"Growth refers to an increase in the country's capacity to modulate the output of goods and services within the country." Choose the incorrect option from the following in relation to Growth:
Growth implies an equal contribution to GDP by each sector of the economy
The correct answer is Growth implies an equal contribution to GDP by each sector of the economy, which is incorrect.
Economic growth does not require **equal contribution from all sectors**. In most economies:
- Some sectors (e.g., IT, Manufacturing) grow faster than others.
- Sectoral shifts occur as economies develop (e.g., shift from agriculture to services).
- **(a) Growth requires capital accumulation.**
- **(b) Supporting services like transport and finance aid growth.**
- **(d) Efficiency improvements are key to sustained growth.**
Thus, **(c) is incorrect as economic growth is uneven across sectors.**
Important Questions from Economics and Central Problems of Economy
Which committee was set up in 1955 to suggest the role of small-scale industries promoting rural development?
In addition to limited availability of resources, what is the other reason which compels every economy to decide on how to use its resources?
Read the following facts about the Indian economy during British rule and select the correct facts:
(A) Commercialisation of agriculture led to production of cash crops which helped British industries back home
(B) Britain maintained a monopoly control over India's exports and imports
(C) Basic infrastructure such as railways, ports, water transport, posts and telegraphs did develop to provide basic amenities to the people
(D) Indian trade was restricted to Britain, China, Russia, and America
(E) India’s economy remained fundamentally agrarian under the British rule
Choose the correct answer from the options given below:
In an economy, the problem of choice arises. Arrange the following in order:
(A) Leads to scarcity of resources
(B) Demands are unlimited
(C) Problem of choice arises
(D) Our resources are limited
Choose the correct answer from the options given below:
The Chairperson of Planning Commission in India is:
