Class 10 Economics important Questions

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Class 10 Economics important Questions

Economics Questions by Year

2013

  1. Write the names of any two indicators of Human Development Index.
  2. Write the names of any two services of tertiary sector.
  3. Explain the meaning of ‘Globalisation’.
  4. Write a short note on sustainable development.
  5. Explain any three characteristics of unorganised sector.
  6. How does foreign trade help in integration of markets in different countries? Explain.
  7. Describe any three rights provided to the consumer in Consumer Protection Act, 1986.
  8. In your point of view, between Barter system and Monetary system, which one is best and why?.
  9. Compare the contribution of formal and informal credit between urban poor and rich households. Give any two suggestions to increase the role of formal sector in credit creation.
  10. Write short notes on the following: Importance of infrastructure industry.

2013 Supplementary

  1. Write the definition of ‘Under Unemployment’.
  2. Explain the meaning of ‘Liberalisation’.
  3. Discuss the impacts of globalisation on Indian agriculture.
  4. What do you understand by sustainable development?.
  5. Describe the important causes of the Great Depression of 1929.
  6. Describe the role of technology which brings the changing pattern of world economy in the nineteenth century.
  7. Explain any three reasons of rapid increase in tertiary sector in Indian economy.
  8. Why are Multinational Companies establishing their plants in countries like India and China? Give any three reasons.
  9. Give suggestions for rapid economic development in the democratic form of government.
  10. Demand deposits also work as a medium of exchange like money. Explain.
  11. How do banks mediate depositors and borrowers? Explain.

2014

  1. What is gross domestic product?.
  2. Write any two difficulties of barter system.
  3. What is meant by trade barrier?.
  4. When is consumer day observed in India?.
  5. What is meant by disguised unemployment? Give any two suggestions to reduce it.
  6. Give any three suggestions to increase formal sources of loan in rural areas of India.
  7. Describe any three impacts of globalisation on Indian Economy.
  8. Explain the concept of economic equality in democracy.
  9. In your point of view, which is a better measure to compare development between two countries? Explain.
  10. In your point of view, which type and level of development is sustainable? Explain.

2015

  1. What is primary sector?.
  2. What is Bank Cheque?.
  3. What is meant by globalisation?.
  4. Which are final goods?.
  5. In your view, why is public sector a must? Write any three points.
  6. Give any three suggestions to increase activities of cooperatives in the rural areas.
  7. Explain the role of information and communication technology in globalisation on any three bases.
  8. Why did consumer movement begin in India? Describe this movement.
  9. In your point of view, which is much better measure to compare the development between two states on the basis of educational level? Explain.
  10. In your point of view, what should be our goal on sustainability of development? Explain.
  11. Write short notes on the following: International trade.

2016

  1. Write the meaning of per capita income.
  2. Write any two intermediate goods for the production of biscuits.
  3. What is investment?.
  4. What is the alternative name of Consumer Protection Act 1986?.
  5. What do you understand by sustainable development?.
  6. What do you mean by “Brettan Woods Conference”? Which are called the twins of it?.
  7. Explain any three goals of economic development.
  8. Explain the interdependency of primary, secondary and tertiary sector of an economy.
  9. Explain any three impact of globalisation in India.
  10. Explain any three types of consumers exploitation in the market.
  11. In your opinion, between barter system and monetary system, which one is superior and why?.
  12. In your opinion between formal and informal credit, which one is superior and why?.

2017 Special Supplementary

  1. Give any two developmental goals for landless rural labourers.
  2. What are demand deposits?.
  3. What is meant by Multinational Corporation?.
  4. Discuss the World great depression impacts on America.
  5. Explain any three criteria for comparing two states.
  6. How does Reserve Bank of India supervises the activities of other banks? Clarify it.
  7. Explain the importance of Foreign trade for the producers and buyers of a country.
  8. Write the name of three sectors of economic activities. Explain with the help of examples.
  9. Distinguish between under employment and open unemployment with examples.

2017

  1. What is suitable measure for comparison of development between two or more countries?.
  2. What is medium of exchange?.
  3. Write the meaning of investment.
  4. Write any two ways of consumer exploitation.
  5. Explain impact of Globalization on agriculture.
  6. Describe the technological changes in World Economy in 19th Century.
  7. Explain the importance of Advertisement in goods market.
  8. Write any six public facilities.
  9. Give any two differences between formal and informal sector credit.
  10. Write any two benefits of Multinational Corporations.
  11. Explain the Judicial machinery for redressal of consumer disputes.
  12. Explain the primary, secondary and tertiary sectors with help of example.
  13. Why is the National Rural Employment Guarantee Act called “Right to Work”?.

2018 Supplementary

  1. Into how many sectors an economy is classified?.
  2. Write any one objective of economic planning.
  3. What is meant by sustainable development?.
  4. What do you understand by disguised unemployment?.
  5. State any two challenges of Indian economy.
  6. What is meant by value of money?.
  7. What do you understand by skill development? Mention any three advantages of it.
  8. Discuss the stages of development of money.
  9. If you want any information from any department, what method will you adopt under the Right of Information Act? Explain.

2018

  1. Define the National Income.
  2. Mention the period of financial year in India.
  3. Which activities are included in primary sector?.
  4. What is the meaning of General Price Level?.
  5. What is unemployment?.
  6. When was the first effort to measure poverty in India was made?.
  7. “Indian economy is a developing economy.” Explain any four arguments in favour of this statement.
  8. Explain any four advantages of globalisation.
  9. What is Money? Clarify any three functions of Money.
  10. As a conscious citizen, write any four causes of consumer exploitation.

2019

  1. What is meant by production?.
  2. Name any two activities of tertiary sector.
  3. State any one function of NITI Aayog.
  4. What is demand driven inflation?.
  5. What is the implication of the vicious cycle of poverty?.
  6. What is seasonal unemployment?.
  7. Describe any four characteristics of Indian Economy as an undeveloped economy.
  8. Explain any four advantages of Swadeshi.
  9. Distinguish between institutional and non-institutional sources of credit.
  10. According to you what duties should be followed by a consumer in order to avoid the loss?.

2020

  1. Who was the first estimator of national income of India?.
  2. What is the time period of a financial year in India?.
  3. What is planning?.
  4. Write any one monetary measure to control the inflation.
  5. Write any one economic factor of poverty in India.
  6. What is the hidden unemployment?.
  7. Describe any four characteristics of Indian economy as a developing economy.
  8. Briefly describe the economic reforms in Indian economy.
  9. Explain the barter system.
  10. According to you, what legal rights do you have as a consumer? Describe any four.

2020 Supplementary

  1. Who was the first chairman of National Income Committee?.
  2. State any one object of economic planning in India.
  3. Agriculture and animal husbandry are related to which sector?.
  4. What is cost driven inflation?.
  5. Define the relative poverty.
  6. What is technical unemployment?.
  7. Explain privatization in Indian Economy. OR Explain the concept of ‘Swadesi’ in India.
  8. Explain the working system of Self Help Group.
  9. What rights do you have under the Right to Information Act, 2005? Describe any four.

