Accounts Sample Paper Term 2

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Case Study & Assertion/Reason
ECONOMICS CLASS 12
Indian Economy 1950-1990
ONE MARKS SOLUTION
Presented by : Ms. SHILPI TANEJA
HOLY PUBLIC SCHOOL, GREATER NOIDA
SESSION’S VIDEO LINK - https://youtu.be/ZoGcs447eQw
ASSERTION AND REASON (1)
 (A): Low-cost housing is not considered a “demand” in
capitalistic society.
 (R): In a socialist society the government decides what goods
are to be produced in a accordance with the needs of society.
a. Both Assertion (A) and Reason (R) are true and Reason (R) is the correct
explanation of Assertion (A).
b. Both Assertion (A) and Reason (R) are true and Reason (R) is not the
correct explanation of Assertion (A).
c. Assertion (A) is true but Reason (R) is false.
d. Assertion (A) is false but Reason (R) is true.
b. Both Assertion (A) and Reason (R) are true and Reason (R) is
not the correct explanation of Assertion (A).
 (A): Just a year after independence, efforts towards
land reforms were introduced.
 (R): Ownership of land would give incentives to the
tillers to invest in making improvements.
a. Both Assertion (A) and Reason (R) are true and Reason (R) is
the correct explanation of Assertion (A).
 (A): In the first phase of the green revolution, all the
states received the HYV or High Yielding Variety of seeds.
 (R): The use of HYV seeds primarily benefited the wheat
growing regions only.
 (A): Industrial Policy Resolution of 1956 was adopted, in
accordance with the goal of the state controlling the
commanding heights of the economy
 (R): System of licences was used for all the industries after the
IPR 1956.
 (A): Tariffs and quotas, in the economic policy post-
independence were used to assist Domestic Industries.
 (R): Our planners wanted to use foreign exchange for
importing luxury goods.
 (A): Post Independence, after Green Revolution, India became
self- sufficient in food production.
 (B): In industrial sector, many economists became dissatisfied
with the performance of many public sector enterprises.
b. Both Assertion (A) and Reason (R) are true and Reason (R) is
not the correct explanation of Assertion (A).
 (A): Indian industrial sector was no longer restricted to
cotton and jute textile industries by 1990.
 (R): The public sector was diversified and small scale
industries were promoted by government efforts.
 (A): Many public sector firms incurred huge losses and were
forced to close down during Indian Industrial Development.
 (R): It is difficult to close a government undertaking even if it
is a drain on the nation’s limited resources
 (A): Public sector played an extensive role in promoting the
industrial sector post- independence in comparison to the
Private Sector.
 (R): Availability of market and capital help me industrialize to
level up the industrial development in India post-independence.
 (A): Subsidies were, needed to encourage farmers.
 (R): Any new technology is looked upon as being risky
by farmers
 (A): land ceiling as a policy was followed in post
independent India
 (R): Equity is considered a major goal in central
planning
 (A): Globalisation in India emerged significantly as a
new phenomenon post 1991.
 (R):By 1990 the share of agriculture was more than that
of the share of service
 industry.
 (A): The First Plan, was a landmark contribution to
development planning in general.
 (R): The Second plan was based on the ideas of
Mahalanobis.
 (A): There are different goods and services that the
country needs but the private sector doesn't produce
them all.
 (R): Private sector is demand and money driven.
 (A): GDP indicates the size of an economy.
 (R): A higher GDP indicates higher economic
activity.
CASE STUDY / REPORT BASED (1)
 REPORT-1
 Five – Year Plans of India
 From Wikipedia, the free encyclopedia
 From 1947 to 2017, the Indian economy was premised on the
concept of planning. This was carried through the Five-Year
Plans, developed, executed, and monitored by the Planning
Commission (1951-2014) and the NITI Aayog (2015-2017).
With the prime minister as the ex-officio chairman, the
commission has a nominated deputy chairman, who holds the
rank of a cabinet minister. Montek Singh Ahluwalia is the last
deputy chairman of the commission (resigned on 26 May
2014).
 REPORT-1
 Five – Year Plans of India
 From Wikipedia, the free encyclopedia
 The Twelfth Plan completed its term in March 2017. Prior to the
Fourth Plan, the allocation of state resources was based on
schematic patterns rather than a transparent and objective
mechanism, which led to the adoption of the Gadgil formula in 1969.
Revised versions of the formula have been used since then to
determine the allocation of central assistance for state plans. The
new government led by Narendra Modi, elected in 2014, has
announced the dissolution of the Planning Commission, and its
replacement by a think tank called the NITI Aayog (an acronym for
National Institution for Transforming India).

