Podcast
Questions and Answers
In a market economy, what determines which consumer goods are produced?
In a market economy, what determines which consumer goods are produced?
- The market forces of supply and demand (correct)
- The government's directives
- The needs of the society
- The quantity of raw materials available
What determines whether more human labor or more capital is used for production in a market economy?
What determines whether more human labor or more capital is used for production in a market economy?
- The availability of skilled workers
- The preferences of the producers
- The government's regulations
- Whether labor is cheaper than capital (correct)
How are goods and services distributed in a capitalist society?
How are goods and services distributed in a capitalist society?
- Based on governmental policies
- Based on purchasing power (correct)
- Based on people's needs
- Equally among all citizens
Why might low-cost housing for the poor not be produced in a market economy?
Why might low-cost housing for the poor not be produced in a market economy?
What is the basis for distributing goods among people in a capitalist society?
What is the basis for distributing goods among people in a capitalist society?
What type of economy relies on supply and demand to determine the production of goods?
What type of economy relies on supply and demand to determine the production of goods?
In a socialist society, who decides what goods are to be produced?
In a socialist society, who decides what goods are to be produced?
What is the basis of distribution in a socialist society?
What is the basis of distribution in a socialist society?
What does a socialist society provide to all its citizens, unlike under capitalism?
What does a socialist society provide to all its citizens, unlike under capitalism?
Which statement is true about a socialist society's view on private property?
Which statement is true about a socialist society's view on private property?
What type of economy involves both the government and the market in answering economic questions?
What type of economy involves both the government and the market in answering economic questions?
According to the passage, who is considered to know what is good for the people in a socialist society?
According to the passage, who is considered to know what is good for the people in a socialist society?
What principle is distribution under socialism supposed to be based on?
What principle is distribution under socialism supposed to be based on?
What type of economy does Cuba have, according to the passage?
What type of economy does Cuba have, according to the passage?
Which economic system provides free health care to all its citizens?
Which economic system provides free health care to all its citizens?
Who provides essential goods and services in a mixed economy when the market fails to do so?
Who provides essential goods and services in a mixed economy when the market fails to do so?
What were the specified goals of the five year plans in India?
What were the specified goals of the five year plans in India?
What does 'growth' refer to in the context of the five year plans?
What does 'growth' refer to in the context of the five year plans?
What was the role of the Planning Commission set up in 1950?
What was the role of the Planning Commission set up in 1950?
How did the limited resources impact the choice of goals in each plan?
How did the limited resources impact the choice of goals in each plan?
Who is regarded as the architect of Indian planning?
Who is regarded as the architect of Indian planning?
Where was Prasanta Chandra Mahalanobis educated?
Where was Prasanta Chandra Mahalanobis educated?
Which organization did Prasanta Chandra Mahalanobis establish in Calcutta?
Which organization did Prasanta Chandra Mahalanobis establish in Calcutta?
What was the share of the service sector in India's GDP by 1990?
What was the share of the service sector in India's GDP by 1990?
What is the GDP?
What is the GDP?
What milestone marked the onset of globalization in India?
What milestone marked the onset of globalization in India?
What does a growing share of the service sector in the GDP indicate for a country’s development?
What does a growing share of the service sector in the GDP indicate for a country’s development?
What does the author compare the GDP to?
What does the author compare the GDP to?
What organization did Prasanta Chandra Mahalanobis become a Fellow of in 1945?
What organization did Prasanta Chandra Mahalanobis become a Fellow of in 1945?
What did Prasanta Chandra Mahalanobis invite distinguished economists to advise him on?
What did Prasanta Chandra Mahalanobis invite distinguished economists to advise him on?
"Modernisation: To increase the production of goods and services" refers to adopting what?
"Modernisation: To increase the production of goods and services" refers to adopting what?
What structural change indicates higher levels of development for a country?
What structural change indicates higher levels of development for a country?
Why did the Soviet farmers pack rotten fruits along with fresh fruits in the same box?
Why did the Soviet farmers pack rotten fruits along with fresh fruits in the same box?
What was the reason for the poor performance of the agricultural sector in the Soviet Union, despite the availability of fertile land?
What was the reason for the poor performance of the agricultural sector in the Soviet Union, despite the availability of fertile land?
What was the primary reason for India's need to import food from the United States of America?
What was the primary reason for India's need to import food from the United States of America?
What was the purpose of land ceiling policy in India?
What was the purpose of land ceiling policy in India?
What was the impact of abolition of intermediaries on tenants in India?
What was the impact of abolition of intermediaries on tenants in India?
What was a challenge faced by land ceiling legislation in India?
What was a challenge faced by land ceiling legislation in India?
What led to the success of land reforms in Kerala and West Bengal?
What led to the success of land reforms in Kerala and West Bengal?
What caused stagnation in agriculture during colonial rule in India?