2021

  1. In which year did the Government of India form the Planning Commission?.
  2. What is meant by sustainable development?.
  3. Describe the estimate of poverty presented by C. Rangarajan in India.
  4. Describe any four reasons for the problem of unemployment.
  5. According to your view, which four rights should be given to consumers to protect their interests?.
  6. Give any four reasons for adopting economic reforms in India. OR Explain any four benefits of Swadeshi.

2022

  1. Which of the following countries is an example of a cheap manufacturing hub?.
  2. Companies, that do business in several countries at the same time are called __________ corporations (MNCs).
  3. Income of any country is the income of all the ____________ of that country (People/Residents).
  4. Tertiary sector is also called as ____________.
  5. Rapid improvement in ___________ has stimulated the globalisation process (Technology).
  6. What do you understand by sustainable development?.
  7. According to you where are most people of India employed?.
  8. What does Ranbaxy company produce?.
  9. What is Tariff?.
  10. Give any two examples of Primary Sector Activity.
  11. Write any two benefits of self help group.
  12. How do multinational companies work? Explain.
  13. What facilities do you get from banks? Mention any three.
  14. “Banks use a large part of their deposits for giving loans.” Do you agree with this statement? Explain your views.

2023

  1. The market requires rules and regulations for the consumer – (A) For consumer’s protection….
  2. India issues currency notes through: (C) Reserve Bank of India.
  3. Which of the following company controls or owns production in more than one country? (D) Multinational company.
  4. The Consumer Protection Act was passed in the Indian Parliament on 24 December, 1986.
  5. What do you understand by primary sector?.
  6. How can unorganized sector workers be protected in rural areas? Give any one example.
  7. Mention any two goals of development of a landless rural labourer.
  8. Differentiate between public and private sector.
  9. Briefly explain the lending activities of banks.
  10. Describe any two factors which made the consumer movement effective in India.
  11. ‘Foreign trade helps in the integration of the markets of different countries’. Give your three arguments in favour of this statement.
  12. How will you calculate the value of goods and services produced from different sectors? Explain with the help of suitable example.
  13. How more employment can be created according to you?.
  14. Write notes on: (1) Self Help Group (2) Cheque facility. OR Write a short note on loan related activities of banks.

2024

  1. Which one of the following is an unorganized sector related activity? (D) Daily wages labour.
  2. Institution issuing currency note in India is (A) Reserve Bank of India.
  3. As a trade barrier tax is imposed (B) on Import.
  4. Which is the main factor to stimulate the globalisation process?.
  5. What do you understand by Infant Mortality Rate?.
  6. Write any two main functions of World Trade Organisation.
  7. Write any two measures of Consumer Awareness.
  8. How will you calculate the value of goods and services produced from different sectors? Explain with the help of suitable example.
  9. How more employment can be created according to you?.
  10. Write short notes on the following: (1) Self Help Group (2) Cheque facility. OR Write a short note on loan related activities of banks.

2024 Supplementary

  1. Which country is the largest producer of jute goods? (India).
  2. When did Mahatma Gandhi National Rural Employment Guarantee Act come into force? (2005).
  3. Which fulfillment in the format of cheque is filled by the payer? (D) Payble amount.
  4. The Great Depression started in the year _________.
  5. Write any one problem of labour in unorganised sector.
  6. In which year did far reaching changes in economic policies begin in India? (1991).
  7. Write a short note on Bretton Woods institutions.
  8. What is literacy rate?.
  9. What is the role of multinational corporations in globalisation process?.
  10. Where can consumers appeal for settlement of disputes?.
  11. ‘The tertiary sector has become important in India’. Give any three arguments in favour of this statement.
  12. How would you explain the difference between public and private sector?.
  13. Write a note on the following. i) Terms of credit ii) Functions of money. OR Explain the condition of informal credit in India.

2025

  1. Which metal coins did Indians use as currency?.
  2. When did the Consumer Protection Act come into force? (1986).
  3. Examine “Small is Beautiful” Book.
  4. Write the name of the institution that issues currency notes in India.
  5. What is the main aim of World Trade Organization?.
  6. How can you use ‘Right to Choose’? Give an example.
  7. Explain any two causes of the Great Depression of 1929.
  8. Mention any two employment activities of informal sector.
  9. Calculate Gross Domestic Production (GDP) and the difference in contribution of tertiary and primary sectors based on provided data.
  10. List any four benefits of the development of information and communication technology.
  11. Present an analysis of the necessary details to be made on a blank cheque to help in cash withdraw.

2025 Supplementary

  1. The main factor that has stimulated the globalization process is (B) Rapid improvement in technology.
  2. When is National Consumer Day celebrated? (24, December).
  3. ____________ sector is also called service sector (Tertiary).
  4. Tax on ______________ is an example of trade barrier (Import).
  5. What is the other popular name of the ‘International Bank for Reconstruction and Development’? (IBRD/World Bank).
  6. Write any one function of money.
  7. What benefits have consumers by globalization? Write any one.
  8. How can you use ‘Right to seek Redressal’? Give an example.
  9. Which two measures would you suggest for additional employment generation?.
  10. Calculate Gross Domestic Production (GDP) and the difference in contribution of tertiary and primary sectors based on provided data.
  11. List any four Indian companies that have emerged as multinational companies.
  12. ‘Different person could have different as well as conflicting notions of a country’s development.’ Discuss the statement.

2013

  1. Write the names of any two indicators of Human Development Index. The Human Development Report (published by UNDP) compares countries based on the educational levels of the people, their health status, and per capita income (Gross National Income per capita).
  2. Write the names of any two services of tertiary sector. The tertiary sector (also called the service sector) activities include transport, storage, communication, banking, and trade. Other examples include teachers and doctors.
  3. Explain the meaning of ‘Globalisation’. Globalisation is the process of rapid integration or interconnection between countries. This process occurs through greater foreign trade and foreign investments by multinational corporations (MNCs).
  4. Write a short note on sustainable development. Sustainable development is aimed at ensuring that the level of development is maintained or goes up further for future generations. Scientists have warned that current development levels are not sustainable. The issue of sustainability raises fundamental new questions about development. It requires managing resources responsibly, such as not overusing renewable resources like groundwater and conserving non-renewable resources like crude oil.
  5. Explain any three characteristics of unorganised sector. Characteristics of the unorganised sector include:
    1. It is characterized by small and scattered units that are largely outside the control of the government.
    2. Jobs are often low-paid and not regular.
    3. Employment is not secure, and people can be asked to leave without reason.
    4. There is no provision for overtime, paid leave, holidays, or sick leave.
  6. How does foreign trade help in integration of markets in different countries? Explain. Foreign trade creates an opportunity for producers to reach beyond domestic markets and compete in other countries. For buyers, imports expand the choice of goods. With the opening of trade, goods travel between markets, the choice of goods rises, and the prices of similar goods tend to become equal. Furthermore, producers in both countries begin to closely compete against each other. This process results in the connecting or integration of markets in different countries.
  7. Describe any three rights provided to the consumer in Consumer Protection Act, 1986. The Consumer Protection Act, 1986 (COPRA) provides several rights, including:
    1. Right to Safety: The right to be protected against the marketing of goods and services that are hazardous to life and property.
    2. Right to be Informed: The right to be informed about the particulars of goods and services purchased, such as ingredients, price, batch number, and expiry date.
    3. Right to Choose: The right to choose whether to continue receiving a service and not be forced to buy things one may not wish to have.
    4. Right to Seek Redressal: The right to seek redressal against unfair trade practices and exploitation, and to receive compensation for damage.
  8. In your point of view, between Barter system and Monetary system, which one is best and why?. The Monetary system is superior. In a barter system, goods are directly exchanged without money, requiring a double coincidence of wants (what one person wishes to sell, the other must wish to buy). Money eliminates this difficulty by acting as a medium of exchange, providing the crucial intermediate step in the exchange process.
  9. Compare the contribution of formal and informal credit between urban poor and rich households. Give any two suggestions to increase the role of formal sector in credit creation.
    • Comparison: In urban areas, poor households rely heavily on informal sources for credit, with 54 per cent of their loans coming from this sector. In contrast, rich urban households depend mainly on formal sources, with only 17 per cent of their loans coming from the informal sector.
    • Suggestions: 1. Banks and cooperative societies need to increase their lending, particularly in rural areas, to reduce the overall dependence on informal sources. 2. Formal credit should be distributed more equally so that poorer households can benefit from the cheaper loans, rather than credit concentrating among the rich.
  10. Write short notes on the following: Importance of infrastructure industry. The government must undertake heavy spending on necessary infrastructure, such as the construction of roads, bridges, railways, harbours, generating electricity, and providing irrigation through dams. This is necessary because the private sector will generally not provide these facilities at a reasonable cost, or the spending required is beyond the capacity of the private sector.

