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General Studies Prepared By www.winmeen.com 12th Economics Lesson 9 Questions in English 9] Economics of Development and Planning 1. Who among the following stated this: “Plan your work for today and every day, then work your plan.” a) Margaret Thatcher b) Magnus Carlson c) Mahatma Gandhi d) Motilal Nehru Explanation A good plan may fail due to faulty implementation. But a faulty plan cannot succeed through good implementation. “Plan your work for today and every day, then work your plan.” -Margaret Thatcher 2. Which of the following statement is correct? 1) The concept "development" refers to the structural changes towards betterment. 2) The Under Developed Countries (UDCs) were once the colonies of England and other European countries 3) After the Second World War, economists started devoting their attention towards analyzing the problems of underdeveloped countries and formulating theories and models of development and growth a) 1, 2 b) 1, 3 c) 2, 3 d) All the above Explanation The concept "development" refers to the structural changes towards betterment. Until the World War II, interest was rarely shown on the problems of the present day third World Countries. After the Second World War, economists started devoting their attention towards analyzing the problems of underdeveloped countries and formulating theories and models of development and growth. The Under Developed Countries (UDCs) were once the colonies of England and other European countries. After becoming free and independent, there was an awakening to march towards economic development. 3. How many approaches are there to the concept of development? a) 4 b) 2 c) 3 d) 1 Explanation Learning Leads To Ruling Page 1 of 27 General Studies Prepared By www.winmeen.com There are two main approaches to the concept of development viz i) the traditional approach and ii) the new welfare-oriented approach. 4. Which of the following statement about Traditional Approach is correct? 1) The traditional approach defines development strictly in economic terms. 2) It emphasizes the importance of industrialization. 3) The increase in GNP is accompanied by decline in share of agriculture in output and employment while those of manufacturing and service sectors increase a) 1, 2 b) 1, 3 c) 2, 3 d) All the above Explanation The traditional approach defines development strictly in economic terms. The increase in GNP is accompanied by decline in share of agriculture in output and employment while those of manufacturing and service sectors increase. It emphasizes the importance of industrialization. It was assumed that growth in GNP per capita would trickle down to people at the bottom. 5. What was the slogan during 1970s New Welfare oriented Approach? a) Arise awake b) Country is for countrymen only c) Redistribution with Growth d) Unemployment Explanation During 1970s, economic development was redefined in terms of reduction of poverty, ‘inequality’ and unemployment within the context of a growing economy. In this phase, ‘Redistribution with Growth’ became the popular slogan. To quote Michael P. Todaro, “Development must, therefore, be conceived as a multidimensional process involving major changes in social structures, popular attitudes and national institutions as well as the acceleration of growth, the reduction of inequality and the eradication of absolute poverty” 6. Which of the following are predominant in underdeveloped countries? 1) Agriculture 2) wide inequality in distribution of income and wealth 3) low population 4) low rate of capital formation a) 1, 3, 4 b) 2, 3, 4 c) 1, 2, 4 d) All the above Explanation Learning Leads To Ruling Page 2 of 27 General Studies Prepared By www.winmeen.com The UDCs are characterized by predominance of primary sector i.e. agriculture, low per capita income, widespread poverty, wide inequality in distribution of income and wealth, over population, low rate of capital formation, high rate of unemployment, technological backwardness, dualism etc. 7. According to World development report GNI Per Capita of low-income countries? a) $906 And below b) $11, 115 and below c) $11, 115 and above d) $906 And above Explanation 8. Which of the following are the state of economy of under-developed countries? 1) very low levels of Per-capita income 2) High levels of productivity 3) high growth rate of population a) 1, 2 b) 1, 3 c) 2, 3 d) All the above Explanation Learning Leads To Ruling Page 3 of 27 General Studies Prepared By www.winmeen.com The term underdevelopment refers to that state of an economy where levels of living of masses are extremely low due to very low levels of Per-capita income, resulting from low levels of productivity and high growth rate of population. 9. Economic growth refers to________ countries a) Developed countries b) Developing countries c) Under- developed countries d) None Explanation Generally speaking, economic development refers to the problems of underdeveloped countries and economic growth to those of developed countries. 10. Which of the following statement is correct? 1) Development is a discontinuous and spontaneous change while growth is a gradual and steady change in the long run. 2) Growth simply means more output. But development refers to efficiency in production i.e. output per unit of input 3) It also implies changes in composition of output and in allocation of resources, reduction of poverty, inequality and unemployment. a) 1, 2 b) 1, 3 c) 2, 3 d) All the above Explanation Development is a discontinuous and spontaneous change while growth is a gradual and steady change in the long run. Growth simply means more output. But development refers to efficiency in production i.e. output per unit of input. It also implies changes in composition of output and in allocation of resources, reduction of poverty, inequality and unemployment. Economic development (wider concept than economic growth) is taken to mean growth plus structural change. 11. Which of the following are the features of Economic growth? 1) Wider concept 2) Change is gradual and steady 3) Concerns Quantitative aspects a) 1, 2 b) 1, 3 c) 2, 3 d) All the above Explanation Learning Leads To Ruling Page 4 of 27
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