NIOS Free Solved Assignments (2019 - 2020): ECONOMICS 318 ENGLISH MEDIUM

Note: (i) All questions are compulsory. The marks allotted for each question are given at same place.
(ii) Write your name enrolment numbers, AI name subject on the top of the first page of the answer sheet.
1. Answer any one out of the following question in about 40-60 words.
(a)’Poverty’ and ‘Inequality in income distribution’ are the hindrances in the process of economic development. Explain.
Ans.:- ’Poverty’ and ‘Inequality in income distribution’ are the hindrances in the process of economic development, another very disheartening thing about India is that it has world’s largest number of poor people. As per reports of government of India, in 2011-12 about 269.3 million people in India were poor . this was about 22 percent of India’s population. A person is termed poor if he/she is not able to consume the required amount of food to get a minimum calorie value of 2400 in rural area and 2100 in urban area. For this the person must earn the required amount of money as well to buy the food items.
(b) Explain two positive features of Indian economy.
Ans.:- Two positive features of Indian economy are
(i)                 Higher rate of capital formation or investment:-  Economists have calculated that in order to support the growing population, India requires 14 percent of its GDP to be invested. It is encouraging to note that the saving rate of India for the year 2011 stands at 31.7 percent. The ratio of gross capital formation was 36.6 percent. This is possible because people are now able to save in banks, consume durable goods and there has been large scale investment taking place on public utilities and infrastructure.
(ii)               Planned economy:- India is a planned economy. Its development process has been continuing through five year plan since the first plan period during 1951-56. The advantage of planning is very well known. Through planning the country sets its priorities first and provides the financial estimates to achieve the same. Accordingly efforts are made to mobilise resources from various sources at least cost.
2.  Answer any one out of the following question in about 40-60 words.
(a) How economic planning in India helped in dealing with the socio-economics problems?
Ans.:- India adopted a system of five yearly planning to address its various socio-economic problems. The problems of Indian economy at the time of its independence, these problems include mass poverty and inequality, low productivity in agriculture and storage of food grains, lack of industrial and infrastructural development etc. Since these are to be solved over the long period, Indian government adopted five year plan starting from first year plan in 1951 development. The idea was to make a list of important problems to be solved keeping in view the given resources and the capacity to arrange the resources. Then make a review after five years of what has been done and rectify the mistakes accordingly in the next five year plan period and so on.
(b) 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.  In other words, it means a better quality of life for everyone, now and for generations to come. Sustainable development includes the protection of future economic growth and future development. Growth is essential, but sustainable development requires it to be different. It must become more concerned about the physical environment not only to present generation, but to the future generation also.
3. Answer any one out of the following question in about 40-60 words.
(a) In India, unemployment is none of the major obstacles to economic development. What are the causes of unemployment in India?
Ans.:- In India, unemployment is none of the major obstacles to economic development. The causes of unemployment in India are as follows:-
(i)                 Slow Economic Growth:-  During the planning period the trend rate of growth was considerably lower than the targeted rate. Therefore, jobs in adequate number were not created. Further, economic growth by itself does not solve the problem of unemployment.
(ii)               Increase in Labor force:- There are two important factors that have caused an increase in the labor force which are as follows: (a) Rapid Population Growth and (b) Social Factors.
(iii)             Rural-Urban Migration:- The unemployment in urban area is mainly the result of substantial rural migration to urban areas. Rural areas have failed to provide subsistence living in agriculture and allied activities and so large scale migration is taking place to cities.
(iv)              Inappropriate Technology:- In India, though capital is a scarce factor, labor is available in abundant quantity; yet producers are increasingly substituting capital for labor, capital intensive technology is adopted in India mainly because of rigid labor laws. It is quite difficult to follow easy hire and fire policy and so right sizing of manpower is difficult for the enterprises.
(b) Explain the need of statistics in the field of business and economics?
Ans.:- Statistics plays a vital role in every field of human activity. Statistics helps in determining the existing position of per capita income, unemployment, population growth rates, housing, schooling medical facilities, etc., in a country.  Now we shall discuss need of statistics in the field of business and economics.
Business:- Statistics plays an important role in business. A successful businessman must be very quick and accurate in decision making. He knows what his customers want, he should therefore know what to produce and sell and in what quantities.
Statistics helps businessmen to plan production according to the taste of the customers, and the quality of the products can also be checked more efficiently by using statistical methods. Thus, it can be seen that all business activities are based on statistical information. Businessmen can make correct decisions about the location of business, marketing of the products, financial resources, etc.
Economics:-  Economics largely depends upon statistics. National income accounts are multipurpose indicators for economists and administrators, and statistical methods are used to prepare these accounts. In economics research, statistical methods are used to collect and analyze the data and test hypotheses. The relationship between supply and demand is studied by statistical methods, imports and exports, inflation rates, and per capita income are problems which require a good knowledge of statistics.
4. Answer any one out of the following question in about 100 to 150 words.
(a) There are 40 students 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
No. Of students
0 -10

5. Answer any one out of the following question in about 100 to 150 words.
(a) Explain the difference between economic growth and economic development.
Economic Growth
Economic Development
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).
Growth relates to a gradual increase in one of the components of Gross Domestic Product: consumption, government spending, investment, net exports.
Development relates to growth of human capital, decrease in inequality figures, and structural changes that improve the quality of life of the population.
Economic Growth is measured by quantitative factors such as increase in real GDP or per capita income.
The qualitative measures such as HDI (Human Development Index), gender- related index, Human poverty index (HPI), infant mortality, literacy rate etc. are used to measure economic development.
Economic growth brings quantitative changes in the economy.
Economic Development leads to qualitative as well as quantitative changes in the economy.
Economic growth reflects the growth of national or per capita income.
Economic development reflects progress in the quality of life in a country.

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