2013 Supplementary

  1. Write the definition of ‘Under Unemployment’. Underemployment (or disguised unemployment) is a situation where people are apparently working but all of them are made to work less than their potential. In this situation, removing a few people out of the workforce will not affect production.
  2. Explain the meaning of ‘Liberalisation’. Liberalisation refers to removing barriers or restrictions set by the government on foreign trade and foreign investment. With liberalisation, businesses are allowed to make decisions freely about what to import or export, as the government imposes much fewer restrictions.
  3. Discuss the impacts of globalisation on Indian agriculture. The sources do not provide a comprehensive discussion of globalization’s impact on Indian agriculture. However, the context of global trade highlights that developed countries heavily subsidize their farmers, enabling them to sell surplus farm products at abnormally low prices in other country markets, adversely affecting farmers in those countries.
  4. What do you understand by sustainable development?. Sustainable development is the goal of maintaining the current level of development, or advancing it, for future generations. It necessitates the careful use of resources, ensuring that renewable resources (like groundwater) are not overused and that non-renewable resources (like crude oil) are conserved.
  5. Describe the important causes of the Great Depression of 1929. The provided sources do not contain information regarding the important causes of the Great Depression of 1929.
  6. Describe the role of technology which brings the changing pattern of world economy in the nineteenth century. The provided sources do not contain information describing the role of technology in the changing pattern of the world economy specifically in the nineteenth century.
  7. Explain any three reasons of rapid increase in tertiary sector in Indian economy. Reasons for the rising importance of the tertiary sector in India:
    1. Provision of Basic Services: Several essential services, such as hospitals, educational institutions, police, defense, transport, banks, and insurance companies, are required in any country, and the government must take responsibility for providing these basic services.
    2. Development of Primary and Secondary Sectors: The development of agriculture and industry leads directly to an increased demand for services like transport, trade, and storage.
    3. Rise in Income Levels: As income levels increase, certain sections of the population begin to demand more services, such as eating out, tourism, shopping, private schools, and professional training.
    4. Information and Communication Technology (ICT): New services based on ICT have become essential and important, leading to a rapid rise in their production over the past decade.
  8. Why are Multinational Companies establishing their plants in countries like India and China? Give any three reasons. MNCs establish plants in countries like India and China for several reasons:
    1. They seek regions where they can get cheap labour and other resources to lower the cost of production.
    2. They set up production where it is close to the markets (e.g., Mexico/Eastern Europe for US/Europe markets).
    3. They look for the availability of skilled and unskilled labour at low costs.
    4. They seek government policies that look after their interests (e.g., Special Economic Zones or flexible labour laws).
  9. Give suggestions for rapid economic development in the democratic form of government. To promote development and increase employment, a government can take measures such as:
    1. Investing money in constructing wells or dams for irrigation to enable farmers to take a second crop.
    2. Providing cheap agricultural credit (loans at reasonable rates of interest) to farmers.
    3. Identifying, promoting, and locating industries and services in semi-rural areas (e.g., dal mills, cold storage).
    4. Creating new jobs in the education and health sectors by hiring more teachers, doctors, and nurses.
  10. Demand deposits also work as a medium of exchange like money. Explain. Demand deposits share the essential features of money because they can be withdrawn on demand. The crucial feature that allows them to act as a medium of exchange is the facility of cheques. Since cheques against demand deposits make it possible to directly settle payments without cash, they are widely accepted as a means of payment, thus constituting money in the modern economy.
  11. How do banks mediate depositors and borrowers? Explain. Banks mediate between depositors and borrowers by accepting deposits and keeping only a small proportion of this cash (about 5% in India) to meet withdrawals. They use the major portion of the deposits to extend loans. Banks charge a higher interest rate on the loans than what they pay to the depositors, and the difference between these rates is their main source of income, thereby facilitating the movement of funds from those who have a surplus to those who need funds.

2014

  1. What is gross domestic product?. Gross Domestic Product (GDP) is defined as the value of all final goods and services produced within a country during a particular year. GDP is used to show how big an economy is.
  2. Write any two difficulties of barter system. The main difficulty of the barter system is the necessity of a double coincidence of wants.
  3. What is meant by trade barrier? A trade barrier is a restriction set up by a government, typically a tax on imports. Governments use barriers to regulate foreign trade (increase or decrease) and to decide what kinds of goods, and how much of each, should enter the country.
  4. When is consumer day observed in India?. India observes 24 December as the National Consumers’ Day, commemorating the day the Consumer Protection Act was enacted in 1986.
  5. What is meant by disguised unemployment? Give any two suggestions to reduce it.Disguised unemployment (or underemployment) is the situation where people are apparently working but are working less than their potential. This means that if some people were removed, production would not be affected.
    • Suggestions to reduce it (by creating more employment): 1. Building dams and canals to irrigate farmlands so farmers can take a second crop, thereby employing more family members. 2. Investing in transportation and storage of crops by building better rural roads, creating jobs in trade and transport services.
  6. Give any three suggestions to increase formal sources of loan in rural areas of India.
    1. Banks and cooperatives need to increase their lending significantly, particularly in rural areas, to reduce the dependence on expensive informal credit.
    2. Formal credit should be distributed more equally so that poorer households receive a greater share of loans.
    3. Encourage the formation and stability of Self Help Groups (SHGs), which allow rural poor, especially women, to pool savings and become eligible for bank loans using their collective savings as a basis for lending.
  7. Describe any three impacts of globalisation on Indian Economy.
    1. Benefits for Consumers: Well-off sections in urban areas have experienced a greater choice of goods and enjoy improved quality and lower prices.
    2. Job Creation (Organized Sector): MNC investments have led to the creation of new jobs in high-demand industries like cell phones and automobiles.
    3. Challenges for Small Producers/Workers: Many small producers (e.g., toys, batteries) have been hit hard due to competition, leading to factory shutdowns and rendering workers jobless.
  8. Explain the concept of economic equality in democracy. The provided sources do not explicitly define the concept of economic equality in a democracy. However, they note that people desire goals like equal treatment and resent discrimination. The sources also highlight that average income, while useful for comparison, hides disparities in income distribution.
  9. In your point of view, which is a better measure to compare development between two countries? Explain. The Human Development Index (HDI) is a better measure than income alone. While income (Per Capita Income) is important, it hides disparities and is an inadequate indicator of development. The HDI, published by the UNDP, is preferred because it compares countries based on a mix of goals: per capita income (GNI), educational levels, and health status. By using these human indicators, it emphasizes that people, their health, and their well-being are the most important aspects of development.
  10. In your point of view, which type and level of development is sustainable? Explain. Sustainable development is the type and level of development that can be maintained for future generations. This requires development that accounts for the environment, such as avoiding the overuse of resources like groundwater and conserving fixed stock of non-renewable resources.

