• Point of Inflexion in Production Function:
• In the classical law of variable proportions, the point of inflexion on the Total Physical Product ($TPP$) curve corresponds to the point where the second derivative equals zero:

• At this exact point, Marginal Physical Product ($MPP$) reaches its maximum peak.
• Economically, the point of inflexion separates the phase where $TPP$ increases at an increasing rate from the phase where total product starts increasing at a decreasing rate (diminishing marginal returns set in), corresponding to Option 3.

Correct option: (3) where total product starts increasing at a decreasing rate

• Welfare Economics and Social Well-Being:
• Welfare Economics is a normative branch of economics devoted to evaluating alternative economic allocations, policies, and institutional arrangements from the perspective of social well-being (social welfare).
• It investigates Pareto efficiency, equity criteria, consumer surplus, and social welfare functions ($W = W(U_1, U_2, \dots, U_n)$) to judge whether an economic policy improves or degrades collective human welfare.

Correct option: (3) well-being

• Kisan Credit Card (KCC) Scheme Launch:
• The Kisan Credit Card Scheme was launched by the Government of India in August 1998 (announced in the Union Budget 1998-99 by Finance Minister Yashwant Sinha).
• Prepared by NABARD based on the recommendations of the R.V. Gupta Committee, it was designed to provide timely, flexible, and adequate short-term production credit to farmers for crop cultivation, post-harvest expenses, and farm asset maintenance through a simplified single-window revolving cash credit mechanism.

Correct option: (2) August 1998

• International Credit During Late 1990s Asian Financial Crisis:
• The International Monetary Fund (IMF) is the premier multilateral financial institution mandated under its Articles of Agreement to provide balance-of-payments balance assistance and emergency macroeconomic stabilization credit to member nations experiencing acute currency crises and external liquidity shortages.
• While India averted severe contagion during the 1997-98 East Asian Financial Crisis through capital controls and foreign reserve management, the IMF remained the primary global facility for crisis credit support.

Correct option: (1) _ International Monetary Fund