Development
Sectors of the Indian Economy
Money and Credit
Globalisation and the Indian Economy
Consumer Rights
✔ CHAPTER 1 – DEVELOPMENT
1. Objective Questions
Q1. Per capita income is total income divided by—
Ans: Total population.
Q2. HDI stands for—
Ans: Human Development Index.
Q3. Literacy rate measures—
Ans: The percentage of literate people in a country.
2. Very Short Answer Questions (2 Marks)
Q1. What is development?
Ans: Development refers to the growth or progress in a person or a country in areas like income, health, education, and overall living standard.
Q2. What is the criterion used by the World Bank to classify countries?
Ans: Per capita income.
3. Short Answer Questions (3–4 Marks)
Q1. What are the limitations of per capita income as an indicator of development?
Ans:
It does not show income distribution.
It ignores health and education.
It does not consider environmental sustainability.
Q2. Explain the concept of sustainable development.
Ans: Sustainable development refers to development that meets present needs without compromising the ability of future generations to meet their own needs. It means using resources responsibly.
4. Long Answer Questions (5 Marks)
Q1. Describe the different indicators used to measure human development.
Ans:
Human development is measured using:
Per capita income – shows economic well-being.
Literacy rate – measures education level.
Life expectancy – shows health conditions.
These factors together form the Human Development Index (HDI) used to compare countries.
✔ CHAPTER 2 – SECTORS OF THE INDIAN ECONOMY
1. Objective Questions
Q1. Agriculture belongs to which sector?
Ans: Primary sector.
Q2. Manufacturing belongs to—
Ans: Secondary sector.
Q3. Education and banking come under—
Ans: Tertiary sector.
2. Very Short Answer Questions
Q1. What is GDP?
Ans: GDP stands for Gross Domestic Product, the total value of goods and services produced in a country in a year.
Q2. What is disguised unemployment?
Ans: It is a situation where more people are employed than required, mainly seen in agriculture.
3. Short Answer Questions
Q1. Differentiate between organized and unorganized sector.
Ans:
Organized sector: Formal, regular jobs, fixed working hours, job security, social security benefits.
Unorganized sector: Irregular employment, low wages, no job security or benefits.
Q2. Why is the tertiary sector becoming important in India?
Ans:
Growth of services like transport, banking, IT.
Increasing demand due to development of primary & secondary sectors.
Need for education and health services.
4. Long Answer Questions
Q1. Explain the role of different sectors in the Indian economy.
Ans:
Primary sector provides raw materials and employs large workforce.
Secondary sector adds value through manufacturing and increases industrial growth.
Tertiary sector supports both sectors and contributes maximum to GDP today.
✔ CHAPTER 3 – MONEY AND CREDIT
1. Objective Questions
Q1. The modern form of money is—
Ans: Currency (notes and coins).
Q2. Who supervises the functioning of formal sources of credit?
Ans: RBI (Reserve Bank of India).
2. Very Short Answer Questions
Q1. What is credit?
Ans: Credit refers to a loan or borrowing that allows one to use money now and repay it later.
Q2. Name two formal sources of credit.
Ans: Banks and cooperatives.
3. Short Answer Questions
Q1. Distinguish between formal and informal sources of credit.
Ans:
Formal: Banks, cooperatives; regulated by RBI; low interest.
Informal: Moneylenders, traders; no regulation; high interest.
Q2. What are the advantages of self-help groups (SHGs)?
Ans:
Provide small loans without collateral.
Encourage savings.
Promote women empowerment.
4. Long Answer Questions
Q1. Describe the role of RBI in the Indian financial system.
Ans:
Regulates bank functioning.
Controls credit flow.
Issues currency.
Ensures financial stability and consumer protection.
✔ CHAPTER 4 – GLOBALISATION AND THE INDIAN ECONOMY
1. Objective Questions
Q1. MNC stands for—
Ans: Multinational Corporation.
Q2. Globalisation leads to—
Ans: Greater interconnectedness between countries.
2. Very Short Answer Questions
Q1. What is globalisation?
Ans: It is the process of integration of economies through trade, investment, technology, and movement of people.
Q2. What is liberalisation?
Ans: Reduction of government restrictions on trade and industry.
3. Short Answer Questions
Q1. How do MNCs influence local industries?
Ans:
Provide employment and technology.
Increase competition.
Sometimes lead to closure of small industries.
Q2. Mention two positive and two negative impacts of globalisation.
Ans:
Positive: More choices for consumers, improved technology.
Negative: Pressure on small producers, job insecurity.
4. Long Answer Questions
Q1. Explain the factors that have enabled globalisation.
Ans:
Development in transportation.
Advanced communication systems.
Liberalisation of trade policy.
Growth of MNCs.
✔ CHAPTER 5 – CONSUMER RIGHTS
1. Objective Questions
Q1. The consumer movement in India led to the enactment of—
Ans: The Consumer Protection Act (COPRA), 1986; updated in 2019.
Q2. ISI mark is used for—
Ans: Industrial products.
2. Very Short Answer Questions
Q1. Who is a consumer?
Ans: A consumer is a person who buys goods or services for personal use, not for resale.
Q2. What is RTI?
Ans: Right to Information Act, a law that gives citizens the right to get information from government departments.
3. Short Answer Questions
Q1. Name the rights of consumers.
Ans:
Right to safety
Right to choose
Right to be informed
Right to be heard
Right to seek redressal
Right to consumer education
Q2. What are consumer forums?
Ans:
Consumer forums (District, State, National) help consumers file complaints and seek compensation.
4. Long Answer Questions
Q1. Describe the responsibilities of a consumer.
Ans:
Check price and expiry date.
Ask for bills.
Use products safely.
Know the rights.
File complaints when necessary.
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