2015

  1. What is primary sector?. The primary sector involves activities undertaken by directly using natural resources. The product of this activity is a natural product and forms the base for all other products subsequently made. It is also called the agriculture and related sector.
  2. What is Bank Cheque?. A cheque is a paper document instructing the bank to pay a specific amount from the payer’s account to the person in whose name the cheque has been issued.
  3. What is meant by globalisation?. Globalisation is the process of rapid integration or interconnection between countries through greater foreign trade and foreign investment.
  4. Which are final goods?. Final goods are goods that reach the consumers. When calculating GDP, only the value of final goods and services is counted, as this value already includes the value of all intermediate goods used in making them.
  5. In your view, why is public sector a must? Write any three points. The public sector (government) is a must because:
    1. It is responsible for providing essential health and education facilities for all.
    2. It undertakes the construction of large-scale infrastructure projects (e.g., roads, bridges, railways, harbors) which the private sector will not provide at a reasonable cost or which require immense spending.
    3. It supports key economic activities, such as supplying electricity at affordable rates to prevent small-scale industries from shutting down.
  6. Give any three suggestions to increase activities of cooperatives in the rural areas.
    1. Encourage the pooling of resources among members of the rural community to form cooperative societies.
    2. Ensure that cooperatives obtain large loans from banks (using members’ deposits as collateral) so they have funds to lend to members.
    3. Cooperative loans should be provided for a variety of expenses vital to rural life, such as cultivation, agricultural implements, trade, housing construction, and fishery.
  7. Explain the role of information and communication technology in globalisation on any three bases.
    1. Rapid advancements in technology have provided facilities like telecommunication (mobile phones, fax) allowing people to contact one another worldwide and access information instantly.
    2. The Internet enables instant electronic mail (e-mail) and voice-mail across the world at negligible costs.
    3. IT has played a major role in spreading out the production of services across countries, such as data entry, call centers, and engineering work being done cheaply in countries like India and exported globally.
  8. Why did consumer movement begin in India? Describe this movement. The consumer movement in India originated as a “social force” due to the need to protect consumers against unethical and unfair trade practices. It was fueled by rampant problems like food shortages, hoarding, black marketing, and adulteration of food and edible oil in the 1960s. The movement initially involved consumer groups writing articles and holding exhibitions. Over time, these efforts put pressure on businesses and the government, leading to the enactment of the Consumer Protection Act (COPRA) in 1986, which provided legal protection and redressal machinery.
  9. In your point of view, which is much better measure to compare the development between two states on the basis of educational level? Explain. To compare educational development between two states, the Literacy Rate (proportion of literate population in the 7-and-above age group) and the Net Attendance Ratio (total number of children in a specific age group attending school as a percentage of the total in that age group) are effective measures. These indicators highlight crucial areas of human development that go beyond mere income.
  10. In your point of view, what should be our goal on sustainability of development? Explain. The goal should be to ensure that the level of development is maintained for future generations. This means using resources, especially renewable resources, only to the extent that they can be replenished by nature, and developing in a way that avoids environmental degradation.
  11. Write short notes on the following: International trade. International trade (or foreign trade) has historically been the main channel connecting countries. It offers producers the opportunity to reach beyond domestic markets and allows buyers access to a wider choice of goods. Through trade, markets are connected, competition increases, and the prices of similar goods tend to become equal across countries.

2016

  1. Write the meaning of per capita income. Per capita income (or average income) is calculated by taking the total income of the country and dividing it by its total population.
  2. Write any two intermediate goods for the production of biscuits. Intermediate goods are used up in producing final goods and services. For biscuit production, examples include wheat, wheat flour, sugar, and oil.
  3. What is investment?. Investment is the money that is spent to buy assets such as land, building, machines, and other equipment, with the hope that these assets will earn profits.
  4. What is the alternative name of Consumer Protection Act 1986?. The alternative name for the Consumer Protection Act 1986 is COPRA.
  5. What do you understand by sustainable development?. (See 2013, Q4)
  6. What do you mean by “Brettan Woods Conference”? Which are called the twins of it?. The provided sources do not contain information regarding the “Bretton Woods Conference” or its “twins.”
  7. Explain any three goals of economic development. Key goals of development include:
    1. Seeking more income (regular work, better wages, decent prices for products).
    2. Seeking equal treatment and resentment of discrimination.
    3. Seeking freedom and security.
    4. Seeking respect of others.
  8. Explain the interdependency of primary, secondary and tertiary sector of an economy. The three sectors of economic activity are highly interdependent. For instance:
    • The secondary (industrial) sector is dependent on the primary sector for raw materials (e.g., a sugar mill relies on sugarcane farmers).
    • The primary sector relies on the secondary sector for manufactured goods (e.g., farmers rely on pumpsets, tractors, and fertilizers).
    • All production (primary and secondary) depends on the tertiary sector for support, such as transport, banking, communication, and storage to move and sell goods.
  9. Explain any three impact of globalisation in India. (See 2014, Q7)
  10. Explain any three types of consumers exploitation in the market.
    1. Traders may engage in unfair trade practices, such as weighing less than they should.
    2. Traders may add charges that were not mentioned beforehand.
    3. The selling of adulterated or defective goods.
    4. The manipulation of the market by powerful companies that pass on false information through media to attract consumers.
  11. In your opinion, between barter system and monetary system, which one is superior and why?. (See 2013, Q8) Monetary system is superior because money functions as a medium of exchange, eliminating the need for the double coincidence of wants inherent in the barter system.
  12. In your opinion between formal and informal credit, which one is superior and why?. Formal credit is superior. Formal sector loans (from banks and cooperatives) usually carry a lower interest rate. In contrast, the high interest rate charged by informal lenders means borrowers use a larger part of their earnings to repay the loan, risking debt traps. Cheap and affordable credit from the formal sector is crucial for the country’s development.

