilibrium

The state in a market where the quantity demanded of a good matches the quantity supplied, leading to a stable price for the good.

Corrective Subsidy

A financial incentive provided by the government designed to encourage activities that yield external benefits or to correct a market failure by reducing private costs.

Social Optimum

The most efficient allocation of resources, resulting in the maximization of social welfare and benefiting all members of a society.