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2 marks questions
1. Final goods are those goods which are concerned only by the households. Defend or refute the given statement with a valid agreement.
2. Classify the following as factor income or transfer income.
A. Slary received by Rakesh from a company.
B. Bonus received on Diwali.
3. Differentiate between final goods and intermediate goods ( any 2 points)
4. State the meaning of economic territory.
5. Factor income from Abroad ₹500
Factor income to abroad ₹ 300. Compute NFIA.
6. Discuss the central problems of the economy.
7. What is sectoral composition of economy.
8. Name the basic goals of India development which serve as the guiding principles of Indian planning
9. Define a. Quota b. HYV seeds.
10. Why did India opt for mixed economy.
3 marks questions
1. Differentiate between consumption goods and capital goods.
2. Which among the following are consumer goods and capital goods and why?
A. A car used as a taxi.
B. Refrigerator in a hotel.
C. Air conditioner in a house.
3. Gross investment is always greater than net investment. Defend or refute.
4. Justify the following statement:
A. Depreciation is a fall in the value of an asset due to expected obsolescence.
B. Depreciation is a fall in the value of an asset due to unexpected obsolescence.
5. Does national income includes only factor incomes. Explain with example. 6. Define plan. Why should plans have goals?
7. Government took various steps to protect small scale industries from big firms. Defend or refute.
8. Give reasons.
A. Land reforms were successful in the states of Kerela and West Bengal.
B. The purpose of land ceiling was to concentrate on land ownership in few hands.
9. How was the licensing policy misused by some Industrial houses.
10. Subsidies put a huge burden on Government finances but are necessary for poor and marginal farmers. Do you agree that granting subsidies justify the objective of social justice?
4 marks Questions
1. Classify the following as intermediate and final products.
A. Coal used by manufacturing firms.
B. Computer installed in an office.
C. Paper used by a publisher.
D. Purchase of eatables by a firm.
2. Define net indirect taxes.
3. Define import substitution. Explain how import substitution can protect domestic territory.
4. According to Industrial Policy Resolution 1956, the industries were classified into 3 categories. Enumerate
5 marks question
1. What are the components of NFIA.
2.Explain
A. Intermediate goods are always durable in nature.
B. Market price is always more than factor cost.
3. What is green revolution? Why was it implemented and how did it benefit farmers. Economic growth suggests a steady expansion in GDP or a predictable expansion in the degree of production or a reliable expansion in the progression of labor and products in the economy throughout an extensive stretch of time.
Modernisation– It is a process of updating or improving something especially in the field of science and technology where we are doing technological advancement and innovation.
Self reliance– It implies staying away from imports of those products which can be produced in India itself. This approach was viewed as a need to lessen our reliance on Foreign nations, particularly for food.
Equity suggests impartial dispersion of pay with the goal that the advantages of development is shared by the general public at large.
Answer the questions that follow:
1. Which of the following are objectives of planning.
a) Modernization
b) Equity
c) Self reliance
d) All of the above
2. _______ refers to means avoiding imports of goods which could be produced in India.
a) Equity
b) Modernization
c) Self reliance
d) Economic growth
3. Economic growth refers to constant increase in _______.
