inclusive growth, sustainable development & employment section 3 MCQ Questions & Answers Detailed Explanation

Answer: (a)

Balance of Trade refers to the difference between the value of a country’s visible imports and visible exports.

Also known as the visible balance, it forms part of the balance of payments current account. When the value of visible imports totals more than the value of visible exports, it is known as an adverse balance of trade.

Answer: (d)

A majority of economists such as Simon Kuznets, Meier and Baldwin, Hicks D. Samuelson, Pigeon and others consider national income as the most suitable index of economic development.

However, the UNO experts in their report on ‘Measures of Economic Development of Under-Developed Countries’ have Per Capita Real Income as the best measurement of economic development.

They contend that economic growth is meaningless if it does not improve the standard of living of the common masses. They define economic development as a process by which the real per capita income increases over a long period of time.

Answer: (b)

Answer: (c)

Answer: (b)

Answer: (b)

India’s labour force is around 50 crore which includes people who are employed or not employed but actively searching for job. Working age population is more than the labour force because a lot of persons may not be part of labour force but are in working age population for example house wives or a person taking a break from his job.

Employment rate is defined as the number of people employed as a percentage of labour force.

Labour force participation rate is defined as the number of persons in the labour force as a percentage of working age population.