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
List the different types of economic systems.
The three main types of economic systems are:
(i) Capitalist economy
(ii) Socialist economy
(iii) Mixed economy
What is capitalism?
Capitalism refers to the economic system in which resources are owned privately and the main d objective behind economic activities is profit-making.
What is mixed economy?
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.
Socialism is that economic system in which resources are owned by the government and the main objective behind economic activities is.social welfare.
What type of economic system does India have?
India has mixed type of economic system.
Name the plan formulating organisation in India.
Planning Commission is the India’s plan formulating organisation.
When was the Planning Commission constituted?
Planning Commission was constituted in 1950.
Who is the Chairman of Planning Commission?
The Prime Minister of India is the Chairman of Planning Commission.
Which institution has replaced the Planning Commission?
NITI Aayog, established in 2015, has replaced the Planning Commission,
Define economic planning.
Economic planning is the process through which economic decisions are made by the government for economic growth and development.
Who is regarded as the architect of Indian Planning?
Prof. P.C. Mahalanobis is regarded as the architect of Indian Planning.
Who established the Indian Statistical Institute?
Prof. P.C. Mahalanobis established the Indian Statistical Institute.
What is the duration of Twelfth Five Year Plan?
The duration of Twelfth Five Year Plan is from I st April, 2012 to 31 st March, 2017.
What do you mean by agriculture?
Agriculture includes growing crops, fruits, vegetables, flowers and rearing of livestock.
What is the contribution of agriculture sector to the country’s GDP in the year 2016-17?
Agriculture sector contributes 17.3 per cent to the GDP.
What percentage of population was engaged in Agriculture in 1990?
48.9 percent of population was engaged in Agriculture in 1990.
Write any two features of agriculture.
(i) Main source of employment
(ii) Supplier of raw materials to industrial sector
Write two problems associated with agriculture.
(i) Problem of marketing
(ii) Insufficient irrigation facilities
Define land reforms.
Land reforms are the measures to bring about changes in the ownership of land holdings to encourage equity.
What is meant by land ceiling?
Land ceiling means fixing the maximum size of the land, which could be owned by an individual.
Define green revolution.
Green revolution refers to the large increase in production of foodgrains resulting from the use of HYV seeds, especially in wheat and rice.
What is an industrial policy?
An industrial policy is related to the functions, principles and laws, which determine the state of industrial development by controlling the industrial units.
What do you mean by Small Scale Industries?
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.
How many industries were reserved for public sector under Industrial Policy Resolution, 1956?
Under Industrial Policy Resolution, 1956, 17 industries were reserved for public sector.
When was New Industrial Policy applied?
New Industrial Policy was applied in 1991.
What is industrial licensing?
Industrial licensing is a written permission of the government to a particular firm for the production of particular product.
When was licensing started in India?
In India, licensing was started in 1952.
What is foreign trade?
Foreign Trade involves inter-country flow of goods, services and financial resources.
What is import substitution?
Import substitution is the policy which aims to replace or substitute imported goods by domestically produced goods.
Tariffs are a tax on imported goods, which discourage the use of imported goods and make them more expensive. ,
What are quotas?
Quotas specify the maximum quantity of goods, which can be imported.
List any three major imports of India.
Major imports of India include:
(ii) Engineering goods
(iii) Chemical fertilisers
List any five major exports of India.
Major exports of India include:
(iv) Cotton yarn
(v) Readymade garments
What is the share of India in world exports?
The share of India in world exports is 0.8 percent.