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11th Standard English Medium Economics Subject Indian Economy Book Back 3 Mark Questions with Solution Part - I updated Book back Questions

Published on: 13/05/2022

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Std: 11th Standard - Economics

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Questions:

Generic 3

5 x 3 = 15

Write the V.K.R.V. Rao's contribution on macroeconomics.

Write the strategy of Jawaharlal Nehru in India's planning.

Write a short note on village sarvodaya.

State Ambedkar’s Economic ideas on agricultural economics.

Define Economic Development.

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Answers Key:

Generic 3

5 x 3 = 15

Rao's examination of the "interrelation between investment, income and multiplier in an under developed economy" (1952) was his major contribution to macroeconomic theory.

(i) During Nehru's period as Prime Minister planning was introduced in India.
(ii) He said planning is to find the best way to utilize all resources of manpower or money.
(iii) Planning was linked with industrialization leading to self-reliance and economic growth.

(i) According to Gandhi, "Real India was to be found in villages and not in towns or cities".
(ii) Gandhi suggested the development of self sufficient, self dependent villages.

In 1918, Ambedkar published a paper "Small Holdings in India and their Remedies", citing Adam Smith's "Wealth of Nations", he differentiated "Consolidation of Holdings" and "Enlargement of Holdings".

It refers to an improvement in citizens' quality of life and well-being of a country which is measured by per capita income along with several other development indicators like Human Development Index, Physical Quality of Life Index and Gross National Happiness Index.