Indian Economy - Class 8 General Knowledge - Extra Questions

1) More workers than the demand:- There was an abundance of workers in the market than the demand. This had an adverse impact on the lives of the workers. Due to the shortage of work, most of the workers failed to get jobs co they offered their services at lower wages.
2) Seasonality of work:- Seasonality of work any industries meant prolonged periods without work. After the busy season was over the poor were on the streets again. Some returned to the countryside after the winter, when the demand for labour in the rural areas opened up in places. But most looked for odd jobs, which till the mid-nineteenth century were difficult to find.
3) Low real wages:- Though the wages increased somewhat in the early 19th century, but the increase was nullified by increase in price.
4) Housing problem:- Factory or workshop owners did not house live migrant workers. Many job seekers had to wait weeks, spending nights under bridges or night in shelters.

Primary activities are directly dependent on environment as these refer to utilisation of earth’s resources such as land, water, vegetation, building materials and minerals. It, thus includes, hunting and gathering, pastoral activities, fishing, forestry, agriculture, and mining and quarrying.

People engaged in primary activities are called red-collar workers due to the outdoor nature of their work.

 

The distribution of the population according to different types of occupation is referred to as the occupational structure. In India, there is an enormous variety of occupations. Occupations are generally classified as primary, secondary and teritary.
(i)Primary activities include agriculture, animal husbandary, forestry, fishing, mining and quarrying atc.
(ii) Secondary activites include manufacturing industry, building and construction work etc.
(iii) Teritary activities include transport, communications, commerce, administration and other services.
$$\bullet$$ In India, about $$64$$ per cent of the population is engaged only in agriculture.
$$\bullet$$ The proportion of population dependent on secondary and teritary sectors is about $$13$$ and $$20$$ per cent respectively.
$$\bullet$$ But recently there has been an occupational shift in favour of secondary and teritary sectors because of growing industrialisation and urbanisation.

(i) Sex ratio is defined as the number of females per $$1000$$ males in the population.
(ii) This information is an important social indicator to measure the extent of equality between males and females in a society at a given time.
(iii) The sex ratio in the country has always remained unfavourable to females. It means that the number of females per $$1000$$ males has always remained low in our country. This is clear from the following table:
India: Sex Ratio $$1951-2001$$

Census Years	Sex Ratio (Females per $$1000$$ males)
$$1951$$	$$946$$
$$1961$$	$$941$$
$$1971$$	$$930$$
$$1981$$	$$934$$
$$1991$$	$$929$$
$$2001$$	$$933$$

No, Ahmad doesn't have a regular income from rickshaw pulling. During some days he gets enough earning for him to save some amount after buying all his day-to-day necessities. On other days, he barely earns enough to buy his daily necessities. 
Fortunately Ahmad has a yellow card, which is PDS card for below poverty line people. With this card, he gets sufficient quantity of wheat, rice, sugar and kerosene oil for his daily use. He gets these essentials at half of the market price.

A cheque which is payable by a bank itself, as opposed to an ordinary cheque payable only out of the funds of a particular customer's account. A bank cheque is normally obtained by a bank customer (by paying its face value), the point is that the person receiving the cheque has the security of knowing it's payable by the bank and thus cannot bounce (not so long as the bank is solvent).

The people of working age i.e., $$15-59$$ years are economically productive and biologically reproductive.

(i) Primary
(ii) Secondary
(iii) Teritary.

Nehru decided that India would be a mixed economy in which public and private sectors would co-exist.

(i) Health is an important component of population composition, which affects the process of development. Hence, it is essential to pay attention on the health of the people.
(ii) Sustained efforts of government programmes have registered significant improvements in the health condition of the Indian population. As a result, death rates have declined considerably.
(iii) The substantial improvement is the result of many factors including improvement in public health, prevention of infectious diseases and application of modern medical practices in diagnosis and treatment of ailments.

(i) Growing industrialisation
(ii) Growing urbanisation.

Economic planning is a process in which set objectives of economic development are desired to be achieved in a given period of time.

Transport, communications, commerce, administration etc.

Migration is the movement of people across regions and territories. Migration can be internal and internationa. Internal migration occurs within the country and international migration occurs between the countries.
Internal migration does not change the size of the population but influences the distribution of population within the nation. Migration plays an important role in changing the compostion and distribution of population.

Bertrand is a model that competes on price while Cournot is model that competes on quantities (sales volume).

Explanation:

Bertrand Competition:
Is a Model were firms compete on price, which naturally triggers the incentive to undercut the competition by lowering the price, thereby depleting profit until the product is selling at zero economic profit. This effectively is the pure-strategy Nash equilibrium.

Cournot Competition:
Is a model (Oligopoly the model was built on Duopoly) where a firm competes in the Oligopoly market on quantity, maximizing profit given what it believes the other firm(s) will produce. Profit for the firm is maximized by setting its marginal revenue equal to marginal cost and determining it's quantity relative it's rival. There is no competition on price here.

The correct answer is option B.

No, I would not consider using a low-interest loan to pay for courses.

The biggest reason for not taking a low interest loan is my financial strength to pay for my education.

If you can pay for your education yourself, then even the low interest is a waste.

Seasonal unemployment happens when people are unemployed at certain times of the year, because their industries dont needed them year round.
For example in Greece people are needed in hotels, restaurants, during the summer time. After the summer period they are unemployed.

A failing student is made to pass by an examiner, it is an example of Type-II error.

In statistical hypothesis testing.

the error occurs when accepting a null hypothesis which is actually false is known as type II error. It rejects the alternative hypothesis even though it does not occur due to chance.  

Therefore, the errors obtained when a hypothesis is taken into picture