 ANSWER THE FOLLOWING QUESTIONS
 1. Planning commission was renamed as
_______________ in _____________ year.
 Answer: NITI AAYOG in 2015
 2. Who was the last Deputy Chairman of Planning?
 Answer: Montek Singh Ahluwalia

 3. Who announced the replacement of planning

commission and when?
 Answer: The new government led by Narendra Modi, has

announced the replacement in 2014.

 4. Who was the first chairman of planning commission?
 Answer: Prof. Mahalanobis

 REPORT 2
 The Fifth Five-Year Plan laid stress
on employment, poverty alleviation (Garibi Hatao), and justice.
The plan also focused on self-reliance in agricultural
production and defence. In 1978 the newly elected Morarji
Desai government rejected the plan. The Electricity Supply
Act was amended in 1975, which enabled the central
government to enter into power generation and transmission.
 The target growth rate was 4.4% and the actual growth rate
was 5.0 %.
 REPORT 2
 The Indian national highway system was introduced and many
roads were widened to accommodate the
increasing traffic. Tourism also expanded. The twenty-point
programme was launched on 14 January 1982. It was followed
from 1974 to 1979.
 The Minimum Needs Programme (MNP) was introduced in the

first year of the Fifth Five-Year Plan (1974–78). The objective
of the programme is to provide certain basic minimum needs
and thereby improve the living standards of the people. It is
prepared and launched by D.P.Dhar.
 1. When was fifth five year plan started?
 Answer: 1974
 2. What were the main objectives of the plan?
 Answer: Employment and poverty alleviation.

 3. When did Twenty point programme launched?
 Answer: 1975
 4. What was the difference between targeted

growth and actual growth rate?
 Answer: 0.6%
 REPORT 3
 The policy envisaged mixed economy
wherein public and private sector would
coexist. It underlined the need for increased
state participation in industrial progress. It
called for assistance to small-
scale industries and welcomed foreign
capital.
 REPORT 3
 The, role of the large industries was
redefined to compliment the role of small
industries. It expanded the list
of items reserved for exclusive production in
the small scale sector from 180 to more than
500.
 1. What do we call the economy where both private and
public sectors play their roles?
 Answer: Mixed economy.
 2. How many industries were reserved under small scale

industries?
 Answer: More than 500

 3. Why are small scale industries are important for a
country?
 Answer: Small scale industries play important role in the
industrial and economic development of a country.
 4. Why were small scale industries were less in number

after independence?
 Answer: They were discouraged by Britishers.

 REPORT 4
 Import substitution policy is a set of measures aimed at
stimulating production and competitiveness of domestic
goods, increasing of domestic demand optimization of
demand for imports. It is determined by the need to
reduce the dependence of transitive economy on
economic leaders. The main objective of the policy of
import substitution is to encourage national production,
to development the new products to stimulate demand
and import restrictions.
 REPORT 4
 Actual directions: industrial restructuring, the
balance of foreign trade, protection of the
domestic market during the transition period. In
the Commonwealth of Independent states import
substitution is a complementary mechanism for
diversification of production.
 REPORT 4
 Mechanisms for implementation: preferential loans and
taxation, overvaluation of the national currency, government
al regulation. Ways to restrict imports: tariff regulation,
quotas, introduction of limitation lists and multiplicity of the
national currency. Improving the competitiveness of new
production provides vertical strategy of import substitution.
It is aimed at meeting the intermediate demand of domestic
enterprises. The horizontal structure? oriented to fill the
maximum commodity nomenclature? is less effective.
 [URL: http://rrsociology.ru/en/journal/article/358/].
 1. Mahalanobis strategy of development is also known as
______________ strategy (Import substitution/export
substitution).
 Answer: Import substitution
 2. What is the meaning of import substitution strategy?
 Answer: It means producing in domestic economy itself
those goods which the country has to import.
 3. Give any one way how to protect import substitution in
domestic industry.
 Answer: By putting high tarrifs on industrial goods.
 REPORT 5
 In a command economy, the government
determines what is produced, how it is
produced, and how it is distributed. Private
enterprise does not exist in a command
economy. The government employs all
workers and unilaterally determines their
wages and job duties.
 REPORT 5
 There are benefits and drawbacks to command
economy structures. Command economy
advantages include low levels of inequality and
unemployment, and the common good
replacing profit as the primary incentive of
production. Command economy disadvantages
include lack of competition and lack of
efficiency.
 1. Which type of economy is mentioned above?
 Answer: Socialist economy.
 2. Name the type of economy where only private

