Q1.In which among the following year was ‘liberalised industrial policy’ in India was announced for the first time?
Answer : Option CExplaination / Solution:
Liberalised Industrial Policy was introduced in 1991 in India. Because before that all the industries needed licensing and permission from government to commence their business, this resulted in depletion of Entrepreneurial spirit. Hence resulted in Backwardness of Indian Industry
Q4.All the support structures which facilitates development of a country constitute its
Answer : Option BExplaination / Solution:
Infrastructure is the basic physical systems of a business or nation; transportation, communication, sewage, water and electric systems are all examples of infrastructure. They are vital to a country's economic development and prosperity.
Answer : Option DExplaination / Solution:
In Economics, goods are materials that satisfy human wants and provide utility. A good may be a consumable item that is useful to people but scarce in relation to its demand, so that human effort is required to obtain it.
Q8.When we talk of poverty in a country we mean by
Answer : Option AExplaination / Solution:
Absolute poverty refers to a condition characterised by severe deprivation of basic human needs such as food, safe drinking water, shelter, clothing, health facilities, education and health care.