Economics

 1. Development of a country can generally be determined by

  1. its per capita income
  2. its average literacy level
  3. health status of its people
  4. all of the above

Answer: d. all of the above

2. Which of the following neighbouring countries has better performance in terms of human development than India?

  1. Bangladesh
  2. Sri Lanka
  3. Nepal
  4. Pakistan

Answer: b. Sri Lanka

3. Assume there are four families in a country. The average per capita income of these families is Rs. 5000. If the income of three families is Rs. 4,000, Rs. 7,000 and Rs. 3,000, respectively, what is the income of the fourth family?

  1. Rs. 7,500
  2. Rs. 3,000
  3. Rs. 2,000
  4. Rs. 6,000

Answer: d. Rs. 6,000

(4000+7000+3000+x) ÷ 4 = 5000

14000+x = 5000 × 4

x = 20000-14000

x = 6000

In what respects is the criterion used by the UNDP for measuring development different from the one used by the World Bank?

Answer: The criterion used by UNDP is different from the one used by the World Bank because UNDP compares countries based on the educational level of the people, their health status and per capita income. This is in contrast with the method used by the World Bank because it only calculates the per capita income for measuring development.

6. Why do we use averages? Are there any limitations to their use? Illustrate with your own examples related to development.

Answer: Different countries have different populations, so calculating the average helps in getting an estimated answer which can be used to compare different things at different levels. There are limitations in calculating averages because we cannot know the difference in the income of the people and the unfair distribution of income in a country or state.

Why is the issue of sustainability important for development?

Answer: Sustainable development refers to using natural resources in a manner that they can be used by the present and future generations. The issue of sustainability is important for development because if natural resources are not used carefully, they may not be available for future generations. The depletion of resources of a country may ultimately result in a lack of development of the country.

10. “The Earth has enough resources to meet the needs of all but not enough to satisfy the greed of even one person.” How is this statement relevant to the discussion of development? Discuss.

Answer: Development not just depends on the economic factors of a country but is also dependent on resources that are available for the people of a country to use. The statement, “The Earth has enough resources to meet the needs of all but not enough to satisfy the greed of even one person”, is completely relevant in terms of the development of a country because natural resources are non-renewable resources. It is the responsibility of the people to use them to meet their needs and not to satisfy their greed. If natural resources are not used wisely now, future generations may not be able to use them for their needs, which will result in the downfall of the development of a country

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