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

Important Questions for CBSE Class 11 Economics Chapter 2 Indian Economy (1950 – 1990) which is 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?

  • Communist
  • Capitalist
  • Mixed
  • Socialist

Answer: Mixed Economy

Question 2

What does HYVP stand for?

  • High Yeilding Varieties Products
  • High Yeilding Various Programme
  • High Yeilding Varieties Programme
  • High Yeilding Various Products

Answer: High Yeilding Varieties Programme

Question 3

What is the year of India’s 12th 5-year plan?

  • 1997 – 2002
  • 2002 – 2007
  • 2007 – 2012
  • 2012 – 2017

Answer: 2012 – 2017

Question 4

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

  • 75%
  • 50%
  • 85%
  • 65%

Answer: 75% of India’s population was dependent on agriculture during agriculture

Question 5

The portion of agricultural produce which is sold in the market by the farmers is known as,

  • Trade deficit
  • Marketed surplus
  • Subsidy
  • Import substitution

Answer: Marketed surplus

Question 6

Who presented the 1st 5-year plan of the country?

Answer: Pandit Jawaharlal Nehru

Question 7

Define the 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 seed?

Answer: The father of high yielding variety seed is considered to be Norman Borlaug.

Question 9

Define the 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

The planning commission was set up in which year in India?

  • 5th March 1951
  • 25th April 1951
  • 20th March 1951
  • 15th March 1950

Answer: The planning commission was set up in the year 15th March 1950.

Question 11

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

Answer: The primary focus areas in the 11th 5-year plan was – infrastructure development, health, agriculture and education.

Question 12

Define small scale industries.

Answer: Small scale industries are those which have fixed investment in plant and machinery, whether hold on ownership basis or lease basis or hire purchase basis not more than ₹. 1 crore.

Question 13

What were the focus points of 1st and 2nd five-year plan?

Answer: Agriculture was the focal point for the 1st five-year plan whilst Industries was the focal point for the 2nd 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 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 sale and profit.

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

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