sector exists.
 Answer: Capitalist economy.

 3. What are the three economic questions which

every society must consider and decide upon?
 Answer: What, how and for whom to produce.
 4. What are the draw backs of socialist economy?

 Answer: Lack of competition and lack of
efficiency.
 REPORT 6
 A plan spells out how the resources of a nation should be put to
use. It should have some general goals as well as specific
objectives which are to be achieved within a specified period of
time; in India plans were of five years duration and were called
five year plans (we borrowed this from the former Soviet Union,
the pioneer in national planning). Our plan documents upto the
year 2017 not only specify the objectives to be attained in the
five years of a plan but also what is to be achieved over a period
of twenty years. This long-term plan is called ‘perspective plan’.
The five year plans were supposed to provide the basis for the
perspective plan.
 1. When did India give its first five year plan?
 Answer: 1951
 2. Planning commission, the erstwhile central

planning authority in the country, has been
replaced by_____________.
 Answer: National institution for transforming India
Aayog
 3. ‘Government decides what goods are to be

produced in accordance with the needs of
society’. Under what type of economic system
does this take place?

 Answer: Socialist economy.
 4. When was Indian planning commission

constituted?
 (a) 6th August 1952
 (b) 15th March 1950
 (c) 15th August 1947
 (d) 1st April 1997
 Ans: (b) 15th March 1950

Case Study & Assertion/Reason
ECONOMICS CLASS 12
Indian Economy 1950-1990
ONE MARKS SOLUTION
Presented by : Ms. SHILPI TANEJA
HOLY PUBLIC SCHOOL, GREATER NOIDA
SESSION’S VIDEO LINK - https://youtu.be/ZoGcs447eQw
Join 1 Marks Family (Like, Follow and Subscribe)
 1 Marks Solution: www.1markssolution.com
YouTube: 1 Marks Solution
 Contact: +91-9662592407 +91-9451927636
 Instagram: 1 Marks Solution
email: 1markssolution@gmail.com
 Blog: https://1markssolution.blogspot.com/
 Twitter: @Onemarks1
 FB Page & FB Group: 1 Marks Solution
 Founder: Dr. Asad, Lucknow

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(Solution of all type1 mark questions)
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LINK -
d=com.theappsstation.android5e9d43ff345f2
(Content in app will be available from 1st February 2021)

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 Answer: NITI AAYOG in 2015

 2. Who was the last Deputy Chairman of Planning?

 Answer: Montek Singh Ahluwalia

 3. Who announced the replacement of planning

 Answer: The new government led by Narendra Modi, has

 Answer: Prof. Mahalanobis

 The Minimum Needs Programme (MNP) was introduced in the

 1. When was fifth five year plan started?

 2. What were the main objectives of the plan?

 Answer: Employment and poverty alleviation.

 3. When did Twenty point programme launched?

 4. What was the difference between targeted

 Answer: Mixed economy.

 2. How many industries were reserved under small scale

 Answer: More than 500

 4. Why were small scale industries were less in number

 Answer: They were discouraged by Britishers.

 1. Which type of economy is mentioned above?

 Answer: Socialist economy.

 2. Name the type of economy where only private

 Answer: Capitalist economy.

 3. What are the three economic questions which

 4. What are the draw backs of socialist economy?

 2. Planning commission, the erstwhile central

 3. ‘Government decides what goods are to be

 4. When was Indian planning commission

 Ans: (b) 15th March 1950

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