Chapter-1.: One Mark Questions One Mark Questions

Chapter 1
Chapter-1.
ONE MARK QUESTIONS
Q: What is economic growth?
A process where by real per

capita income increases
over a long
g period
p of time.
Chapter 1
Chapter-1.
ONE MARK QUESTIONS
Q: what is economic development?
Economic Growth coupled

with the structural changes in
the Economy. y
Chapter 1
Chapter-1.
ONE MARK QUESTIONS
Q: What is dual economy?
Co‐existence of both ancient
and modern technologies in the
economy.y
Chapter 1
Chapter-1.
ONE MARK QUESTIONS
Q: Who used the term ‘sustainable
development’ for the first time?
Brundtland
d l d Commission.
Chapter 1
Chapter-1.
ONE MARK QUESTIONS
Q: Write the formula to find PQLl.
PQLI = LEI+IMI+BLI
LEI IMI BLI
3
Chapter 1
Chapter-1.
ONE MARK QUESTIONS
Q: What is the meaning of human
development index?
Measurement of human
fh
development through longetivity,
health and education, and standard
p p
of life of the people.
Chapter 1
Chapter-1.
ONE MARK QUESTIONS
Q: Write the formula to find HDI.
HDI
HDI = LEI+EAI+SLI
3
Chapter 1
Chapter-1.
ONE MARK QUESTIONS
Q: What is primary data?
Data which is originally
g y
collected by an investigator for
the first time
the first time.
Chapter 1
Chapter-1.
ONE MARK QUESTIONS
Q: Write the meaning of secondary
data.
Data which is already collected
D t hi h i l d ll t d
by others.
Chapter-1.
ONE MARK QUESTIONS
Q: Mention the sources of secondary
Mention the sources of secondary
data.
A) PUBLISHED SOURCES :‐
PUBLISHED SOURCES
i) Govt. and non‐govt. orgns.
ii) Private agencies.
iii) Records of various depts..
Business enterprises, research
reports.
Chapter-1.
ONE MARK QUESTIONS
Q: Mention the sources of secondary
Mention the sources of secondary
data.
A) PUBLISHED SOURCES :‐
PUBLISHED SOURCES :‐
i) Govt. and non‐govt. orgns.
ii) Private agencies.
ii) Private agencies
iii) Records of various depts..
Business enterprises research
Business enterprises, research
reports.
B) Un p blished Reports & Records
B) Un published Reports & Records
Chapter 1
Chapter-1.
ONE MARK QUESTIONS
Q: What is time series data?
Data collected on the same
D t ll t d th
entity with different time
period.
Chapter 1
Chapter-1.
ONE MARK QUESTIONS
Q: What is cross ‐section data?
Data collected on different
D t ll t d diff t
entities for a single time
period.
Chapter 1
Chapter-1.
ONE MARK QUESTIONS
Q: What is survey data?
Data collected through survey
D t ll t d th h
or sample or enquiry. Ex. Exit
poll survey.
Chapter 1
Chapter-1.
ONE MARK QUESTIONS
Q: What is census data?
Record of each and every item
R d f h d it
of the Universe. Ex. Census
once in every ten years.
Chapter 1
Chapter-1.
ONE MARK QUESTIONS
Q: What is census data?
Record of each and every item
R d f h d it
of the Universe. Ex. Census
once in every ten years.
Chapter 1
Chapter-1.
ONE MARK QUESTIONS
Q: What is a Table?
Systematic arrangement of
Statistical data in columns &
Rows.
Chapter 1
Chapter-1.
ONE MARK QUESTIONS
Q: What is Bar‐Diagramme?
Presentation of data with the
P t ti f d t ith th
help of equidistant rectangles.
Chapter 1
Chapter-1.
ONE MARK QUESTIONS
Q: What is Pie‐Diagramme?
Representation of data in the
form of a circle which includes
different segments
different segments.
Chapter 1
Chapter-1.
ONE MARK QUESTIONS
Q: What is Structural Adjustment
Programme?
The micro economic measures
Th i i
or policies adopted by the
govt. to bring the changes in
the structure of the economy
the structure of the economy.
Chapter 1
Chapter-1.
ONE MARK QUESTIONS
Q: What is stabilization programme?
Measures to maintain balance
and to avoid higher variations
in the economy
in the economy.
Chapter 1
Chapter-1.
ONE MARK QUESTIONS
Q: When was New Economic Reforms
introduced?
In the year 1991
Chapter 1
Chapter-1.
ONE MARK QUESTIONS
Q: What is Globalisation?
Opening up of the Indian
economy to world market by
attaining International
attaining International
competitiveness.
Chapter 1
Chapter-1.
ONE MARK QUESTIONS
Q: Give the meaning of Privatisation.
Sale of Govt. owned equity in
Nationalized industries or
other commercial enterprises
other commercial enterprises
to pvt. Investors.
Chapter 1
Chapter-1.
ONE MARK QUESTIONS
Q: What is Liberalisation?
Removal of controls and
hurdles imposed by Govt. on
the economy.
the economy.
TWO MARKS QUESTIONS
