10th Social Science - Book Back Answers - Economics Unit 1 - English Medium Guides

  

 

SSLC / 10th Social Science - Book Back Answers - Economics Unit 1 - English Medium

Tamil Nadu Board 10th Standard Social Science - Economics Unit 1: Book Back Answers and Solutions

    This post covers the book back answers and solutions for Unit 1 – Economics from the Tamil Nadu State Board 10th Standard Social Science textbook. These detailed answers have been carefully prepared by our expert teachers at KalviTips.com.

    We have explained each answer in a simple, easy-to-understand format, highlighting important points step by step under the relevant subtopics. Students are advised to read and memorize these subtopics thoroughly. Once you understand the main concepts, you’ll be able to connect other related points with real-life examples and confidently present them in your tests and exams.

    By going through this material, you’ll gain a strong understanding of Economics Unit 1 along with the corresponding book back questions and answers (PDF format).

Question Types Covered:

• 1 Mark Questions: Choose the correct answer, Fill in the blanks, Identify the correct statement, Match the following 
• 2 Mark Questions: Answer briefly 
• 3, 4, and 5 Mark Questions: Answer in detail

All answers are presented in a clear and student-friendly manner, focusing on key points to help you score full marks.

All the best, Class 10 students! Prepare well and aim for top scores. Thank you!

Unit 1: Gross Domestic Product and its Growth: an Introduction

 

I. Choose the correct answer.

1. GNP equals _____.
a) NNP adjusted for inflation 
b) GDP adjusted for inflation
c) GDP plus net property income from abroad 
d) NNP plus net property income from abroad
Answer Key: 
c) GDP plus net property income from abroad

2. National Income is a measure of _____.
a) Total value of money 
b) Total value of producer goods
c) Total value of consumption goods 
d) Total value of goods and services
Answer Key: 
d) Total value of goods and services 

3. Primary sector consists of _____. 
a) Agriculture 
b) Automobiles 
c) Trade 
d) Banking 
Answer Key: 
a) Agriculture 

4. _____ approach is the value added by each intermediate goods summed to estimate the value of the final goods. 
a) Expenditure approach 
b) Value added approach 
c) Income approach 
d) National Income 
Answer Key: 
b) Value added approach 

5. Gross value added at current prices for Service Sector is estimated at _____ lakh crore in 2018-19. 
a) 91.06 
b) 92.26 
c) 80.07 
d) 98.29 
Answer Key: 
b) 92.26 

6. India is _____ largest producer in agricultural product. 
a) 1st 
b) 3rd 
c) 4th 
d) 2nd 
Answer Key: 
d) 2nd 

7. India’s life expectancy at birth is ______ years. 
a) 65 
b) 60 
c) 70 
d) 55 
Answer Key: 
a) 65 

8. Which of the following is a trade policy?. 
a) irrigation policy 
b) import and export policy 
c) land-reform policy 
d) wage policy 
Answer Key: 
b) import and export policy 

II. Fill in the blanks.

1. _____ is the primary sector in India. 
2. _____ is an indicator to show the living standard of people. 
3. Secondary Sector is otherwise called as _____. 
Answer Key: 
1. Agriculture 
2. Per Capita Income 
3. Industrial sector

III. Match the following.

1	Electricity / Gas and Water	National Income / Population
2	Price policy	Gross Domestic Product
3	GST	Industry Sector
4	Per capita income	Agriculture
5	C + I + G + (X-M)	Tax on goods and services

Answer Key:

1	Electricity / Gas and Water	Industry Sector
2	Price policy	Agriculture
3	GST	Tax on goods and services
4	Per capita income	National Income / Population
5	C + I + G + (X-M)	Gross Domestic Product

 

IV. Give short answer.  

1. Define National income.
Answer Key:
1. National Income is a measure of the total money value of goods and services produced by an economy over a period of time, normally a year.
2. It is also called as Gross National Product (GNP) or National Dividend.

2. What is meant by Gross domestic product?
Answer Key:
GDP is the total value of output of goods and services produced by the factors of production within the geographical boundaries of the country.

3. Write the importance of Gross Domestic Product.
Answer Key
GDP helps to:
1. Study of Economic growth.
2. Problems of inflation and deflation.
3. Comparison with developed countries of the world.
4. Estimate the purchasing power.
5. Study of public sector.
6. Guide to economic planning.

4. What is per capita income?.
Answer Key:
1. Per capita income is obtained by dividing the National Income by the population of a country.
2. It is an indicator to show the living standard of people.
Per capita Income = National Income / Population

5. Define the value added approach with an example.
Answer Key:
1. In the value added approach, the value added by each immediate goods is summed up to obtain the value of final goods.
2. The sum of the value added by all the intermediate goods used in the production gives us the total value of the final goods produced.
3. To measure the market value of a cup of coffee, add the value produced by each intermediate goods used to produce it.
(Coffee powder + milk + sugar = Coffee
Sum of values of intermediate goods = Value of final goods)

6. Write the name of economic policies in India.
Answer Key:
1. Agricultural policy
2. Industrial policy
3. New Economic policy.

