Gross Domestic Product and its Growth: An Introduction Book Back Questions 10th Social Science Lesson 23
10th Social Science Lesson 23
23] Gross Domestic Product and its Growth: An Introduction
Book Back Questions with Answer and Do You Know Box Content
Do You Know?
The modern concept of GDP was first developed by Simon Kuznets for a US Congress report in 1934.
In 1867-68 for the first time Dadabhai Navroji had ascertained the Per Capital Income in his book “Poverty and Un-British Rule of India”.
Estimation of GDP: The Central Statistical Organisation (CSO) , under the Ministry of Statistical department keeps the records. Its processes involve conducting an annual survey of industries and compilation of various indexes like the Index of Industrial Production (IIP) Consumer Price Index (CPI) etc.
Gross value added (GVA) is the measure of the value of goods and services produced in an area, industry or sector of an economy. GVA = GDP + subsidies – (direct, sales) taxes.
Human Development Index: In 1990 Mahbub ul Haq, a Pakistani Economist at the United Nations, introduced the Human Development Index (HDI) . The HDI is a composite index of life expectancy at birth, adult literacy rate and standard of living measured as a logarithmic function of GDP, adjusted to purchasing power parity. India climbed one spot to 130 out of 189 countries in the latest human development rankings released today by the United Nations Development Programme (UNDP) . Between 1990 and 2017, India’s HDI value incased from 0.427 to 0.640, an increase of nearly 50 percent – and an indicator of the country’s remarkable achievement in lifting millions of people out of poverty.
Gross National Happiness (GNH): The term Gross National Happiness was coined in 1972 during an interview by a British journalist for the Financial Times at Bombay airport when the then king of Bhutan, Jigme Singye Wangchuck, said “Gross National Happiness is more important than Gross National Product”. In 2011, The UN General Assembly passed Resolution “Happiness: towards a holistic approach to development” urging member nations to follow the example of Bhutan and measure happiness and well-being and calling happiness a “fundamental human goal.” The four pillars of GNH’s are: (1) Sustainable and equitable socio-economic development; (2) Environmental conservation; (3) Preservation and promotion of culture; (4) Good governance. The nine domains of GNH are psychological well-being, health, time use, education, cultural diversity and resilience, good governance, community vitality, ecological diversity and resilience, and living standards.
Choose the best answers:
1. GNP equals
(a) NNP adjusted for inflation
(b) GDP adjusted for inflation
(c) GDP plus net property income from abroad
(d) NNP plus net property income or abroad
2. National Income is a measure of
(a) Total value of money
(b) Total value of producer goods
(c) Total value of consumption goods
(d) Total value of goods and services
3. Primary sector consist of
(a) Agriculture
(b) Automobiles
(c) Trade
(d) Banking
4. ____________ approach is the value added by each intermediate good is summed to estimate the value of the final good.
(a) Expenditure approach
(b) Value added approach
(c) Income approach
(d) National Income
5. Which one sector is highest employment in the GD?
(a) Agricultural sector
(b) Industrial sector
(c) Service sector
(d) None of the above
6. Gross value added at current prices for services sector is estimated at ___________ lakh crore in 2018-19.
(a) 91.06
(b) 92.26
(c) 80.07
(d) 98.29
7. India is ___________ larger producer in agricultural product.
(a) 1st
(b) 3rd
(c) 4th
(d) 2nd
8. India’s life expectancy at birth is ___________ years.
(a) 65
(b) 60
(c) 70
(d) 55
9. Which one is a trade policy?
(a) Irrigation policy
(b) Import and export policy
(c) Land-reform policy
(d) Wage policy
10. Indian economy is
(a) Developing Economy
(b) Emerging Economy
(c) Dual Economy
(d) All the above
Fill in the blanks:
1. ____________ is the primary sector in India.
2. GDP is the indicator of ___________ economy
3. Secondary sector otherwise called as ____________
Match the following:
1. Electricity/Gas and water – National Income/Population
2. Price policy – Gross Domestic Product
3. GST – Industry Sector
4. Per capita income – Agriculture
5. C + I + G + (X-M) – Tax on goods and service
Answers:
Choose the best answers:
1. GDP plus net property income from abroad 2. Total value of goods and services 3. Agriculture 4. Value added approach 5. Service sector 6. 92.26 7. 2nd 8. 65 9. import and export policy 10. All the above
Fill in the blanks:
1. Agriculture, Fishing, Mining 2. GDP 3. Industrial Sector
Match the following:
1.Electricity/ Gas and Water – Industry Sector
2.Price policy – Agriculture
3.GST – Tax on goods and service
4.Per capita income – National Income / Population
5.C + I + G + (X-M) – Gross Domestic Product