13Oct 2018 by admin

6 Most Important Objectives of International Monetary Fund (IMF)

Currency
The Great Depression of the 1930s, and the subsequent actions, like currency devaluations and trade restrictions imposed by many countries so as to eliminate the impact on domestic income, led to lowering of world trade and increase in unemployment. This led to Bretton Woods Conference, attended by 44 countries, in July 1944.The IMF came into being on December 27, 1945 as a result of this Conference. It is a “cooperative apolitical intergovernmental monetary and financial institution.” Presently there are 185 members of IMF (with the exception of Taiwan being expelled in 1980, North Korea and Cuba being left out in 1964 and a few small member states of the UN). Each member does not enjoy equal voting strength. ADVERTISEMENTS: The IMF draws its financial resources principally from the quota subscriptions…
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13Oct 2018 by admin

6 Important Causes of the Defeat of the Rajputs by Muhammad Ghori

Economic Problems
The people of India made intensive efforts to stem the rising power of Islam for a long time in its north-west frontier. The invasion of the Arabs remained confined only to Sindh and Multan but by the time the Turks started invading Indian Territory, the defenses in the north-west had collapsed. Image Source: cdn.historydiscussion.netAlthough attempts were made by the Hindus to defend their country, they failed disastrously against the foreign invaders, the Turks. Historians are divided on the issue of the reasons of the defeat of the Rajputs. Moreover, the contemporary chroniclers have not highlighted the causes of defeat of the Rajputs, hence the scholars of modern times have expressed their views of their own accord. ADVERTISEMENTS: It is really surprising that the Rajputs, who were brave fighters and competent…
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13Oct 2018 by admin

2 Important Conditions that must be satisfied for Consumer Equilibrium

Budget
Indifference map shows the tastes and preferences of the consumer independently of the market conditions, i.e., what the consumer would like to do.On the other hand, the budget line represents the purchasing power or opportunities open to the consumer in the market, given his income and prices of the commodities, i.e., what the consumer is able to do.The indifference map and the budget line are quite independent of each other so long as the consumer does not start making purchases in the market. image source: i.ytimg.com ADVERTISEMENTS: However, both of these instruments are important in the determination of consumer equilibrium or in predicting what consumer will actually do, i.e., how the consumer spends his money in the pursuit of his needs and interests.Every consumer wants to maximise the satisfaction. But,…
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13Oct 2018 by admin

4 Important Practical Importance of Law of Diminishing Marginal Utility

Taxation
The Practical Importance of law of diminishing marginal utility are given below: image source: i.ytimg.com (a) Diversification in Production: Besides diversification in consumption, the law also helps us in bringing about diversification in the production process. Greater and greater use of the same kind of good makes us feel bored reducing its marginal utility. ADVERTISEMENTS: To overcome the resistance of the consumers and in order to secure higher profits, the producers continuously introduce newer varieties of the products with new design, shape, colour, technique and presentation. (b) Household Expenditure: This law governs our daily expenditure. Since larger purchases reduce marginal utility, we restrict the purchase of a particular commodity, as we cannot afford to waste our limited resources. We stop further purchases at a point, where marginal utility equals price.…
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13Oct 2018 by admin

5 Important Applications of the Law of Equi-marginal Utility of Substitution in Diversified Fields of Economics

Budget
The law of equi-marginal utility has wide applications in almost all spheres of man’s economic behaviour. In the words of Samuelson, it is not merely a law of economics; it is a law of logic itself” image source: i.ytimg.comThe applications of this law of substitution in diversified fields of Economics are discussed here. 1. Consumption: ADVERTISEMENTS: In the field of consumption, the law tells us as to how should a consumer spend his money to secure maximum utility. The law not only explains the number of units of various commodities to be purchased by the consumer, it also helps the consumer in allocating income of the consumer into multiple uses of the same commodity. Further, the decision regarding the propor­tion of income to be spent and the proportion to be…
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13Oct 2018 by admin

