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

Answer the following question.
In the given figure, what does the gap 'KT' represent? State any two fiscal measures to correct the situation.

Classify the following statement into positive economic or normative economic, with suitable reason:
Government should try to control the rising fiscal deficit.

Suppose you are a member of the "Advisory Committee to the Finance Minister of India". The Finance Minister is concerned about the rising Revenue Deficit in the budget.
Suggest anyone measure to control the rising Revenue Deficit of the government.

Regressive tax is that which is ______.

Fiscal deficit = ______.

The primary deficit in a government budget is ______.

Which of the following statement is true?

The exchange rate at which demand for foreign currency becomes equal to its supply is called ______.

If Rs. 150 are required to buy $ 2, instead of Rs. 100 earlier, then ______.

The operation of daily nature in the foreign exchange market is known as ______.

The operation of future delivery in the foreign exchange market is known as ______.

Spot market is that market where in ______.

Forward market is that market which ______.

In how many sectors is the occupational structure of India is divided?

The level of unemployment among educated youth is the highest.

Which of the following is not an indicator of education level?

Occupational structure refers to ____________.

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:

“Income method” is also known as ______.

Which of the following is the formula for revenue deficit?