NIOS ECONOMICS(318)TMA 2019-2020


Q.1.Explain two positive features of Indian economy?
Ans. (i) Higher rate of capital formation or investment: ® At the time of independence one of the major problem of Indian economy was deficiency in capital stock in the form of land and building machinery and equipment saving etc.
(ii) Planned economy: Indian is planned economy. It development process has been continuing through five year plan since the first plan period during 1951-56. India has already completed eleven five year plan periods and the twelfth plan is progress. Accordingly things are rectified in the next plan. Today India is a growing economy and recognised everywhere as a future economic power. India is seen as a big market for various products. All these are possible due to planning in India.
Q. 2. Explain the meaning of sustainable development?
Ans. Sustainable development is development that meets the needs of the present without compromising the ability of future generations to meet their own needs. Sustainable development includes the protection of future economic growth and future development. It means that the current consumption cannot be financed for long by increasing economic debt and ecological imbalance which future generation will play. Sustainable development is a process of development in which economic and other policies are designed to bring about development which is economically, Socially an ecologically sustainable. The concept thus is pro-people, pro-job and pro-nature. It gives highest priority to poverty reduction, productive employment social integration and environmental regeneration.
Q. 3. Explain the need of statistics in the field of business and economics?
Ans. Importance of statistics in business: ® The general business man looks forward with hope to information which the gather for
1)         Deriving conclusion.
2)         Determining future cause of actions.
3)         Deciding the production and
4)         Maintaining the supply line. He assesses the demand adjusts his supply and server the society with the hope that the will be able to maximize his profit and at the same time will get the social recognition. This can be done successfully with the help of statistics.
Importance of statistics in economics: ®
Statistics is immensely useful in the study of economics. Following are some points of importance of statistics.
1)         Statistics help an economist to understand an economic problem. Once the cause of the problem one identified, it is easier to formulate certain policies to tackle it.
2)         Statistics enable an economist to present economic facts in precise and definite forms. When economic facts are expressed in statistical terms, they become exacts facts which are more convincing than vague statements.
3)         Statistical is used in finding relationship between different economic variables. We can find the relationship between demand and price consumption expending and income general price level and government expenditure by applying the statistical tool of correlation.
4)         Statistical help an economist in predicting change in one economic factor due to changes in another factor. This can be done with the help of regression technique.
Q. 4. There are 40 student in a class marks scored by these students in economics are given below. Prepare a frequency distribution table by exclusive method by taking the first class as 0 – 10:
94
95
7
19
73
90
91
53
45
51
31
81
26
6
13
33
97
10
20
93
89
5
47
30
15
18
100
95
25
54
18
76
93
20
87
46
54
18
82
83

Ans.

Q. 5. Explain the difference between economic growth and economic development.
Ans.

Economic growth
Economic Development
(1)
Economic growth refers to an increase in the real output of goods and services in the country.
Economic development implies changes in income. Savings and investment along with progressive changes in socio-economic structure of country (institutional and technological changes).
(2)
Growth relates to a gradual increase in one of the components of Gross Domestic product: consumption government spending, investment net exports.
Developments relates to growth of human capital decrease in inequality figures and structural changes that improve the quality of life of the population.
(3)
Economic growth is measured by quantitative factors such as increase in real GDP or per capital income.
The qualitative measures such as HDI (Human Development Index) gender-related index, Human poverty index. (HPT) infant mortality, literacy rate etc. are used to measure economic development.
(4)
Economic growth brings quantitative changes in the economy.
Economic development leads to qualitative as quantitative changes in the economy.
(5)
Economic growth reflects the growth of national or per capital income.
Economic development reflects progress in the quality of life in a country.

Q. 6. Average expenditure of a family in a state on different items is given below. Prepare a pie diagram to represent the following data?
S. No.
Items
Expenditure (Rs.)
1
2
3
4
5
Food
Clothing
Education and Entertainment
Rent
Miscellaneous
4800
3000
3300
4500
2400


Total Expenditure = 18000
Ans. Pie-diagram:® It is also known as angular diagram. Pie diagram are more popularly used for presenting percentage break down of data.

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