Question bank

1.Economics is referred to as 'Queen of Social Sciences

2. Alfred Marshall has given the welfare-oriented definition of Economics,
3. Utility : A commodity must have the capacity to satisfy human wants,
4. Residual income : Income which is left over after making payments to all factors of
production is called residual income, e.g. profit
5.Macro Economics deals not with individual quantities as such, but with the aggregates of
these quantities, not with the individual incomes but with the national income, not with
individual prices but with the general price level, not with individual output but with the
national output".
6.National income is the aggregate monetary value of all final goods and services produced
in an economy during a year.
7.Labour : Labour is a human factor of production. Any physical or mental effort undergone
during the process of production to earn the reward of 'wages' is called ‘labour’,
8.Inflation is a continuous rise in general price level.
9.Free goods : Value-in-use : : Economic goods: Value in exchange
10.Key points in Lionel Robbins' definition :
a) Wants are unlimited
b) Means are limited
c) Wants are not gradable
d) Means have alternative uses. Options :
1) a and b 2) b and c
3) a, b and d 4) a, b, c and d
11.Karuna's mother saves 1000/- every month out of her given salary- Saving
Saving : It is that part of the income which is set aside to satisfy the future needs by
foregoing current consumption
12. During Covid period Indian businesses slowed down and led to unemployment but when
businesses picked up, employment also started picking up-Cyclical Unemployment
Unemployment created due to impact of cyclical fluctuations is called ‘Cyclical
Unemployment’.
13. Liberalisation is the best economic policy to promote economic growth and well being of
the people according to Adam Smith.
14. Integrating the economy of a country with the world economy means Globalisation.
15. Define Privatisation.
Privatisation means transfer of ownership from public to private sector
16. What status is given to CPSEs to expand their operations and emerge as global giants or
become Indian multinational companies (MNCs).
Ans:- Maharatna Companies
Divisibility : Smaller denomination; : : Easy to carry from one place to another: Portability
17. Malathi purchased a house through an agent. The agent accepted the commission
amount in cash but did not issue a receipt to her- Black money
18. Value that divides the series into ten equal parts- Deciles
19. An advisory body or a think tank which performs the function of allocation of funds- NITI
Aayo
20. Vehicles manufactured by various automobile companies are now available in India-
Globalisation
A Global economy is a borderless economy having a free flow of goods and services,
capital, labour and technology across the national borders.It removes all barriers in free
trade and investments.

21. Answer the following questions on the basis of the given table : 

marks 10 20 30 40 50

No. Of 4 8 14 8 6 N=40
students

CF 4 12 26 34 40

1) Write the formula of P10 and D3 .

P10 = 10(N+1)/100 D3= 3(N+1)/10
2) Find out the cumulative frequency of the last value in the above data.
ANS: 40
3) Find out the value of 'n' in the above data. 
20. Odd word out :
Tertiary sector:
Tourism, Banking, Automobile Production, Insurance
22. Rani Gond from Chandrapur works as a hostess with the Mumbai-Goa cruise ship:
Hospitality
Hospitality industy , most defining aspects of this industry is that it focusses on customers'
satisfaction.ggregate monetary value of all final goods and services produced in an economy
during a year.
1. Assertion and Reasoning questions (4)
1. Assertion (A): Due to Globalisation, a country cannot achieve self- sufficiency in food
production.
2. Reasoning (R) : Globalisation has created a revolution in IT sector.
a)(A) is TRUE but (R) is FALSE
b) (A) is FALSE but (R) is TRUE
c) (A) and (R) both are TRUE and (R) is the correct explanation of (A)
d) (A) and (R) both are TRUE but (R) is not the correct explanation of (A)
ANS: (d) (A) and (R) both are TRUE but (R) is not the correct explanation of (A)
2. Assertion (A) : Agricultural credit is mostly for unproductive purposes.
Reasoning (R) : Agricultural credit is an important pre-requisite for agricultural growth.
Options : a. (A) is true, but (R) is false
b .(A) is False, but (R) is True
c. Both (A) and (R) are True but (R) is the correct explanation of (A)
d. Both (A) and (R) are True but (R) is not the correct explanation of (A)
ANS: (b ) (A) is False, but (R) is True

3. Assertion (A) : Relative poverty is found in all the countries of the world.
Reasoning (R) : Differences in the levels of income is the only criteria for judging
relative poverty.

Options : a) (A) is True, but (R) is False.

b) (A) is False, but (R) is True.
 c) Both (A) and (R) are True and (R) is the correct explanation of (A).
d) Both (A) and (R) are True, but (R) is not the correct explanation of (A).
ANS: (c ) Both (A) and (R) are True and (R) is the correct explanation of (A).