What is the Law of Equi Marginal Utility? (Consumer Equilibrium)

Budget
A consumer spends his income on many goods and services. Now, the question is, how he should distribute his total income among these goods and services, so that he may be in equilibrium. That is, he attains the maximum possible level of utility.Here, it should be pointed out that the consumer is assumed to be a rational person, judicially and carefully calculating the utilities of various goods and substituting them for one another to maximise utility. Further, marginal utility of money is assumed to be constant.We analyse the equilibrium of the consumer by taking the case of two goods, ‘A’ and ‘B’. The same analysis can be extended for any number of goods. Let the prices of ‘A’ and ‘B’ are PA and PB respectively. image source: i.ytimg.com ADVERTISEMENTS: Then…
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12Oct 2018 by admin

Legal Provisions Regarding “Fabricating False Evidence” in India – Section 192 of IPC

Currency
Section 192 defines “Fabricating False Evidence” It defines: Sec. 192. Fabricating false evidence:Whoever causes any circumstance to exist or makes any false entry in any book or record, or electronic record or makes any document or electronic record] containing a false statement, intending that such circumstance, false entry or false statement may appear in evidence in a judicial proceeding, or in a proceeding taken by law before a public servant as such, or before an arbitrator, and that such circumstance, false entry or false statement, so appearing in evidence, may cause any person who in such proceeding is to form an opinion upon the evidence, to entertain an erroneous opinion touching any point material to the result of such proceeding is said “to fabricate false evidence”. image source: pocketperspectives.files.wordpress.com ADVERTISEMENTS:…
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12Oct 2018 by admin

What are the Different Kinds of Punishment Practiced in India? – Explained!

Trade
Six kinds of punishment were described in the original Indian Penal Code. In the year 1949 the third punishment “Penal Servitude” was removed. Now there are five kinds of punishment under I.P.C.They are described hereunder. 1. Death: The punishment of death may be imposed on the following offences:— ADVERTISEMENTS: (a) Waging or attempting to wage war or abetting the waging of war against the Government of India -Section 121 I.PC.;(b) Abetment of mutiny actually committed – Sec. 132 of I.P.C.;(c) Giving or fabricating false evidence upon which an innocent person suffers death – Sec. 194 image source: sacredsquare.files.wordpress.com ADVERTISEMENTS: (d) Murder – Section 302; We(e) Punishment for murder by a life-convict – Sec. 303 [This Section was struck down by the Supreme Court holding that it was unconstitutional, while disposing…
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11Oct 2018 by admin

Section 489E of Indian Penal Code, 1860 – Explained!

Currency
Legal Provisions of Section 489E of Indian Penal Code, 1860.Making or using documents resembling currency-notes or bank-notes:Making or using document resembling currency-notes or bank­notes has been punished under this section. The first sub-section of this section states that whoever either makes any currency-note or bank-note or causes the same to be made, or uses the same for any purpose whatsoever, or delivers to any person, any document purporting to be or in any way resembling the same or so nearly resembling the same as to be calculated to deceive, shall be punished with fine extending up to one hundred rupees. Image Source: wikieducator.org ADVERTISEMENTS: The second sub-section states that if any person, whose name appears on a document the making of which is an offence under the first sub-section stated…
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10Oct 2018 by admin

Short Speech on the Prophet Muhammad

Trade
Prophet Muhammad was born at Mecca in 571 A.D. The name of his father was Abdullah and the name of his mother was Amina. Mohammad was born after the death of his father. His mother also died when he was only six years old. After the death of his mother, Image Source: the-faith.comMohammad was brought up by his grand-father Abdul Muttalib and later on, by his uncle Abu Talib. From the very childhood Mohammad was serious minded and very often used to think about everything which he saw around him. ADVERTISEMENTS: As a young boy of thirteen years, he joined his uncle in his business. During his trade-journeys he curiously watched the various customs of the different Arab societies. At the age of twenty-five years he was employed by a…
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