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Which one of the following indices is given priority by the World Bank with respect to development? (a) Infant Mortality Rate (b) Equality (c) Body Mass Index (d) Per Capita Income
The correct answer is (d). The World Bank uses Per Capita Income as the primary indicator to assess the development level of different countries. It divides the total national income by the population to determine average income per person. Based on this, countries are classified into low-income, miRead more
The correct answer is (d). The World Bank uses Per Capita Income as the primary indicator to assess the development level of different countries. It divides the total national income by the population to determine average income per person. Based on this, countries are classified into low-income, middle-income and high-income groups, reflecting their economic strength and living standards.
See lessPerson Z tries to explain how the requirement of a double coincidence of wants in a barter system limits trade and exchange. Which of the following justification do you think will be used by him/her?
The correct answer is (A). In a barter system, trade depends on the “double coincidence of wants,” meaning each person must have something the other wants. This makes trade complex and time-consuming, as it’s difficult to find suitable partners. Such limitations reduce economic activity and efficienRead more
The correct answer is (A). In a barter system, trade depends on the “double coincidence of wants,” meaning each person must have something the other wants. This makes trade complex and time-consuming, as it’s difficult to find suitable partners. Such limitations reduce economic activity and efficiency, highlighting why money was introduced — to act as a common medium of exchange simplifying transactions.
See lessRead the following statements for stimulating the process of globalisation and choose the correct option: I. Government reduces trades barriers II. Government reduces competition among producers III. Government reduces import and export taxes IV. Government removes restrictions on foreign investment. Options:
The correct answer is (C). Globalisation expands when the government reduces trade barriers, lowers import and export taxes and removes restrictions on foreign investment. These policies make it easier for foreign companies to enter domestic markets, encouraging international trade and investment. ORead more
The correct answer is (C). Globalisation expands when the government reduces trade barriers, lowers import and export taxes and removes restrictions on foreign investment. These policies make it easier for foreign companies to enter domestic markets, encouraging international trade and investment. On the other hand, reducing competition among producers (Statement II) would hinder globalisation by limiting economic freedom and innovation.
See less‘The question of sustainability of development raises many fundamentally new issues about the nature and process of development’. Explain it with examples.
Sustainable development ensures that present development does not compromise the future. It raises new challenges in planning, resource management and equity, changing how development is approached. Points with explanation: Resource conservation: Using solar energy and rainwater harvesting reduces nRead more
Sustainable development ensures that present development does not compromise the future. It raises new challenges in planning, resource management and equity, changing how development is approached.
Points with explanation:
- Resource conservation: Using solar energy and rainwater harvesting reduces natural resource depletion.
- Environmental protection: Reduces pollution, deforestation and climate impact.
- Long-term planning: Development strategies must consider future generations’ welfare.
- Social equity: Benefits should reach all communities, including marginalized groups.
- Example: Promoting organic farming ensures economic growth while protecting soil and water
See lessExplain the role of banks with regard to money which they accept from the public.
Banks play a vital role in managing public money. They accept deposits safely and lend money to individuals and businesses, supporting economic growth. Points with explanation: Safe storage of money: Protect deposits from theft and misuse. Lending: Loans to farmers, businesses and households promoteRead more
Banks play a vital role in managing public money. They accept deposits safely and lend money to individuals and businesses, supporting economic growth.
Points with explanation:
- Safe storage of money: Protect deposits from theft and misuse.
- Lending: Loans to farmers, businesses and households promote economic activities.
- Interest system: Depositors earn interest; banks earn by lending, maintaining balance.
- Financial services: Provide payment facilities, credit and savings accounts.
- Economic growth: Mobilized funds are invested in productive sectors, creating employment and improving financial stability.
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