inclusive growth, sustainable development & employment section 4 Practice Questions Answers Test with Solutions & More Shortcuts

Answer: (c)

The Ministry of Petroleum and Natural Gas has launched two new consumer empowering initiatives. These are the sale of 5 kg LPG cylinders at market price and the Inter-Company LPG Portability scheme.

This scheme keeping in view the needs of a special group of consumers, like IT professionals, BPO employees, migrants who want LPG but in absence of proper proof of address (POA) cannot access the same.

Answer: (a)

Lorenz curve was developed by Max O Lorenz in 1905 for representing inequality of the wealth distribution of a country or province.

The Lorenz curve is used to show what percentage of a nation's residents possess what percentage of that nation's wealth. While the Lorenz curve is most often used to represent economic inequality, it can be used to represent inequality in any system.

The Kuznets curve is a hypothetical curve that graphs economic inequality against per capita income over the course of economic development.

In the 1950s and 1960s, Simon Kuznets hypothesized that as an economy develops, market forces first increase then decrease the overall economic inequality of the society, which is illustrated by the inverted U-shape of the Kuznets curve.

Answer: (a)

Answer: (b)

Absolute poverty is when you are unable to buy or pay for basic living needs such as basic food, water, simple housing, simple clothing.

Relative poverty is when you are unable to buy or pay for food, water, housing, clothing etc that others are able to spend.

Answer: (a)