30 Questions
What are Fourth World Countries characterized by?
Very poor, tribal, and of a nomadic setup
What term is used to describe countries like India and China based on their economic growth and development?
NIC (New Industrialized Countries)
Which countries are known as Oil Exporting Countries?
UAE
What are Russia and other countries classified as due to their economic structure?
Centrally planned countries
Name the group of countries including US, UK, Japan, and Australia which are known for their industrial development.
Rich industrialized countries
What does GDP measure?
The total value of all goods produced in a country during a year
What are the two ways in which the existence of capital deficiency is reflected?
Low amount of capital per head available and low current rate of capital formation
According to Ragnar Nurkse, why do most underdeveloped countries have low capacity to save?
Most underdeveloped countries are caught in the vicious circle of poverty.
How does the small size of the market on the demand side impact potential savers in underdeveloped countries?
It acts as a disincentive, leading potential savers to indulge in wasteful consumption.
What are two reasons for the low level of capital formation in underdeveloped countries?
Weakness of inducement to invest and low propensity to save
How does the low level of per capita income affect the inducement to invest in an underdeveloped country?
It limits the size of the market for manufacturing output, weakening the inducement to invest.
According to Schumpeter, what is considered the focal point in the process of economic development?
Dynamic entrepreneurship
What is the key indicator that helps in understanding the development stage or health of a country?
Gross Domestic Product (GDP)
What is the formula to calculate GDP?
GDP = Consumption + Investment + Government Spending + (Exports – Imports)
What is the key difference between GDP and GNP?
GDP considers goods produced within the boundary of a country, while GNP considers goods and services produced by nationals of a country on foreign land as well.
What does Gross National Income (GNI) Per Capita measure?
The income received by a country from national and overseas income.
How is per capita consumption calculated?
By dividing the market value of all goods and services purchased by households of a country by the average population of that country.
What is a characteristic of more advanced countries in terms of population?
They generally have more urban population.
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Explain the concept of income elasticity of demand in relation to food in the least developed countries (LDCs). What is the typical range for this value?
Income elasticity of demand for food refers to the responsiveness of demand for food items to changes in the income of individuals. In the least developed countries (LDCs), the income elasticity of demand for food is quite high and typically ranges between 0.6 and 0.8 percent.
How does an increase in agricultural surplus contribute to industrial growth?
An increase in agricultural surplus boosts rural buying power, which is essential for industrial growth. Higher rural income leads to increased demand for industrial products, thereby driving industrial growth.
What are the major topics discussed in this unit related to Indian agriculture?
This unit discusses the role and progress of Indian agriculture, causes of low agricultural production, needs and sources for agricultural finance, the New Farm Act 2020, and the benefits of organic and contract farming.
What are the objectives of this unit on Indian agricultural development?
The objectives of this unit are: understanding the role of Indian agriculture, evaluating the needs and sources of agricultural finance, examining problems in agricultural marketing, explaining the New Farm Act 2020, understanding organic farming, and explaining contract farming and its benefits.
How does increased productivity impact farmers' revenue and food demand?
When farmers' production expands as a result of higher productivity, their revenue rises. As per capita income increases, there is also a significant increase in food demand.
Why is understanding the income elasticity of demand for food important, particularly in the context of LDCs?
Understanding the income elasticity of demand for food, especially in LDCs, is important because it helps predict changes in food demand as a result of income fluctuations, thereby aiding in agricultural planning and policy-making.
Test your knowledge on Gross Domestic Product (GDP) calculation, which is an important indicator of a country's development stage or health. Understand how to calculate GDP based on total spending or total income in a year per person, including consumption, investment, government spending, and net exports.
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