Indian Economy Questions

Capitalism is an economic system in which private entities or businesses own capital goods.

Tax on professions cannot be levied by the union government in India.

Cost variance is nothing but the difference between the actual incurred cost and the estimated standard cost. This can be occured due to any changes in the volume of goods or services ordered. 

A favorable cost variance occurs when the actual incurred cost is less than the standard cost estimated before the production.

The Law of Demand tells that, if the price of a product increases then the demand will go down i.e, decreases iff all other things equal.

Deficit financing implies public expenditure in excess of public revenue.

Macroeconomics is the study of overall aggregate changes, behavior and performance of the economy of the country i.e, unemployment, GDP, inflation, etc...