Arts (English Medium) Class 12 - CBSE Question Bank Solutions

Unemployment is reduced due to the measures were taken by the government. State its economic value in the context of production possibilities frontier.

What is likely to be the impact of efforts towards reducing unemployment on the production potential of the economy? Explain

Agriculture sector appears to be adversely affected by the reform process. Why?

Victor is able to get work only for two hours in a day. Rest of the day, he is looking for work. Is he unemployed? Why? What kind of jobs could persons like Victor be doing?

India’s post-1990 economic strategy entailed three important breaks with the past:

• To dismantle the vast network of controls and permits that dominated the economic system.
• To redefine the role of the state as a facilitator of economic transactions and as a neutral regulator rather than the primary provider of goods and services.
• To move away from a regime of import substitution and to integrate fully with the global trading system.

The 1991 reforms unleashed the energies of Indian entrepreneurs and gave untold choices to the consumers and changed the face of the Indian economy. The reform agenda constituted a paradigm shift and has defined the broad contours of economic policymaking for three decades.

Liberalization was adopted as the guiding principle of governance and all governments since 1991, have broadly stuck to that path.

Today we don’t need a paradigm shift. We need to look at individual sectors and see which one of these needs, reforms to create a competitive environment and improve efficiency. The power sector, the financial system, governance structures, and even agricultural marketing need reforms.

Today’s reforms also require much more discussion and consensus-building. The central government needs to work in tandem with state governments and consult different stakeholders impacted by reform decisions. Timing and sequencing are critically important in the new reforms’ agenda.

Read the following statements - Assertion (A) and Reason (R):

Assertion (A) - India’s pre-1990 economic strategy dismantles the vast network of controls and permits that dominated the economic system.

Reason (R) - The 1991 reforms unleashed the energies of Indian entrepreneurs, gave untold choices to consumers, and changed the face of the Indian economy.

From the given alternatives choose the correct one:

The unemployment rate for ____________ are found to be higher than for ____________.

Labour force refers to:

Which of the following is false regarding the labour force?

When a labour does not get employment opportunity despite his willingness to work at the existing wage rate.

Unemployment is the result of:

Most of the disguised unemployed persons in India are found in:

Unemployed people is calculated as:

Assertion (A): Unemployment and poverty are inseparable twins.

Reason(R): Unemployment is the root cause of all socio-economic evils

Defend or refute the following statement with a valid explanation:

‘Disguised unemployment is a common form of unemployment in rural India’

'Ram is able to get work only for two hours in a day. Rest of the day, he is looking for work.' Is he unemployed? What kind of job could person like Ram be doing?

Statement 1: China introduced structural economic reforms on its own, without any pressure.

Statement 2: Scholars argue that in India, the economic reforms process led to the worsening of all the economic indicators.

Statement 1: Special Economic Zones (SEZ's) policy has led to huge Foreign Direct Investment (FDI) flow to China.

Statement 2: China's rapid industrial growth was the result of its economic reform in 1981.

In the light of the given statements, choose the correct alternative:

“In rural areas of India more members of a family are engaged on work, yet the gross income of the family is generally low.”

Identify the type of unemployment indicated in the above statement and explain the paradox associated with it. 

What do the short run marginal cost, average variable cost and short run average cost curves look like?

At which point does the SMC curve intersect SAC curve? Give reason in support of your answer.