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Economic Survey 2021-22

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Questions and Answers

What is the main theme of the 2021-22 Economic Survey?

The impact of climate change on the economy

The effects of geo-politics on supply chains

The art and science of policy-making under extreme uncertainty (correct)

The role of technology in shaping consumer behaviour

What has been the traditional approach to policy-making in India and the world?

A pre-determined 'Waterfall' approach to policy-making (correct)

A data-driven approach to policy-making

A flexible and adaptable approach to policy-making

A collaborative approach to policy-making involving various stakeholders

What did economist Friedrich Hayek refer to as 'The Pretence of Knowledge'?

The reliance on detailed plans and regulations in economics

The impact of random shocks on the economy

The concept of extreme uncertainty in policy-making

The idea that economic models can predict the future with certainty (correct)

What is a major challenge in forecasting the impact of individual factors affecting the economy?

The factors are unpredictable in their interactions (A) Signup and view all the answers

What is the core principle of the 'Agile' approach to economic policy-making?

Real-time monitoring and flexible responses (D) Signup and view all the answers

What is the main issue with the traditional approach to policy-making in the face of uncertainty?

It is inflexible and unable to adapt to changing circumstances (C) Signup and view all the answers

What enables the Agile framework to be particularly relevant today?

The explosion of real-time data from various sources (C) Signup and view all the answers

What is the main goal of the combination of policies in the Agile framework?

To protect from or take advantage of an uncertain future (B) Signup and view all the answers

When was the first Economic Survey published?

1950-51 (A) Signup and view all the answers

What is the significance of the Economic Survey shifting to a single volume format?

It marks a change in the format of the document to make it more accessible (A) Signup and view all the answers