2017 Special Supplementary

  1. Give any two developmental goals for landless rural labourers.
    1. More days of work and better wages.
    2. Local school able to provide quality education for their children.
    3. No social discrimination and the ability to become village leaders.
  2. What are demand deposits?. Demand deposits are deposits in bank accounts that the account holder has the provision to withdraw on demand (as and when they require).
  3. What is meant by Multinational Corporation?. A Multinational Corporation (MNC) is a company that owns or controls production in more than one nation.
  4. Discuss the World great depression impacts on America. The provided sources do not discuss the specific impacts of the World Great Depression on America.
  5. Explain any three criteria for comparing two states.
    1. Per Capita Income (Per Capita Net State Domestic Product).
    2. Infant Mortality Rate (IMR).
    3. Literacy Rate.
    4. Net Attendance Ratio.
  6. How does Reserve Bank of India supervises the activities of other banks? Clarify it. The RBI supervises the functioning of formal sources of loans. It monitors that banks maintain a minimum cash balance out of their deposits. The RBI also ensures that banks give loans not just to profit-making businesses and traders, but also to small cultivators, small scale industries, and small borrowers. Banks must periodically submit information to the RBI regarding lending amounts, recipients, and interest rates.
  7. Explain the importance of Foreign trade for the producers and buyers of a country. For producers, foreign trade creates an opportunity to reach beyond domestic markets and compete globally. For buyers, foreign trade allows them to expand their choice of goods through imports beyond what is produced domestically.
  8. Write the name of three sectors of economic activities. Explain with the help of examples.
    1. Primary Sector (Agriculture and related sector): Activities using natural resources directly, such as cotton cultivation or dairy.
    2. Secondary Sector (Industrial sector): Activities where natural products are changed into other forms through manufacturing, such as using sugarcane to make sugar or earth to make bricks.
    3. Tertiary Sector (Service sector): Activities that aid or support production, generating services rather than goods, such as transport, banking, or doctors/teachers.
  9. Distinguish between under employment and open unemployment with examples.
    • Underemployment (Disguised Unemployment): People are apparently working but are made to work less than their potential, such that moving them out does not affect production. Example: All five members of a small farmer’s family working on a plot where only two people are strictly necessary.
    • Open Unemployment: This refers to someone who does not have a job and is clearly visible as unemployed.
  10. Write any two benefits of Multinational Corporations.
    1. MNCs can provide money for additional investments (e.g., new machines) to local companies they partner with.
    2. MNCs may bring the latest technology for production.
    3. MNC investments create new jobs in industries they enter (e.g., cell phones, automobiles).

2017

  1. What is suitable measure for comparison of development between two or more countries?. The most suitable measure is the Human Development Index (HDI), which combines educational levels, health status, and per capita income (GNI). HDI is preferred because income alone is an inadequate measure.
  2. What is medium of exchange?. Money acts as an intermediate step in the exchange process, which means it is called a medium of exchange.
  3. Write the meaning of investment. Investment is the money that is spent to buy assets such as land, building, machines, and other equipment.
  4. Write any two ways of consumer exploitation.
    1. Shopkeepers may weigh less than they should.
    2. Traders may sell adulterated or defective goods.
    3. Companies may pass on false information through media to attract consumers.
  5. Explain impact of Globalization on agriculture. (See 2013 Supplementary, Q3 & 2017, Q5) The primary impact noted globally is that massive subsidies provided by developed country governments allow their farmers to sell surplus farm products at abnormally low prices in other country markets, adversely affecting farmers in those countries.
  6. Describe the technological changes in World Economy in 19th Century. The provided sources do not contain information describing the technological changes in the World Economy specifically in the 19th Century.
  7. Explain the importance of Advertisement in goods market. The sources mention that sometimes false information is passed on through the media (advertisements) to attract consumers, which can lead to exploitation.
  8. Write any six public facilities. Public facilities are provided by the government. Examples include: roads, bridges, railways, harbors, electricity generation, irrigation through dams, health facilities, education facilities, safe drinking water, housing facilities for the poor, and food and nutrition programs.
  9. Give any two differences between formal and informal sector credit.
    1. Supervision: Formal lenders (banks/cooperatives) are supervised by the Reserve Bank of India, whereas no organization supervises informal lenders (moneylenders, traders), allowing them to operate without rules.
    2. Interest Rate: Informal lenders typically charge a much higher interest rate on loans, increasing the cost of borrowing and risk of debt trap. Formal lenders charge reasonable rates.
    3. Collateral: Formal lenders usually require proper documentation and collateral, while informal lenders often lend without collateral.
  10. Write any two benefits of Multinational Corporations. (See 2017 Special Supp, Q10)
  11. Explain the Judicial machinery for redressal of consumer disputes. The Consumer Protection Act (COPRA) established a three-tier quasi-judicial machinery for resolving consumer disputes: the District Consumer Disputes Redressal Commission (claims up to ₹1 crore), the State Consumer Disputes Redressal Commissions (claims between ₹1 crore and ₹10 crore), and the National Commission (claims exceeding ₹10 crore). Consumers can appeal decisions to the next higher commission.
  12. Explain the primary, secondary and tertiary sectors with help of example. (See 2017 Special Supp, Q8)
  13. Why is the National Rural Employment Guarantee Act called “Right to Work”?. The Mahatma Gandhi National Rural Employment Guarantee Act 2005 (MGNREGA 2005) is called “Right to Work” because it guarantees 100 days of employment in a year to all rural residents who are able to and need work. If the government fails to provide this work, it must provide unemployment allowances.

2018 Supplementary

  1. Into how many sectors an economy is classified?. An economy can be classified based on various criteria:
    1. Nature of activity: Primary, Secondary, Tertiary.
    2. Employment conditions: Organised, Unorganised.
    3. Ownership: Public, Private.
  2. Write any one objective of economic planning. An implicit objective of economic planning in India is to address important aspects of development like improving health and education and finding ways to increase employment opportunities in areas such as education and tourism.
  3. What is meant by sustainable development?. (See 2013, Q4)
  4. What do you understand by disguised unemployment?. (See 2013 Supplementary, Q1)
  5. State any two challenges of Indian economy.
    1. Underemployment (disguised unemployment) in the agricultural sector.
    2. High dependence of poor households on expensive informal credit.
    3. High levels of malnutrition and Infant Mortality Rates in some regions.
    4. The need to provide protection and support to the vast number of workers in the unorganised sector.
  6. What is meant by value of money?. The provided sources do not explicitly define “value of money.”
  7. What do you understand by skill development? Mention any three advantages of it. The provided sources mention “skill development” in a question heading but do not define the concept or list its advantages.
  8. Discuss the stages of development of money. In the early ages, objects like grains and cattle were used as money. This was followed by the use of metallic coins (gold, silver, copper). Today, modern forms of money include currency (paper notes and coins) and demand deposits.
  9. If you want any information from any department, what method will you adopt under the Right of Information Act? Explain. Under the Right to Information (RTI) Act, 2005, a citizen can file an application to request information about the functions of government departments. This right ensures that citizens have access to all such information.

