Module-5 Past Paper Questions and Answers (2 marks)

1. Why is public expenditure increasing in India?

Public expenditure is increasing because of huge population and the defense expenditure has increasing tremendously due to modernization of defense equipment used by army.


2. What is parallel economy

A black market or underground economy is the market in which goods or services are traded illegally


3. Define poverty line 

A level of personal or family income below which one is classified as poor according to governmental standards —called also poverty level


4. What is the meaning of family welfare program?

Steps for development of well-being of family as they can maintain family with peace and love.


5. What is buffer stock

Minimum level of stock required to meet contingencies. Buffer stock should be sufficient to cover problem such as break in supply or demand stock.


6. Expand the Term B.P.L

Below Poverty Line


7. What is black money?'

Proceeds, usually received in cash, from underground economic activity. Black money is earned through illegal activity and, as such, is not taxed. Recipients of black money must hide it, spend it only in the underground economy, or attempt to give it the appearance of legitimacy through illegal money laundering.

Module-4 Past Paper Questions and Answers (2 marks)

1. What is balance of payment

A system of recording all of a country's economic transactions with the rest of the world over a period of one year


2. Mention any two features of Indian foreign trade

Less percentage of world trade’

Changing composition of exports

Changing composition of imports


3. Define foreign trade

Exchange of goods and services between countries. Foreign trade consists of export and import of a goods and services from a country.

4. What is import substitute?

Replacing foreign imports to domestic production


5. State any two method of Credit Control of RBI

Qualitative method and Quantitative method


6. What is Bank rate policy

Determination of interest rate which a central bank will advance short term loan to commercial bank.

Module-3 Past Paper Questions and Answers (2 marks)

1. What is disinvestment?

A reduction in capital investment or Withdrawal of capital investment from a country


2. Give the meaning of Information Technology

Set of tools, processes, and methodologies (such as coding/programming, data communications, data conversion, storage and retrieval, systems analysis and design, systems control) and associated equipment employed to collect, process, and present information


3. What is liberalization?

It means government remove all kind of restriction like licensing, quota sytem to start a business so that can start easily.

Or The act of making less strict is known as liberalization


4. Name any Two IT industries in India

Infosys, Wipro, HCL, Mahindra Satyam.


5. Mention any four problems of Indian small scale industries

Problem of skilled men power, Inadequate credit assistance, Irregular supply of raw materials, Lack of machine and equipment


6. What is Privatization?

It is a process of transferring an enterprising or industry from public sector to private sector


7. What is under employment?

The employment of workers with high skilled level in low wage jobs


8. State the meaning of disguised unemployment

When more people are engaged in some activity than the number of person required for that.

Module-2 Past Paper Questions and Answers (2 marks)

1. State any two natural factors influencing crop pattern in India

Nature of soil / Types of climate / Extent of rainfalls


2. Define food security

“access of all people at all times to enough food for an active, healthy life” – World Bank 1986

“Food security, at the individual, household, national, regional and global levels [is achieved] when all people, at all times, have physical and economic access to sufficient,safe and nutritious food to meet their dietary needs and food preferences for an active and healthy life” adopted by world food summit 1996


3. Mention the different sources of irrigation in India

Canals / Tanks / Wells and tube wells


4. Define crop pattern

The acreage distribution of different crops in any one year in a given farm area such as a county, water agency, or farm.

The proportion of area under different crops at a point of time.


5. Mention any two problems of agricultural labors

Seasonal unemployment, Unskilled and lack of training’, Low social status


6. Name the different types of unemployment found in Indian agriculture 

Seasonal unemployment, Cyclic unemployment, Underemployment


7. Expand the term NABARD

National Bank for Agricultural and Rural Development

Module-1 Past Paper Questions and Answers (2 marks)

1. Define Economy?

The state of a country or region in terms of the production and consumption of goods and services and the supply of money.


2. State any two characteristics of developed country

Good health and education system, Good transportation system, Low percentage of deaths because of starvation


3. Define density of population

Population density is a measurement of population per unit area or unit volume or Measure of the intensity of land use, expressed as number of people per square kilometer or square mile


4. What is national Income?

the total net earnings from the production of goods and services in a country over a period of time, usually one year, and consisting essentially of wages, salaries, rent, profits, and interest.


5. Give two reasons for inequalities of income

Gender discrimination, More regressive taxation


6. Define Indian economy
The manner in which various economic activities such as farming, manufacturing, mining, trade, transport, banking etc connected with the production and distribution of goods and services are organized in India, and the way which the people of the India earn their livelihood.


7. What is per capita Income

The total national income divided by the number of people in the nation


8. Mention any Two characteristics of Indian economy

Low per capita Income, Predominance of Agriculture


9. What do you mean by Exhaustible resources and Give an examples

A natural resource that cannot be increased by the natural forces of the environment. The quantities of exhaustible resources are effectively fixed and thus the more used today, the less is available for use in the future. Example are, oil, minerals