The tertiary sector or service sector is the third of the three economic sectors of the three-sector theory. The others are the secondary sector (manufacturing), and the primary sector (agriculture). Tertiary activities are service based and give non-tangible value to customers such as provision of services, trading, etc.

Correct Option: D

The tertiary sector or service sector is the third of the three economic sectors of the three-sector theory. The others are the secondary sector (manufacturing), and the primary sector (agriculture). Tertiary activities are service based and give non-tangible value to customers such as provision of services, trading, etc.

In economics, the Lorenz curve is a graphical representation of the distribution of income or of wealth. It was developed by Max O. Lorenz in 1905 for representing inequality of the wealth distribution.On the graph, a straight diagonal line represents perfect equality of wealth distribution; the Lorenz curve lies beneath it, showing the reality of wealth distribution.

Correct Option: C

In economics, the Lorenz curve is a graphical representation of the distribution of income or of wealth. It was developed by Max O. Lorenz in 1905 for representing inequality of the wealth distribution.On the graph, a straight diagonal line represents perfect equality of wealth distribution; the Lorenz curve lies beneath it, showing the reality of wealth distribution.

An indifference curve is a locus of combinations of goods which derive the same level of satisfaction, so that the consumer is indifferent to any of the combination he consumes. If a consumer equally prefers two product bundles, then the consumer is indifferent between the two bundles. The consumer gets the same level of satisfaction (utility) from either bundle. In other words, an indifference curve is the locus of various points showing different combinations of two goods providing equal utility to the consumer.

Correct Option: B

An indifference curve is a locus of combinations of goods which derive the same level of satisfaction, so that the consumer is indifferent to any of the combination he consumes. If a consumer equally prefers two product bundles, then the consumer is indifferent between the two bundles. The consumer gets the same level of satisfaction (utility) from either bundle. In other words, an indifference curve is the locus of various points showing different combinations of two goods providing equal utility to the consumer.

The Consumer Price Index Numbers for Industrial Workers CPI (IW) is utilized for fixation and revision of wages and determination of variable Dearness Allowances payable to workers in organized sectors of the economy. Despite the coverage being limited to Industrial Workers, presently, the CPI (IW) is also utilized as an indicator for measuring inflationary trend in the country and for policy formulations.

Correct Option: B

The Consumer Price Index Numbers for Industrial Workers CPI (IW) is utilized for fixation and revision of wages and determination of variable Dearness Allowances payable to workers in organized sectors of the economy. Despite the coverage being limited to Industrial Workers, presently, the CPI (IW) is also utilized as an indicator for measuring inflationary trend in the country and for policy formulations.

Octroi is a local tax which is collected by the state government on those goods that have been bought into the city/state for the purpose of personal use and sale. The charges on the items are generally levied after on the weight, value and total number of goods. It is levied on certain articles, such as foodstuffs, on their entry into a city.

Correct Option: A

Octroi is a local tax which is collected by the state government on those goods that have been bought into the city/state for the purpose of personal use and sale. The charges on the items are generally levied after on the weight, value and total number of goods. It is levied on certain articles, such as foodstuffs, on their entry into a city.