2018

  1. Define the National Income. The provided sources do not explicitly define “National Income,” though they define Gross Domestic Product (GDP) as the value of all final goods and services produced within a country during a particular year.
  2. Mention the period of financial year in India. The provided sources do not specify the period of the financial year in India.
  3. Which activities are included in primary sector?. (See 2015, Q1)
  4. What is the meaning of General Price Level?. The provided sources do not define the “General Price Level.”
  5. What is unemployment?. The sources discuss specific types like underemployment/disguised unemployment (working below potential) and open unemployment (clearly visible as having no job), but do not provide a general definition of “unemployment.”
  6. When was the first effort to measure poverty in India was made?. The provided sources do not specify when the first effort to measure poverty in India was made.
  7. “Indian economy is a developing economy.” Explain any four arguments in favour of this statement. Arguments supporting the description of India as a developing economy include:
    1. It is classified as a low middle income country based on per capita income.
    2. It faces major developmental challenges, such as high Infant Mortality Rates and widespread malnutrition.
    3. The primary sector remains the largest employer, despite the output shifting to the tertiary sector, indicating an economy undergoing structural transition.
    4. The government has to take primary responsibility for providing basic necessities like health and education, a common characteristic of developing countries.
  8. Explain any four advantages of globalisation.
    1. Greater Choice and Quality for Consumers: Consumers, especially the well-off, enjoy a greater choice of goods, improved quality, and lower prices.
    2. Job Creation: MNC investments have created new jobs in sectors like cell phones, automobiles, and electronics.
    3. Growth of Local Suppliers: Local companies supplying raw materials and services to MNCs have prospered.
    4. Emergence of Indian MNCs: Globalisation has enabled large Indian companies (like Tata Motors, Infosys, Ranbaxy) to expand their operations worldwide and emerge as multinationals themselves.
  9. What is Money? Clarify any three functions of Money.Money is something that can act as a medium of exchange in transactions.
    • Functions (Implied): 1. Medium of Exchange: It eliminates the need for the double coincidence of wants required in a barter system. 2. Means of Payment/Settlement: The law legalizes the use of currency (rupee) as a medium of payment that cannot be refused in settling transactions. 3. Store of Value/Demand Deposits: People hold money as deposits with banks, where it is safe and earns interest.
  10. As a conscious citizen, write any four causes of consumer exploitation. (See 2016, Q10)

2019

  1. What is meant by production?. The provided sources do not contain a formal definition of “production,” though they discuss the production of goods and services in the three sectors.
  2. Name any two activities of tertiary sector. (See 2013, Q2)
  3. State any one function of NITI Aayog. The erstwhile Planning Commission (now known as NITI Aayog) conducted studies estimating potential for job creation in sectors like education.
  4. What is demand driven inflation?. The provided sources do not define “demand driven inflation.”
  5. What is the implication of the vicious cycle of poverty?. The provided sources do not discuss the concept or implication of the “vicious cycle of poverty.”
  6. What is seasonal unemployment?. The provided sources do not define “seasonal unemployment.”
  7. Describe any four characteristics of Indian Economy as an undeveloped economy. (See 2018, Q7 – using characteristics that suggest underdevelopment):
    1. The primary sector continues to be the largest employer despite low output share.
    2. Widespread prevalence of underemployment/disguised unemployment.
    3. High levels of illiteracy among the population.
    4. High levels of Infant Mortality Rate and malnutrition compared to other regions.
  8. Explain any four advantages of Swadeshi. The advantages of ‘Swadeshi’ are not explicitly explained in the main body of the provided sources.
  9. Distinguish between institutional and non-institutional sources of credit.
    • Institutional Sources (Formal Sector): Loans are sourced from banks and cooperatives. This sector is supervised by the RBI, ensuring reasonable interest rates and regulated terms.
    • Non-Institutional Sources (Informal Sector): Loans are sourced from moneylenders, traders, employers, relatives, and friends. This sector lacks supervision, leading to very high interest rates and the risk of debt traps for borrowers.
  10. According to you what duties should be followed by a consumer in order to avoid the loss?. Duties of a consumer include: becoming a well-informed consumer by acquiring knowledge and skill; examining the information given on packaging; and checking for quality certification logos like ISI or Agmark.

2020

  1. Who was the first estimator of national income of India?. The provided sources do not name the first estimator of national income of India.
  2. What is the time period of a financial year in India?. The provided sources do not specify the time period of the financial year in India.
  3. What is planning?. The provided sources do not define “planning.”
  4. Write any one monetary measure to control the inflation. The provided sources do not list specific monetary measures to control inflation.
  5. Write any one economic factor of poverty in India. One economic factor contributing to poverty is the lack of sufficient job creation in the secondary and tertiary sectors, resulting in widespread underemployment and low earnings, particularly among casual workers.
  6. What is the hidden unemployment?. Hidden unemployment is an alternative name for disguised unemployment or underemployment, where people are employed below their potential.
  7. Describe any four characteristics of Indian economy as a developing economy. (See 2018, Q7)
  8. Briefly describe the economic reforms in Indian economy. Starting around 1991, India adopted far-reaching policy changes. This involved removing barriers on foreign trade and foreign investment to a large extent, a process known as liberalisation. The goal was to allow Indian producers to compete globally and improve quality.
  9. Explain the barter system. The barter system is a system where goods are directly exchanged without the use of money. It requires that both parties agree to sell and buy each other’s commodities, known as the double coincidence of wants.
  10. According to you, what legal rights do you have as a consumer? Describe any four. (See 2013, Q7)

2020 Supplementary

  1. Who was the first chairman of National Income Committee?. The provided sources do not name the first chairman of the National Income Committee.
  2. State any one object of economic planning in India. An objective is to create jobs in key areas such as the education sector (estimated 20 lakh jobs) and the health sector.
  3. Agriculture and animal husbandry are related to which sector?. Agriculture and animal husbandry (dairy) are activities included in the Primary sector.
  4. What is cost driven inflation?. The provided sources do not define “cost driven inflation.”
  5. Define the relative poverty. The provided sources do not define “relative poverty.”
  6. What is technical unemployment?. The provided sources do not define “technical unemployment.”
  7. Explain privatization in Indian Economy. OR Explain the concept of ‘Swadesi’ in India. The provided sources do not explain the concept of privatization in the Indian Economy nor the concept of ‘Swadeshi.’
  8. Explain the working system of Self Help Group. A Self Help Group (SHG) typically consists of 15–20 members who meet and save regularly. Members can take small loans from the group itself. After a year or two of regular savings, the group becomes eligible to avail a loan from the bank, which is sanctioned in the name of the group. The group members make key decisions regarding the loans and are responsible for the repayment.
  9. What rights do you have under the Right to Information Act, 2005? Describe any four. The RTI Act ensures citizens all the information about the functions of government departments. This power allows citizens the right to file an application to question delays, seek transparency in government functions, and plan their future based on official information.

2021

  1. In which year did the Government of India form the Planning Commission?. The provided sources do not state the year the Planning Commission was formed.
  2. What is meant by sustainable development?. (See 2013, Q4)
  3. Describe the estimate of poverty presented by C. Rangarajan in India. The provided sources do not describe the estimate of poverty presented by C. Rangarajan.
  4. Describe any four reasons for the problem of unemployment.
    1. Failure to create enough jobs in the secondary and tertiary sectors.
    2. Many workers are forced into the primary (agriculture) sector, resulting in disguised unemployment.
    3. A significant number of casual workers in urban areas do not find work every day or lack better opportunities, forcing them into low-earning odd jobs.
    4. Lack of necessary inputs like irrigation facilities restricts farmers to a single crop, limiting workdays.
    5. Increased competition (due to globalization) causes factory shutdowns, forcing organized sector workers into the unorganized sector with low earnings.
  5. According to your view, which four rights should be given to consumers to protect their interests?. (See 2013, Q7)
  6. Give any four reasons for adopting economic reforms in India. OR Explain any four benefits of Swadeshi.
    • Reasons for Economic Reforms: 1. The government determined that Indian producers needed to compete with global producers. 2. Competition was expected to improve the performance and quality of domestic producers. 3. The removal of trade barriers (liberalisation) allowed for easier imports and exports, correcting previous highly restrictive policies. 4. The decision was supported by powerful international organizations like the WTO.
    • Benefits of Swadeshi: The benefits of ‘Swadeshi’ are not explicitly explained in the main body of the provided sources.

