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Public and Private Sectors Book Back Questions 8th Social Science Lesson 25

8th Social Science Lesson 25

25] Public and Private Sectors

Book Back Questions with Answer and Do You Know Box Content

Do You Know?

Mixed economy is the mixture of merits of both capitalism and socialism.

Public Sector Organizations: There are two types of public sector organizations, i.e. either the Government fully finances them through the revenues they raise by collection taxes, duties, fees, etc. of the government holds more than 51% of the total share capital of the company which comes under various ministries. The enterprises are established with service motive. It is the largest sector, which works for the upliftment of the people by providing the following services to the people: Postal services, Railway services, Providing security, education and health facilities at low cost, and generation of employment opportunities, etc…

Organs of public sector:

1. Administration by a Government Department: It is very common almost in all countries. Example – Post and Telegraph, Railways, Port Trust, Irrigation Projects on India etc…

2. The Joint sector companies: It is governed by a company law and controlled by the Government as principal major share holders. Example – Indian Oil Petronas Pvt. Ltd., Indian Oil Sky Tanking Ltd., Ratnagiri Gas and Power Private Ltd., Indian Synthetic Rubber Limited.

3. Public Corporation: This type of organization is the establishment of public corporation by the state of the parliament of legislature. Example – LIC, Air India, The Reserve Bank of India, Electricity Board.

NITI Aayog (National Institution for Transforming India): NITI Aayog replaced 65 years old planning commission. Planning commission has power to allocate funds to ministries and states, this function will be now at finance ministry. NITI Aayog was formed on January 1st, 2015.

The largest public sector employer in India is Indian Railways.

Choose the best answers:

1. The public sector in India owes its origin in the ________ Industrial policy resolution of the Government of India.

(a) 1957

(b) 1958

(c) 1966

(d) 1956

2. Mixed economy is the mixture of merits of both _____________

(a) Capitalism

(b) Socialism

(c) a & b are correct

(d) a & b are incorrect

3. _________ is governed by a company law and controlled by the Government as principal major share holders.

(a) Private sector

(b) Joint sector

(c) Public sector

(d) None of these

4. Public sector is on ______________ motive.

(a) Profit Motive

(b) Service Motive

(c) Speculative Motive

(d) None of these

Fill in the blanks:

1. The _______________ and _____________ are allotted their respective roles in promoting the economic welfare of all sections of the community.

2. The private sector is on ______________ motive.

3. __________ is the process of social and economic development in a society.

4. The main function of private sector is to create ______________ and _______________

5. The government is committed to strengthening _____________ and co-operation among the citizens.

Match the following:

1. Think Tank – Primary Sector

2. Agriculture – Gross Domestic Product

3. Industries – NITI Aayog

4. GDP – Secondary Sector

Find out the wrong pair:

1. Which one of the following is not the indicator of the Socio Economic Development?

(a) Black money

(b) Life Expectancy

(c) Gross Domestic product(GDP)

(d) Employment

Consider the following the statements and tick the appropriate answer:

1. i) The Industries which would be exclusively owned by the state are referred to as schedule-A.

ii) The industries in which the private sector could supplement the efforts of the state sector, with the state taking the sole responsibility for starting new units which are specific in Schedule-B.

iii) The remaining industries which were in the private sector are not mentioned in Schedule.

(a) All are correct

(b) i and iii are correct

(c) i and ii are correct

(d) None of these

Answers:

Choose the best answers:

1. 1956 2. a & b are correct 3. Joint Sector 4. Service

Fill in the blanks:

1. Public and private sector 2. Profit 3. Socio Economic development 4. Innovation and modernisation 5. Understanding

Match the following:

1.Think Tank – NITI Aayog

2.Agriculture – Primary Sector

3.Industries – Secondary Sector

4.GDP – Gross Domestic Product

Which is the Odd one

1. Black money

Consider the statements given below and choose the correct option:

1. i and ii are correct

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