Q: Mention any four differences between
economic growth and development.
i th d d l t
GROWTH DEVELOPMENT
• Quantitative • Qualitative
• Measurement in • In terms of
terms of PCI. National Income.
• Macro Economic • Micro Economic
study. study.
• Narrow concept.
p • Wider concept.
p
TWO MARKS QUESTIONS
Q: Mention the features(objectives)
of sustainable development
of sustainable development.
• Accelerating economic growth.
• Meeting the basic needs.
• Improving the living standard.
p g g
• Maximising the net benefits of
economic development
economic development.
• Inter‐ Generational‐Equity.
• Clean environment Protection
• Clean environment Protection
TWO MARKS QUESTIONS
Q: Mention any four features of
developed countries
developed countries.
• High Per‐capita and National Income.
• Higher Industrialization.
• Higher capital formation.
• Low level of Poverty and Unemployment.
• Low Growth of Population.
• High level of Technology.
hl l f h l
• Large Scale production of goods and
services. Etc.,
TWO MARKS QUESTIONS
Q: What is the meaning of ‘developed
country’?? Give examples.
country Give examples
A Developed country is one which has
achieved maximum economic
development, where there is high PCI,
p , g ,
High Standard of living and Natural
Resources are completely utilized Ex
Resources are completely utilized. Ex.
USA, UK, AUS, CANADA, GERMANY
Etc.,
Etc
TWO MARKS QUESTIONS
Q: What are ‘developing countries’?
Give examples
Give examples.
A Developing country is one which is
achieving progress in economic,
social and other sectors by using its
y g
natural resources. Ex. India, China,
Brazil etc
Brazil, etc.,
TWO MARKS QUESTIONS
Q: List the differences between primary
and secondary data
and secondary data.
PRIMARY DATA SECONDARY DATA
• Original
• Original. • Not Original
• Not Original
• Collected for the • Already collected by
first time. others.
• They are like Raw • Like final goods
materials. • Cheap and easy.
• Collection is costly. • More reliable.
• Less reliable. • Extra care is must in
• No extra care is
• No extra care is use
use.
needed.
TWO MARKS QUESTIONS
Q: Name the parts of a Table.
1. Table No.
2. Title.
2. Title.
3. Captions and Stubs.
4 Body of the Table
4. Body of the Table.
5. Head Note
6 F t t
6. Foot note.
7. Source note.
TWO MARKS QUESTIONS
Q: State the structural adjustment
programmes.
programmes
1. Industrial De‐regulation.
g
2. Dis‐lnvestments.
3 Public enterprises reforms
3. Public enterprises reforms.
4. Trade and capital inflow
reforms. Etc.,
f Et
TWO MARKS QUESTIONS
Q: Name the stabilization programmes.
1.Fiscal sector reforms.
2 Financial sector refirms
2. Financial sector refirms.
3. Foreign exchange rate policy
reforms.
f
4. Wage and Income policy
reforms.
FIVE & TEN MARKS QUESTIONS
Q: Why is India Called a developing
economy?
economy?
The following changes in the
The following changes in the
Indian economy over the last 60
years clearly prove that India is a
years clearly prove that India is a
developing economy:‐
economy?
economy?
India s Net National Product
India’s Net National Product
(NNP) at factor cost (national
income) was Rs 1 32 367 crore in
income) was Rs.1,32,367 crore in
1950‐51 and it has increased to
Rs.64,66,860 crores in 2010‐2011
i
economy?
economy?
There is a rise in PCI from
There is a rise in PCI from
Rs. 3,687 in 1950‐51 to
Rs. 54,527 in 2010‐2011.
economy?
economy?
The share of tertiary sector
The share of tertiary sector
(service sector) in the gross
domestic product has
increased from 27.5% in
1950‐51 to 57.7% in 2010‐11
economy?
economy?
There is continuous rise in
agricultural production and India
has achieved the stage of self‐
has achieved the stage of self
sufficiency in terms of food grains.
It is also able to build up buffer
It is also able to build up buffer
stocks of food grains for lean
periods.
i d
economy?
economy?
At present there is growth of basic
capital goods industries. A large number
of industries have been developed in
large scale like iron and steel, heavy
chemicals, nitrogenous, fertilizers heavy
engineering, machine tools, aluminum,
petroleum products. Etc.
economy?
economy?
There has been substantial
progress in science and
technology. Sophisticated
technology. Sophisticated
machines and instruments are
