Important Questions Class 12 Economics Chapter 2 – Indian Economy (1950 – 1990)

Important Questions for CBSE Class 12 Economics Chapter 2 Indian Economy (1950 – 1990) which is outlined by expert Economics teachers from the latest version of CBSE (NCERT) books.

Question 1

What type of economy is followed in India?

(a) Communist Economy

(b) Capitalist Economy

(c) Mixed Economy

(d) Socialist Economy

Answer:

(c) Mixed Economy

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

When was India’s 12th 5-year plan launched?

(a) 1997 – 2002

(b) 2002 – 2007

(c) 2007 – 2012

(d) 2012 – 2017

Answer:

(d) 2012 – 2017

Question 4

What was the percentage (% )of India’s population that was dependent on agriculture during independence?

(a) 75%

(b) 50%

(c) 85%

(d) 65%

Answer:

(a) 75%

Question 5

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

  1. Trade deficit
  2. Marketed surplus
  3. Subsidy
  4. Import substitution

Answer:

(b) Marketed surplus

Question 6

Who presented the first 5-year plan of the country?

Answer:

Pandit Jawaharlal Nehru presented the first 5 year plan for the country.

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 the high yielding variety seed?

Answer:

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

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?

(a) 5th March 1951

(b) 25th April 1951

(c) 20th March 1951

(d) 15th March 1950

Answer: (a) 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 were in areas of infrastructure development, agriculture, education and health.

Question 12

Define small scale industries.

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

Question 13

What were the focus points of the 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 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) A great increase in the National Income and Per Capita Income

(b) Significant development in agriculture

(c) Industrial development

(d) Price and power parity

(e) Increased capital formation

Question 15

Define a socialist economy.

Answer:

Socialist economy is that kind of economy which focuses on production of goods and services for consumption by the people. In a socialist economy the factors of production are owned by the state. It is the complete opposite of the capitalist economy, where the primary focus is on sale and profit.

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