2022

  1. Which of the following countries is an example of a cheap manufacturing hub?. China is cited as a location where MNCs manufacture components due to its advantage as a cheap manufacturing location.
  2. Companies, that do business in several countries at the same time are called ___________ corporations (MNCs). Multinational.
  3. Income of any country is the income of all the ____________ of that country (People/Residents). Residents.
  4. Tertiary sector is also called as ____________. Service sector.
  5. Rapid improvement in ___________ has stimulated the globalisation process (Technology). Technology.
  6. What do you understand by sustainable development?. (See 2013, Q4)
  7. According to you where are most people of India employed?. The primary sector, mainly agriculture, continues to be the largest employer in India.
  8. What does Ranbaxy company produce?. Ranbaxy is listed as an Indian multinational in the medicines sector.
  9. What is Tariff?. A tariff is a tax imposed on imports, serving as a type of trade barrier.
  10. Give any two examples of Primary Sector Activity. (See 2015, Q1)
  11. Write any two benefits of self help group.
    1. SHGs help borrowers overcome the crucial problem of lack of collateral.
    2. They provide members with timely loans for various needs at a reasonable interest rate.
    3. They help women become financially self-reliant.
    4. They offer a platform to discuss and act on social issues such as domestic violence, health, and nutrition.
  12. How do multinational companies work? Explain. MNCs work by owning or controlling production across multiple nations. They organize production in complex ways across the globe to achieve low costs. This is done through:
    1. Setting up production jointly with local companies (providing investment and technology).
    2. Buying up existing local companies and then expanding production (e.g., Cargill buying Parakh Foods).
    3. Placing orders with small producers worldwide and selling the products under their own brand names.
  13. What facilities do you get from banks? Mention any three.
    1. Banks accept deposits and pay interest, keeping the money safe.
    2. Banks allow people to withdraw money on demand (demand deposits).
    3. Banks provide the facility of cheques to settle payments without cash.
    4. Banks extend loans for various economic activities.
  14. “Banks use a large part of their deposits for giving loans.” Do you agree with this statement? Explain your views. Yes, this is accurate. Banks in India only hold about 5 per cent of their deposits as cash to meet immediate withdrawals. They use the major portion of the deposits to extend loans because there is a huge demand for loans. This is how banks earn income (by charging higher loan interest than deposit interest) and mediate between surplus holders (depositors) and those in need of funds (borrowers).

2023

  1. The market requires rules and regulations for the consumer – (A) For consumer’s protection…. Rules and regulations are required for protecting the consumers in the marketplace.
  2. India issues currency notes through: (C) Reserve Bank of India. Reserve Bank of India issues currency notes on behalf of the central government.
  3. Which of the following company controls or owns production in more than one country? (D) Multinational company. Multinational company (MNC) owns or controls production in more than one nation.
  4. The Consumer Protection Act was passed in the Indian Parliament on 24 December, 1986. The Consumer Protection Act was passed/enacted in 1986.
  5. What do you understand by primary sector?. (See 2015, Q1)
  6. How can unorganized sector workers be protected in rural areas? Give any one example. Rural unorganised workers (landless laborers, small farmers, etc.) need protection through adequate facility for timely delivery of seeds, agricultural inputs, credit, storage facilities, and marketing outlets. Example: Providing cheap agricultural credit through formal sources like banks or cooperatives.
  7. Mention any two goals of development of a landless rural labourer. (See 2017 Special Supp, Q1)
  8. Differentiate between public and private sector. The sectors are differentiated based on ownership of assets and responsibility for service delivery.
    • Public Sector: The government owns most assets and provides services (e.g., Railways). Its goal is generally public welfare, not solely profit.
    • Private Sector: Ownership of assets and service delivery is in the hands of private individuals or companies (e.g., Tata Iron and Steel Company Limited). Activities are guided by the motive to earn profits.
  9. Briefly explain the lending activities of banks. (See 2022, Q14)
  10. Describe any two factors which made the consumer movement effective in India.
    1. The efforts of consumer organizations succeeded in bringing pressure on business firms and government to correct unfair business conduct.
    2. The enactment of the Consumer Protection Act (COPRA) in 1986 established a legal framework and a robust three-tier quasi-judicial machinery (District, State, National commissions) for consumer redressal.
  11. ‘Foreign trade helps in the integration of the markets of different countries’. Give your three arguments in favour of this statement. (See 2013, Q6)
  12. How will you calculate the value of goods and services produced from different sectors? Explain with the help of suitable example. The value of goods and services is calculated by counting only the value of final goods and services produced in each sector during a particular year and then summing them up to get the Gross Domestic Product (GDP). Intermediate goods (used in production) are excluded to avoid counting their value multiple times.
    • Example: When calculating the value of biscuits (the final good sold to consumers for ₹80), the intermediate values of the wheat and flour used to make them are not counted separately, as those values are already included in the final price of ₹80.
  13. How more employment can be created according to you?. (See 2014, Q5 – Suggestions)
  14. Write notes on: (1) Self Help Group (2) Cheque facility. OR Write a short note on loan related activities of banks.
    • (1) Self Help Group (SHG): SHGs typically have 15–20 members who pool their savings regularly. They provide small loans to members at reasonable interest rates. After saving regularly, the group becomes eligible for a bank loan, helping the poor overcome the problem of lack of collateral and become financially self-reliant.
    • (2) Cheque Facility: A cheque is a paper instructing the bank to pay a specific amount from the payer’s account to the payee. This facility against demand deposits makes it possible to settle payments directly without using cash.
    • OR Loan Related Activities of Banks: (See 2022, Q14)

2024

  1. Which one of the following is an unorganized sector related activity? (D) Daily wages labour. Daily wages labour involves casual workers who search for daily employment, characterizing the unorganized sector.
  2. Institution issuing currency note in India is (A) Reserve Bank of India. The Reserve Bank of India.
  3. As a trade barrier tax is imposed (B) on Import. Tax is imposed on Import.
  4. Which is the main factor to stimulate the globalisation process?. Rapid improvement in technology (particularly transportation and ICT) has been the major factor stimulating globalization.
  5. What do you understand by Infant Mortality Rate?. Infant Mortality Rate (IMR) indicates the ** number of children that die before the age of one year as a proportion of 1000 live children born in that particular year**.
  6. Write any two main functions of World Trade Organisation.
    1. The main aim is to liberalise international trade.
    2. It establishes rules regarding international trade for all countries.
    3. It sees that these rules are obeyed.
  7. Write any two measures of Consumer Awareness.
    1. The government spreads information about legal processes and rights through posters and advertisements on television channels.
    2. Consumers are encouraged to look for quality certification logos such as ISI, Agmark, or Hallmark on goods and services.
  8. How will you calculate the value of goods and services produced from different sectors? Explain with the help of suitable example. (See 2023, Q12)
  9. How more employment can be created according to you?. (See 2023, Q13)
  10. Write short notes on the following: (1) Self Help Group (2) Cheque facility. OR Write a short note on loan related activities of banks. (See 2023, Q14)