4. Assertion (A) : Prime Minister has been designated as Ex-Officio Chairman of the
Planning Commission.
Reasoning ( R ) : Prime Minister of India is a chairperson of NITI Aayog.
Options : a) (A) is true, but (R) is false
b) (A) is False, but (R) is True
c) Both (A) and (R) are True but (R) is the correct explanation of (A)
d) Both (A) and (R) are True but (R) is not the correct explanation
ANS: d) Both (A) and (R) are True but (R) is not the correct explanation of (A)

25. Movement that promotes values of self-help democracy and equality: Co-operative
Movement
22. Incorrect reasons for population explosion in India.
a) Illiteracy b) Universalization of Marriage
b) Joint family system d) Upliftment in lifestyle
Options : 1) a and b 2) c and d
a, b and c 4) d
23. For a certain period of time China had adopted the policy of 'One child per family: Family
Planning Programme.
24. Difference between birth rate and death rate: Survival Rate
25. Urban unemployment -
Educated unemployment, Industrial unemployment, Disguised unemployment,
Technological unemployment
26. In certain agricultural areas of Maharashtra only kharif crops are grown, therefore
employment is available till the month of October.- Seasonal unemployment
unemployed during the slack season or in the off season is called seasonal unemployment
27. Colours of Ration card -
White, Green, Saffron, Yellow
28. Baban's daughter had to be hospitalized due to weakness caused by undernourishment
or lack of minimum calorie requirement in the intake of food.- Absolute poverty
Absolute poverty is measured in terms of minimum calorie intake. Earlier, Planning
Commission determined per capita daily calorie requirement of 2400 calories for a person
living in the rural area and 2100 calories for a person living in the urban area. On an
average, the per capita daily calorie requirement amounts to 2250 calories.
29. Threshold expenditure needed to satisfy basic human needs at socially acceptable levels.
- Poverty Line
30. A public sector company should have made profit in the last three years continuously,
the pre-tax profit should have been ` 30 crores or more in at least one of the three years. -
Miniratna Category - I
31. transfer of ownership from public to private sector: Privatisation :: 'economic freedom'
or 'freedom for economic decision: Liberalisation
32. Development of Agriculture: 1st FYP :: Removal of Poverty: 5th FYP
33. Faster sustainable Growth: 12th FYP :: Social justice and Equality: 9th FYP
34. Statements that are true about the Planning Commission :
a) Planning Commission was established in 1950.
b) The Prime Minister is the Ex-Officio Chairman of Planning Commission.
c) Economic planning is a time bound programme.
d) Economic planning is based on predetermined objectives.

Options : 1) a and b 2) a, b, c and d

3) a and c 4) None of these

35. D7 from the given data.

Data – 4, 5, 6, 7, 8, 9, 10, 11, 12

Options : 1) 7 2) 9

3) 10 4) 12

35. After Independence, India had adopted ....................

a) Socialism b) Capitalism

c) Mixed Economy d) Communism

Options: 1) only a 2) only b

3)Only c 4) only d

36. Navratna status companies -

 SPCL, IOC, ONGC, HPCL

37. Measures undertaken by the Government to generate employment opportunities

:

Employment Guarantee Scheme , Jawahar Rozgar Yojana , Swarnajayanti Gram Swarozgar

Yojana, Development of Tourism

38. Economic effect: Waste of resources. Social effect : loss of human dignity
39. Distinguish between
1. Planning Commission and NITI Aayog
Planning Commission
1. Planning Commission framed
policies for States and tied
allocation of funds with approval
of the project.
2. Planning Commission had a
Chairperson, a Member Secretary
and full time members.
3. Role of states was restricted to
the National Development Council (NDC)
and annual interaction during Plan meetings.
NITI Aayog
1. NITI Aayog is only a think tank
and does not have powers to frame it.
2. NITI Aayog comprises of chairman,
Vice-chairman, full time members,
Part time members, Ex-officio members
and CEO and secretary rank.
3. State governments are expected to play
a more significant role.

2. Cyclical unemployment and Structural unemployment

3. Productive loan and Unproductive loan.

Answer the following question

1. Measures taken for Globalisation
2. General measures to eradicate poverty
3. Explain the structure of NITI Aayog.
4. Population as a Human Resource
5. Source of Agricultural Non-institutional sources of Agricultural Credit in India
6. measure to eradicate poverty.
7. The purpose of National Renewal Board
Ans.When the loss making public sector units are closed, the workers have to face the
problem of unemployment and poverty. To solve this problem, goverment has created
National Renewal Board (NRB). NRB takes the responsibility of providing compensation to
the retrenched workers as well as those seeking voluntary retirement.
8. India is experiencing population explosion.
9. Government has taken various measures to reduce unemployment in India.
10. Measures undertaken under Privatisation
11. Explain the features of Economic planning
12. Explain in detail measures taken by the government for agricultural development
of Maharashtra.
13. Explain the objectives of Economic policy of 1991.
14. Explain primary functions of money.

Study the following situations and express your opinion. (4)

1. There was a earthquake in Bhuj. Life of people was in threat and Government had to send
immediate help to the people affected by this disaster.
Ans: National Disaster Management has been established. It is the organization and
management of resources and responsibilities at the national level for dealing with all
humanitarian aspects of emergencies, in particular preparedness, response and
recovery in order to lessen the impact of disasters. So Government try to help people
affected by Natural calamities at the earliest.

2. Modi Government did Demonatisation to control black money circulation in the economy.
Ans. Black Money is any money which is received in cash but not accounted for and on
which tax is not paid to the government. To control black money, demonetization is one of
the tools, which many countries have adopted. Demonatisation helped to curtail black
money in Indian economy.