Tag: economics

False. 

Consumption function refers to the standard equation of consumption which defines the relationship between consumption and income where consumption value can be derived at each level with the use of income value. 

C= c+ bY where c=autonomous consumption, b= marginal propensity to consume, and Y= income.

If income in terms of wage rate increases, then consumption expenditure also increases which is called the wage-price spiral where the wages are increased due to excessive price in the economy and price in increased due to excessive wage and consumption demand in the economy. 

Following measures are taken by Maharashtra Government for development of economic infrastructure:

• Increasing installed capacity of electricity generation
• Rural electrification, network improvement and programmes for energy conservation
  
• Modified direct benefit transfer scheme to LPG consumers in the state
  
• Metro Railway has started at Mumbai and Nagpur

Economic infrastructure facilitates production and distribution of goods and services for economic development. Following comes under the economic infrastructure:

• Energy
• Transport
• Communication

To improve the adult literacy in the state, innovative schemes like "Each One Teach One" and "Sakshar Bharat Abhiyan" are implemented with community participation.

There are four levels of education in our country.

1. Primary
2. Secondary
3. Higher Secondary
4. Higher Education

Maharashtra Tourism Development Corporation (MTDC) is the nodal agency for implementation of Maharashtra Tourism Policy, 2016. MTDC launched the Mahabhraman scheme to bring different experimental projects such as agro tourism, village tourism, food tourism, safaris, tribal lifestyles etc. under one roof.

Education is considered as one of the basic human needs. It forms the backbone of socio-economic development of any country. in the present scenario, India is getting the advantage of highest demographic dividend due to maximum percentage of young population in the country. Education, therefore becomes 'a priority' at the national as well as state level.

Social infrastructure is also one of the important components of the economy because it improves the quality of human life as well as stimulates the economic development. In not only improves the quality but also gives the power to produce knowledge. Social infrastructure includes literacy programme, education, public health, housing, drinking water and sanitation.