2024 Supplementary

  1. Which country is the largest producer of jute goods? (India). India.
  2. When did Mahatma Gandhi National Rural Employment Guarantee Act come into force? (2005). The Mahatma Gandhi National Rural Employment Guarantee Act 2005 (MGNREGA 2005) came into force.
  3. Which fulfillment in the format of cheque is filled by the payer? (D) Payble amount. The payer makes out a cheque for a specific amount.
  4. The Great Depression started in the year _________. The Great Depression started in the year 1929.
  5. Write any one problem of labour in unorganised sector. One problem is that the jobs are low-paid and often not regular. Workers also face job insecurity and lack of benefits like paid leave or medical allowances.
  6. In which year did far reaching changes in economic policies begin in India? (1991). Far-reaching changes in economic policies (liberalisation) began around 1991.
  7. Write a short note on Bretton Woods institutions. The provided sources do not contain information regarding the “Bretton Woods institutions.”
  8. What is literacy rate?. The Literacy Rate measures the proportion of literate population in the 7-and-above age group.
  9. What is the role of multinational corporations in globalisation process?. MNCs play a major role in the globalisation process. They facilitate integration by spreading their production and investments across countries, controlling a large part of foreign trade, and making goods and services, investments, and technology move between countries.
  10. Where can consumers appeal for settlement of disputes?. Consumers can appeal for dispute settlement in the three-tier quasi-judicial machinery set up under COPRA: the District, State, and National Consumer Disputes Redressal Commissions.
  11. ‘The tertiary sector has become important in India’. Give any three arguments in favour of this statement.
    1. The tertiary sector has emerged as the largest producing sector in India, replacing the primary sector.
    2. The government must provide essential basic services (like health, education, transport, banks) that fall under the tertiary sector.
    3. Growth in the primary and secondary sectors directly increases demand for tertiary services like transport, trade, and storage.
    4. The rapid rise of services based on information and communication technology has driven the sector’s importance.
  12. How would you explain the difference between public and private sector?. (See 2023, Q8)
  13. Write a note on the following. i) Terms of credit ii) Functions of money. OR Explain the condition of informal credit in India.
    • i) Terms of credit: These are the conditions specified in a loan agreement, including the interest rate, the requirement for collateral (security), the necessary documentation, and the mode of repayment.
    • ii) Functions of money: Money acts as a medium of exchange and serves as a means of payment that cannot legally be refused in settling transactions.
    • OR Condition of Informal Credit in India: Informal lenders (moneylenders, traders, etc.) are not supervised by any central body like the RBI. They charge a much higher interest rate than formal lenders. This high cost can force borrowers into a debt trap. Due to the difficulty in obtaining collateral for formal loans, poor households still depend heavily on these expensive informal sources.

2025

  1. Which metal coins did Indians use as currency?. Historically, Indians used metallic coins made of gold, silver, and copper.
  2. When did the Consumer Protection Act come into force? (1986). The Consumer Protection Act came into force in 1986.
  3. Examine “Small is Beautiful” Book. The provided sources do not contain an examination of the book “Small is Beautiful.”
  4. Write the name of the institution that issues currency notes in India. The Reserve Bank of India (RBI) issues currency notes.
  5. What is the main aim of World Trade Organization?. The main aim of the WTO is to liberalise international trade.
  6. How can you use ‘Right to Choose’? Give an example. The Right to Choose ensures that a consumer is free to decide which goods or services they wish to obtain. Example: If a consumer wants to buy toothpaste, and the shop owner insists they must also buy a toothbrush, the consumer’s right to choice is denied.
  7. Explain any two causes of the Great Depression of 1929. The provided sources do not contain information regarding the causes of the Great Depression of 1929.
  8. Mention any two employment activities of informal sector. Activities include: selling on the street, doing repair work, being casual workers in construction, trade, and transport, and working as head load workers.
  9. Calculate Gross Domestic Production (GDP) and the difference in contribution of tertiary and primary sectors based on provided data. Using the Gross Value Added (GVA) data provided in the sources for the year 2013 (in Rupees Crores):
    • Primary Sector GVA: 17,87,000
    • Tertiary Sector GVA: 46,30,000
    • Secondary Sector GVA: 24,59,000
    • Approximate GDP (Sum of GVA): 17,87,000 + 24,59,000 + 46,30,000 = 88,76,000 Rupees Crores.
    • Difference in Contribution (Tertiary – Primary): 46,30,000 – 17,87,000 = 28,43,000 Rupees Crores.
  10. List any four benefits of the development of information and communication technology.
    1. Rapid improvement in transport and communication means much faster delivery of goods across long distances at lower costs.
    2. Telecommunication facilities allow contact with one another around the world and instant access to information.
    3. The Internet allows for instant electronic mail (e-mail) and voice-mail across the world at negligible costs.
    4. IT has enabled the spreading out of production of services (e.g., call centers, data entry, accounting) to developing countries like India, creating new opportunities.
  11. Present an analysis of the necessary details to be made on a blank cheque to help in cash withdraw. To withdraw cash, a cheque must include a specific amount instructing the bank on how much to pay. The cheque also contains details such as the account number, bank branch code, and cheque number.

2025 Supplementary

  1. The main factor that has stimulated the globalization process is (B) Rapid improvement in technology. Rapid improvement in technology.
  2. When is National Consumer Day celebrated? (24, December). 24 December.
  3. ____________ sector is also called service sector (Tertiary). Tertiary.
  4. Tax on ____________ is an example of trade barrier (Import). Import.
  5. What is the other popular name of the ‘International Bank for Reconstruction and Development’? (IBRD/World Bank). The source implies the answer is the World Bank, which is cited as a source of development reports.
  6. Write any one function of money. Money acts as a medium of exchange.
  7. What benefits have consumers by globalization? Write any one. Consumers have a greater choice of goods. They also enjoy improved quality and lower prices for several products.
  8. How can you use ‘Right to seek Redressal’? Give an example. The Right to seek Redressal allows consumers to seek compensation against unfair trade practices and exploitation. Example: Prakash used this right to file a case in the District Consumer Disputes Redressal Commission when a money order he sent did not reach its destination on time.
  9. Which two measures would you suggest for additional employment generation? (See 2023, Q13)
  10. Calculate Gross Domestic Production (GDP) and the difference in contribution of tertiary and primary sectors based on provided data. (See 2025, Q9). Using 2013 GVA data from: Approximate GDP is 88,76,000 Rupees Crores. The difference (Tertiary – Primary) is 28,43,000 Rupees Crores.
  11. List any four Indian companies that have emerged as multinational companies. Tata Motors, Infosys, Ranbaxy, and Asian Paints.
  12. ‘Different person could have different as well as conflicting notions of a country’s development. ’ Discuss the statement. This statement is accurate. People seek different things based on their aspirations. Often, the developmental goals of different groups conflict. For example, the desire for more dams by industrialists (for electricity) conflicts with the interests of tribals who may be displaced by the submerged land. Therefore, what constitutes development for one person may be destructive for another.
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