7. Write a short note
Answer Key:

Gross National Happiness(GNH):
1. The term Gross National Happiness (GNH) was coined in 1972 by a British Journalist.
2. A resolution, “Happiness towards a holistic approach to Development” was passed by the U.N. General Assembly in 2011.
3. It stated ‘happiness as a ‘fundamental human goal’ and urged all countries to follow the example of Bhutan and measure happiness and well being of people.

Human Development Index(HDI):
1. The concept was introduced by Mahbub ul Haq, a Pakistani economist.
2. It is a composite index of ‘life expectancy’ at birth, Adult literacy rate and standard of living.
3. It is measured as a logarithmic function of GDP, adjusted to purchasing power parity.

V. Write in detail answer.

1. Briefly explain various terms associated with the measuring of national income.
Answer Key:
1. Various terms associated with the measuring of National Income.

GNP - Gross National Product :
1. GNP is the total value of goods and services produced and income received in a year by domestic residents of a country.
2. It includes profits earned from capital investments abroad.

GDP - Gross Domestic Product:
1. GDP is the total value of output of goods and services produced by the factors of production within the geographical boundaries of the country.

NNP - Net National Product:
1. NNP is arrived by making some adjustment with regard to depreciation.
NNP = GNP - Depreciation
2. We arrive at the Net National Product (NNP) by deducting the value of
depreciation from GNP.

NDP - Net Domestic Product:
1. It is part of GDP.
2. It is arrived by deducting the quantum of tear and wear expenses from GDP.
NDP = GDP - Depreciation

PCI - Per Capita Income:
1. It shows the living standard of people in a country.
2. It is calculated by dividing the National Income by the population of the country.
PCI = National Income / Population

PI - Personal Income:
It is the total money income received by individuals and house holds of a country from all possible sources before direct taxes.

DI - Disposable Income:
It is the actual income spent on consumption by individuals and families.
DPI = PI – Direct Taxes.

2. What are the methods of calculating Gross Domestic Product and explain them.
Answer Key:

Expenditure Approach:
1. In this method GDP is measured by adding the expenditure on all the final goods and services produced in the country during a specific period.
GDP (Y) = C + I = G + (X - M)

Income Approach:
1. This method looks at GDP from the perspective of the earnings of the men and women who are involved in producing the goods and services. The income approach to measure GDP(Y) is
Y = Wages + Rent + Interest + Profit.

Value Added Approach:
1. Take the example of making tea. We need tea powder, milk, sugar.
2. They are intermediate goods. Prepared Tea is the final product.
3. The total value of finished goods (tea) is obtained by adding the values of all the intermediaries. It is the final value.
(Tea powder + milk + sugar = Tea
Total value of Intermediate goods = Value of final goods)

3. Write any five differences between growth and development.
Answer Key:

4. Explain the following economic policies - (1) Agricultural Policy (2) Industrial Policy (3) New Economic Policy
Answer Key:

Agricultural Policy:
1. It is the set of government decisions and actions relating to domestic agriculture and import of foreign agricultural products.
2. Includes risk management, economic stability, natural resources, environmental sustainability, research and development and market access for domestic products.
3. Price policy, land reform policy, food policy, Green Revolution, Irrigation policy, Agricultural Labour policy and Co-operative policy.

Industrial policy:
1. It makes the economy self-sufficient by creating employment, research and development which leads to modernisation.
2. Development in industry boosts agricultural sector, service sector and trade.
3. Policies of Textile Industry, Sugar industry, Small Scale Industries and Labour Policy are included in this.

New Ecnomic Policy:
1. In 1990, the economy of India had undergone policy shifts.
2. The New Economic Policy is known as LPG - Liberalisation - Privatisation - Globalization.
3. These reforms have significantly influenced the overall economic growth of the country in a significent manner.

 

VI. Activity and project.   

1. Students are collect the Gross Domestic Product datas of Tamilnadu and compare the other state of Karnataka and Kerala’s GDP.

Answer Key:

        Tamil Nadu, Karnataka, Kerala GDP are called SGDP- State Gross Domestic Product. This comparison help us to understand, the performance of each state and comparatively which state has performed better. Given here, is a sample of the activity and students should elaborate it and make it as perfect project.

Growth Rate of States in percentage
State UT	(2015-16)	(2016-17)	(2017-18)
Tamil Nadu	8.20	4.30	8.10
Karnataka	11.10	7.60	10.40
Kerala	6.80	7.40	NA

GSDP – (2017-18) ₹ (in crores)
State / UT	(2017-18)	(2016-17)
Tamil Nadu	14,27,074	12,70,490
Karnataka	13,25,443	11,55,912
Kerala	NA	6,21,700

[For refer Table – 12 CSO – Central Statistical Organisation, New Delhi]

 

2. Students are collect the details of Employment growth of Tamilnadu.
Answer Key:
1. The Employment Growth of Tamil Nadu refers to the rate of growth of work force or labour force of the state. The students should understand that this can be compared between the two Census (2001 and 2011).
2. The state of TamilNadu total population grew from 62.41 million in 2001 to 72.15 million in 2011.
3. Between these two Censuses, the total number of workers in the slate increased by 1.18% that is from 27.88 million to 32.88 million.
4. Among the districts work participation is the lowest at 36.3% in Kanyakumari despite the fact it has high literacy level. It is nigh in Erode with 53.1% as per 2011 Census.
5. Taking the above given sample information, students should, do activity considering the labour force participation men. women ratio scpaiaiciy.