produced within the country with
produced within the country with
the indigenous scientific and
technical know‐how.
h i lk h
economy?
economy?
There has been a considerable
improvement in the provision
of infrastructural facilities and
of infrastructural facilities and
social security services.
economy?
economy?
Transport and communication
facilities have been extended
and there has been a
and there has been a
remarkable improvement in
power supply
power supply.
economy?
economy?
Banking and financial facilities have
been expanded.
Over the last 60 years, the inequalities in
O th l t 60 th i liti i
the distribution of income and wealth
h
have been reduced through progressive
b d d th h i
taxation, increased public expenditure,
social security measures etc.
i l it t
Q: Why is India called a developing
economy?
economy?
There have been desirable changes in
the society over the last 60 years
because of urbanisation and the spread
of education. The caste system,
untouchability and superstitious beliefs
are on the decline.
Q: Explain Economic Reforms of Main
Sectors.
Sectors
The economic reforms introduced by the
Government of India since July 1991 may
be discussed under the following sectors.
a: Fiscal sector reforms
b: Industrial sector reforms
c: Financial sector reforms
d: Public sector reforms
e: External sector reforms
a: Fiscal sector reforms
• Exemption limit of income tax has
increased to Rs. 1,60,000 per year
• Reduction of the rate of income tax
from 40% to 30%.
• Reduction of corporation tax on
domestic companies to 30%.
• Reduction of export import tax from
300% to 58%.
• Five yeas tax holiday has been introduced
f
for infrastructure and small Industries.
f d ll d
• New incentives to tax savers.
• Increasing service taxes and reduction of
d d f
subsidies,
• Widening the tax base to bring more
id i h b bi
revenue to the government
f
for ex:‐ withdrawal tax of 2005.
i hd l f
• Introduction of Value Added Tax.
• Abolition of licensing system and lifting all
Ab li i f li i d lif i ll
restrictions on private industries.
• Reduction of public sector industries to
R d ti f bli t i d ti t
only 3 areas and all other Industries are left
t
to private sector. This gave a big boost for
i t t Thi bi b t f
the growth of private sector in India.
• Foreign direct investment limit was raised
F i di t i t t li it i d
from 40% to 51%
• Giving automatic approval for foreign
Gi i t ti lf f i
technology agreements.
• Government brought several changes
• Government brought several changes
in the MRTP Act.
• Special incentives have been given for
p g
export industries.
• Encouraging private industries in
infrastructure sectors.
• Government allowed 100% foreign
investment in selected industries,
investment in selected industries
c: Financial sector reforms
• Liberalisingg the restrictions on banks and other
financial institutions.
• Deregulation of lending rates and giving
freedom for banks.
• Progressive reduction of CRR & SLR
• Giving complete autonomy to public sector banks
• Giving complete autonomy to public sector banks.
• New generation private banks and foreign
insurance companies are allowed to function
insurance companies are allowed to function
parallel with public sector banks.
• Empowerment of securities and
exchange board of India (SEBI)
d: Public sector reforms
• The number of industries reserved for public
p
sector have been reduced form 17 to 3
• The major sick industries will be
either closed or transferred to private sector.
• Selling the shares of public sector
industries to private people.
• Government has introduced VRS
• Reduction of budgetary support to
d i fb d
public sector industries.
e: External sector reforms
• Reduction of import taxes from 300%
Reduction of import taxes from 300%
to just 58%.
• Full convertibility of rupee in the current
Full convertibility of rupee in the current
account has been introduced to promote
exports.
• Quota system has been abolished
and bi‐lateral
and bi lateral trade agreements
trade agreements
have been encouraged.
• Setting up of SEZs to encourage exports
Sett g up o S s to e cou age e po ts

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Chapter 1

A process where by real per

Economic Growth coupled

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