Important Questions Class 11 Economics Chapter 2 Indian Economy (1950–1990)

Important Questions for CBSE Class 11 economics Chapter 2: Indian economy (1950–1990)  are outlined by expert economics teachers from the latest version of CBSE (NCERT) books.

CBSE Class 11 Economics Chapter 2 Important Questions

Question 1

What type of economy is followed in India?

A. Communist

B. Capitalist

C. Mixed

D. Socialist

Answer:

C. Mixed

Question 2

What does HYVP stand for?

A. High Yielding Varieties Products

B. High Yielding Various Programme

C. High Yielding Varieties Programme

D. High Yielding Various Products

Answer:

C. High Yielding Varieties Programme

Question 3

What are the years of India’s 12th five-year plan?

A. 1997–2002

B. 2002–2007

C. 2007–2012

D. 2012–2017

Answer:

D. 2012–2017

Question 4

What was the % of India’s population that was dependent on agriculture during eve of independence

A. 75%

B. 50%

C. 85%

D. 65%

Answer:

A. 75% of India’s population was dependent on agriculture during eve of independence.

Question 5

The portion of agricultural produce that is sold in the market by farmers is known as ______ .

A. Trade deficit

B. Marketed surplus

C. Subsidy

D. Import substitution

Answer:

B. Marketed surplus

Question 6

Who presented the first five-year plan of the country?

Answer:

Pandit Jawaharlal Nehru

Question 7

Define land ceiling.

Answer:

Land ceiling refers to the size (dimension) of the land that an individual or family can possess. In India, this act was passed during the year 1961–62 and it was controlled by all the state governments. However, the ceiling limits vary from state to state.

Question 8

Who is the father of high yielding variety seeds?

Answer:

The father of high yielding variety seeds is considered to be Norman Borlaug.

Question 9

Define economy.

Answer: An economy is defined as the large set of interrelated manufacturing and consumption pursuits that aid in ascertaining how insufficient resources are distributed.

Question 10

When was the planning commission set up in India?

A. 5th March 1951

B. 25th April 1951

C. 20th March 1951

D. 15th March 1950

Answer:

D. 15th March 1950.

Question 11

What were the priorities in the 11th five-year plan?

Answer:

The primary focus areas in the 11th five-year plan were: infrastructure development, health, agriculture, and education.

Question 12

Define small scale industries.

Answer:

Small scale industries are those that have a fixed investment in plant and machinery, whether held on an ownership basis, lease basis, or hire purchase basis of not more than one crore.

Question 13

What were the focus points of the first and second five-year plans?

Answer:

Agriculture was the focus for the first five-year plan and industries were the focus for the second five-year plan.

Question 14

What was the aim of the five-year plan?

Answer:

Post Indian independence in the year 1947, India had to reconstruct its economy from scratch. The leaders in those days had to select the type of the economy that India would be and also outline the economic planning.

The primary achievements witnessed through the five-year plans are as follows:

• A great increase in the national income and per capita income
• Significant development in agriculture
• Industrial development
• Price and power parity
• Increased capital formation

Question 15

Define a socialist economy.

Answer:

Socialism primarily focuses on the manufacturing sector to satisfy human needs. This is unlike capitalism, where the primary focus is on sales and profit.

Socialism means direct regulation and management of social workers and industries by the workers of a government.

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