KSEEB Solutions for Class 8 Economics Chapter 4 Government and the Economy

Students can Download Economics Chapter 4 Government and the Economy Questions and Answers, Notes, KSEEB Solutions for Class 8 Social Science helps you to revise complete Karnataka State Board Syllabus and score more marks in your examinations.

Karnataka State Syllabus Class 8 Social Science Economics Chapter 4 Government and the Economy

Class 8 Social Science Government and the Economy Textual Questions and Answers

I. Fill In The Blanks:

Question 1.
Planning commission was established in the year _____
Answer:
1950

Question 2.
The twelth five year plan is implemented during the years _____
Answer:
2012-2017

Question 3.
India is among the largest country in the _____ world in terms of science and technology.
Answer:
Third

Question 4.
The current rate of poverty in India is about _____ percent.
Answer:
22%

Question 5.
For many years India’s economic policy was _____ oriented.
Answer:
More inward looking

II. Answer The Following:

Question 1.
Define planning
Answer:
Planning refers to deliberate action of the government to systmatically allocate and utilize available resource to achieve predetermined goals of intrest of all.

Question 2.
List the prominent objectives of planning in India.
Answer:

1. Increasing the rate of economic growth.
2. Bring about modernization in the economy.
3. Achive self-reliance
4. Reduction in inequality of income and wealth.
5. Development of infrastructure
6. Development of financial institutions.
7. Balanced regional development
8. Promoting privating sector

Question 3.
What are the major failures of Indian planning.
Answer:

1. Slow growth in production and income.
2. Rise in prices
3. Increase in unemployment
4. Persisting poverty and inequality
5. Inadequate development of infrastructure.
6. Inefficient administration
7. Increase in exports not as expected.

Question 4.
Describe India’s economic situation during 1990 – 91
Answer:

1. During 1990 – 91 India faced serious economic problems
2. The huge deficit in the trade balance, declining foreign exchange reserves, severe inflation, and very high budget deficit crippled the Indian economy and also the life of the people.
3. The need for reforming economic policy was widely felt and hence the new economic policy was initiated in 1991 the new economic policy is called “economic reforms”.

Question 5.
List the major initiatives under the economic reform measures.
Answer:

1. Abolishing the licensing system.
2. Automatic approval for FD1 (Foreign direct investment) for many activities.
3. A liberal import-export policy for ensuring easy exports of Indian goods and obtain the necessary raw materials.
4. Reforming the banking and financial sector in accordance with the internationally accepted standards.
5. Reforms in the tax structure for ensuring higher coverage taxpayers and increasing the tax revenue.
6. Withdrawing and restricting government interference on investment and also privatization of public sector enterprises.

Class 8 Social Science Government and the Economy Additional Questions and Answers

I. Fill In The Blanks

Question 1.
The planning commission is established in _______
Answer:
1950

Question 2.
The aim of the annual plan is _______
Answer:
Growth in food production

Question 3.
The aim of the Ninth five-year plan is _______
Answer:
Accelerating growth

Question 4.
Pradhan Mantri fasal Bima yojana provides insurance cover to _______ crops.
Answer:
Rabi & Kharif

Question 5.
The small business start-ups by yojana _______
Answer:
Mudra

Question 6.
To increase the penetration of life insurance cover in India by _______
Answer:
Jeevan Jyoti Bima Yojana

Question 7.
Amrut means _______
Answer:
Atal Mission for rejuvention and urban transformation

Question 8.
To develop 100 cities all over the country this is the aim of _______
Answer:
Smart cities mission

II. Multiple Choice Questions

1. The planning commission was established in _____
a) 1947
b)1956
c)1950
d) 1961
Answer:
c)1950

2. The term of twelfth live year plan _____
a) 2012-2016
b) 2007 -2012
c) 2012 -2017
d) 2002-2007
Answer:
c) 2012 -2017

3. The fundamental objective of Indian planning is _____
a) to achieve social and economic justice
b) to achieve all-round development
c) to achieve economic progress.
d) to achieve growth with social justice
Answer:
d) to achieve growth with social justice

4. The new economic policy is also called as _____
a) New economic reforms
b) economic plans
c) economic reforms
d) LPG policies
Answer:
c) economic reforms

5. “Per drop more crop” this concept belongs to _____
a) Pradhana Mantri fasal bima yojana
b) Pradhana Mantri Krishi sinchayi yojana
c) Pradhana Mantri gram Sadak Yojana
d) Pradhana Mantri mudra yojana
Answer:
b) Pradhana Mantri Krishi sinchayi yojana

III. Answer The Following Questions:

Question 1.
Which are the current programmes of agriculture and rural development in India?
Answer:

1. Pradhan mantri fasal bima yojana
2. Pradhan Mantri Krishi sichayi yojana
3. Narega or scheme
4. Pradhan mantri gram sadak yogana.

Question 2.
Which urban development programmes implemented by the government of India through the current programmes.
Answer:

1. Atal mission or rejuvention and urban transformation.
2. Pradhan mantri Awas yojana
3. Smart city mission.