What caused stagnation in agriculture during colonial rule in India?
Why were farmers in trouble during a short monsoon season in India?
Why were farmers in trouble during a short monsoon season in India?
What was the key factor that broke the stagnation in agriculture during colonial rule in India?
What was the key factor that broke the stagnation in agriculture during colonial rule in India?
Why did some states like Kerala and West Bengal have better success with land reforms compared to other states?
Why did some states like Kerala and West Bengal have better success with land reforms compared to other states?
What refers to the increase in food grain production from the use of high yielding variety (HYV) seeds?
What refers to the increase in food grain production from the use of high yielding variety (HYV) seeds?
What was vital for the application of high yielding variety (HYV) seeds?
What was vital for the application of high yielding variety (HYV) seeds?
In which phase of the green revolution did the high yielding variety (HYV) technology spread to a larger number of states and benefit more variety of crops?
In which phase of the green revolution did the high yielding variety (HYV) technology spread to a larger number of states and benefit more variety of crops?
What does the portion of agricultural produce sold in the market by the farmers refer to?
What does the portion of agricultural produce sold in the market by the farmers refer to?
What did the green revolution enable India to achieve in terms of food grains?
What did the green revolution enable India to achieve in terms of food grains?
What was a risk associated with high yielding variety (HYV) crops during the green revolution?
What was a risk associated with high yielding variety (HYV) crops during the green revolution?
What steps did the government take to reduce the risk for small farmers adopting high yielding variety (HYV) technology?
What steps did the government take to reduce the risk for small farmers adopting high yielding variety (HYV) technology?
Who did the green revolution benefit besides rich farmers?
Who did the green revolution benefit besides rich farmers?
What is a hotly debated question according to the passage?
What is a hotly debated question according to the passage?
What was generally agreed as necessary for adoption of new high yielding variety (HYV) technology by farmers?
What was generally agreed as necessary for adoption of new high yielding variety (HYV) technology by farmers?
What did the government provide to reduce the risk of small farmers being ruined by pest attacks on their crops?
What did the government provide to reduce the risk of small farmers being ruined by pest attacks on their crops?
What would have favored rich farmers only if the state did not play an extensive role according to the passage?
What would have favored rich farmers only if the state did not play an extensive role according to the passage?
Why do some economists believe that subsidies should be phased out once technology is widely adopted?
Why do some economists believe that subsidies should be phased out once technology is widely adopted?
Why do some experts argue for the government to continue with agricultural subsidies?
Why do some experts argue for the government to continue with agricultural subsidies?
What do some economists believe is the negative impact of subsidies on resources like water and electricity?
What do some economists believe is the negative impact of subsidies on resources like water and electricity?
Why did a large proportion of the population remain engaged in agriculture in India from 1950 to 1990?
Why did a large proportion of the population remain engaged in agriculture in India from 1950 to 1990?
How do prices act as signals in the market according to the text?
How do prices act as signals in the market according to the text?
What happens when electricity and water are provided at a subsidized rate or free according to some economists?
What happens when electricity and water are provided at a subsidized rate or free according to some economists?
Why is it argued that there is no case for continuing with fertiliser subsidies?
Why is it argued that there is no case for continuing with fertiliser subsidies?
What is the achievement mentioned in the text related to Indian agricultural productivity?
What is the achievement mentioned in the text related to Indian agricultural productivity?
According to some experts, what could be a consequence of eliminating subsidies for poor farmers?
According to some experts, what could be a consequence of eliminating subsidies for poor farmers?
What is emphasized as a potential consequence of not allowing prices to indicate the supply of goods?
What is emphasized as a potential consequence of not allowing prices to indicate the supply of goods?
What do some economists believe is the reason behind a large proportion of GDP still being contributed by agriculture despite a decline in its proportion?
What do some economists believe is the reason behind a large proportion of GDP still being contributed by agriculture despite a decline in its proportion?
What do some experts believe is the potential impact of eliminating subsidies for poor farmers?
What do some experts believe is the potential impact of eliminating subsidies for poor farmers?
What does modernisation refer to in the context of the passage?
What does modernisation refer to in the context of the passage?
What is the significance of self-reliance in promoting economic growth and modernisation?
What is the significance of self-reliance in promoting economic growth and modernisation?
What is the importance of equity in the context of economic development?
What is the importance of equity in the context of economic development?
How did the policy makers of independent India address issues in the agricultural sector after independence?
How did the policy makers of independent India address issues in the agricultural sector after independence?
What was the main objective of the policy of 'land to the tiller'?
What was the main objective of the policy of 'land to the tiller'?
In a traditional society, what is the role expected of women?
In a traditional society, what is the role expected of women?
What did the first seven five year plans in India attempt to attain?
What did the first seven five year plans in India attempt to attain?
What is the significance of ownership in providing incentives to cultivators?
What is the significance of ownership in providing incentives to cultivators?
