Here we are providing 1 Mark Questions for Economics Class 12 Chapter 2 Indian Economy 1950-1990  are the best resource for students which helps in class 12 board exams.

One Mark Questions for Class 12 Economics Chapter 2 Indian Economy 1950-1990

Question 1.
List the different types of economic systems.
Answer:
The three main types of economic systems are:
(i) Capitalist economy
(ii) Socialist economy
(iii) Mixed economy

Question 2.
What is capitalism?
Answer:
Capitalism refers to the economic system in which resources are owned privately and the main d objective behind economic activities is profit-making.

Question 3.
What is mixed economy?
Answer:
Mixed economy is an economic system in which production, distribution and consumption decisions are left to the free play of the market forces. However, a large part of economic activities are regulated by the government to maximise the social welfare along with individual welfare or self-interest.

Question 4.
Define socialism.
Answer:
Socialism is that economic system in which resources are owned by the government and the main objective behind economic activities is.social welfare.

Question 5.
What type of economic system does India have?
Answer:
India has mixed type of economic system.

Question 6.
Name the plan formulating organisation in India.
Answer:
Planning Commission is the India’s plan formulating organisation.

Question 7.
When was the Planning Commission constituted?
Answer:
Planning Commission was constituted in 1950.

Question 8.
Who is the Chairman of Planning Commission?
Answer:
The Prime Minister of India is the Chairman of Planning Commission.

Question 9.
Which institution has replaced the Planning Commission?
Answer:
NITI Aayog, established in 2015, has replaced the Planning Commission,

Question 10.
Define economic planning.
Answer:
Economic planning is the process through which economic decisions are made by the government for economic growth and development.

Question 11.
Who is regarded as the architect of Indian Planning?
Answer:
Prof. P.C. Mahalanobis is regarded as the architect of Indian Planning.

Question 12.
Who established the Indian Statistical Institute?
Answer:
Prof. P.C. Mahalanobis established the Indian Statistical Institute.

Question 13.
What is the duration of Twelfth Five Year Plan?
Answer:
The duration of Twelfth Five Year Plan is from I st April, 2012 to 31 st March, 2017.

Question 14.
What do you mean by agriculture?
Answer:
Agriculture includes growing crops, fruits, vegetables, flowers and rearing of livestock.

Question 15.
What is the contribution of agriculture sector to the country’s GDP in the year 2016-17?
Answer:
Agriculture sector contributes 17.3 per cent to the GDP.

Question 16.
What percentage of population was engaged in Agriculture in 1990?
Answer:
48.9 percent of population was engaged in Agriculture in 1990.

Question 17.
Write any two features of agriculture.
Answer:
(i) Main source of employment
(ii) Supplier of raw materials to industrial sector

Question 18.
Write two problems associated with agriculture.
Answer:
(i) Problem of marketing
(ii) Insufficient irrigation facilities

Question 19.
Define land reforms.
Answer:
Land reforms are the measures to bring about changes in the ownership of land holdings to encourage equity.

Question 20.
What is meant by land ceiling?
Answer:
Land ceiling means fixing the maximum size of the land, which could be owned by an individual.

Question 21.
Define green revolution.
Answer:
Green revolution refers to the large increase in production of foodgrains resulting from the use of HYV seeds, especially in wheat and rice.

Question 22.
What is an industrial policy?
Answer:
An industrial policy is related to the functions, principles and laws, which determine the state of industrial development by controlling the industrial units.

Question 23.
What do you mean by Small Scale Industries?
Answer:
Small Scale Industry (SSI) is defined on the basis of maximum investment allowed on the assets of a unit. This investment limit changes over a period of time.

Question 24.
How many industries were reserved for public sector under Industrial Policy Resolution, 1956?
Answer:
Under Industrial Policy Resolution, 1956, 17 industries were reserved for public sector.

Question 25.
When was New Industrial Policy applied?
Answer:
New Industrial Policy was applied in 1991.

Question 26.
What is industrial licensing?
Answer:
Industrial licensing is a written permission of the government to a particular firm for the production of particular product.

Question 27.
When was licensing started in India?
Answer:
In India, licensing was started in 1952.

Question 28.
What is foreign trade?
Answer:
Foreign Trade involves inter-country flow of goods, services and financial resources.

Question 29.
What is import substitution?
Answer:
Import substitution is the policy which aims to replace or substitute imported goods by domestically produced goods.

Question 30.
Define tariffs.
Answer:
Tariffs are a tax on imported goods, which discourage the use of imported goods and make them more expensive. ,

Question 31.
What are quotas?
Answer:
Quotas specify the maximum quantity of goods, which can be imported.

Question 32.
List any three major imports of India.
Answer:
Major imports of India include:
(i) Petroleum
(ii) Engineering goods
(iii) Chemical fertilisers

Question 33.
List any five major exports of India.
Answer:
Major exports of India include:
(i) Tea
(ii) Coffee
(iii) Jute
(iv) Cotton yarn
(v) Readymade garments

Question 34.
What is the share of India in world exports?
Answer:
The share of India in world exports is 0.8 percent.