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

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Students can Download Economics Chapter 4 Government and the Economy Questions and Answers, Notes Pdf, KSEEB Solutions for Class 8 Social Science helps you to revise the complete Karnataka State Board Syllabus and to clear all their doubts, score well in final exams.

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

Class 8 Social Science Government and the Economy Textbook Exercise Questions and Answers

1. Fill in the blanks:

Question:
1. Planning Commission was established in the year _______ (1950)
2. The twelfth five year plan is implemented during the years _______ (2012-2017)
3. India is one among the major _______ of Asia, (economies of Asia)
4. The current rate of poverty in India is about _______ percent. (22)
5. For many years India’s economic policy was not _______ oriented. (LPG)

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II. Answer the following questions in about two sentences:

Question 1.
Define Planning.
Answer:
Planning refers to the deliberate actions of the government to systematically allocate and utilize available resources to achieve pre-determined goals in the interest 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. Achieve Self-reliance.
  4. Reduction in the inequality of income and wealth.
  5. Development of Infrastructure.

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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.

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

Question 5.
List the major initiatives under the economic reform measures.
Answer:
The adoption of Policies to eliminate the market barriers, encourage economic participation from the private sector, reduce the fiscal deficit, increase exports and reduce imports, etc. for increasing the growth rate of the economy.

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