Distinguish between direct tax and indirect tax with the help of suitable examples.
The Government of India, in the initial years of economic development, emphasized on a greater role of the public sector in the industrial development.
Justify the statement, giving reasons in support of your answer.
Define disguised unemployment. State its implications on output and employment in a country.
Differentiate between public provision and public production.
Read the following text carefully: Decisions taken by factors of production in the production process often may affect the stakeholders indirectly. Such impacts at times are huge but are not accounted for, while estimating national income. Economists call them as externalities and they can be positive or negative.} {In this regard, many economists suggest carbon pricing as an important tool to ensure ecological balance. Carbon pricing tries to control greenhouse gas emissions by either placing a fee on emitting or offering subsidies on lesser emission. Through instruments like carbon tax, green cess, eco tax, etc. economists suggest moving towards greener technology eliminating such negative externalities.On the basis of the given text and common understanding, answer the following questions:
(i) Define externalities.