Economics

Question 1. Why are rules and regulations required in the marketplace? Illustrate with a few examples. Answer 1 There are several chances of exploitation of the consumers in the marketplace. The various ways through which consumers may be exploited are— sometimes traders indulge in unfair trade practices such as when shopkeepers weigh less than what they should or when … [Read more...] about Chapter 5 Consumer Rights

Question 1 What do you understand by globalisation? Explain in your own words. Answer 1 Globalisation is the process of rapid integration or interconnection between countries. Globalisation means integrating an economy with the world economy. As a result of globalisation, the different countries of the world become economically interdependent on each other. This term is … [Read more...] about Chapter 4 Globalisation and the Indian Economy

Question 1 In situations with high risks, credit might create further problems for the borrower. Explain. Answer 1 At times repayment of the loan becomes difficult and credit instead of improving the earnings, pushes the borrower into a situation from which recovery is very difficult and painful. This situation is called debt-trap. Then the borrower is forced to give up his … [Read more...] about Chapter 3 Money and Credit

Question 1. Fill in the blanks using the correct option given in the bracket: (i) Employment in the service sector ......... increased to the same extent as production. (has/has not) (ii) Workers in the ......... sector do not produce goods. (tertiary/agricultural) (iii) Most of the workers in the ......... sector enjoy job security. (organised/unorganised) (iv) … [Read more...] about Chapter 2 Sectors of The Indian Economy

Question 1 Development of a country can generally be determined by (i) its per capita income (ii) its average literacy level (iii) health status of its people (iv) all the above. Answer 1 (i) its per capita income Question 2 Which of the following neighbouring countries has better performance in terms of human development than India? (i) Bangladesh (ii) … [Read more...] about Chapter 1 Economics Development