ECONOMICS
1.What is national income?
✓ Measure of the total value of goods and
services.
2.What is meant by Gross Domestic Product?
✓ Value of output of goods and services
within the geographycal boundaries of
the country.
3.Write the importance of Gross Domestic
Product.
✓ Study of economic growth.
✓ Guide to economic planning.
4.What is Per Capita Income?
✓ PCI = National income ̸
Population.
5.Define the value-added approach with
example.
✓ Intermediate goods = Final goods.
Tea Powder + Milk+ Sugar = Tea.
6.Write the name of economic polices in India.
✓ Agriculture Policy.
✓ Industrial Policy.
✓ New Economic policy.
7.Write a short note on 1GNH 2.HDI
✓ GNH--- To measure collective happiness.
✓ HDI --- To measure the real development
in an economy.
8.What is Globalaization?
✓ Integration of a country with the world
economy
✓ Internationalalization and
Liberalization
9.Write the types of globalization
✓ Archai Globalization
✓ Protocol Globalization
✓ Modern Globalization
10.Right short note on multinational
corporation
✓ Operate in more than one country
✓ Controls production of goods or services
other than its home country
11.What are the reforms made to adopt
Globalization
✓ Fixation of a realistic exchange rate
✓ Foreign private sector
✓ Foreign exchange regulations
✓ To increase landing by RBI
12.What is Fair Trade
✓ Way of doing business that ultimately
aims
✓ To keep small farmers in world market
place
13.Write any two principles of Fair Trade
Practices for trading practices
✓ Providing fair building
✓ Respect for environment
14.Write any two positive impact of
Globalization
✓ Rapid development of the capital
market
✓ Increases the GDP a country
✓ Introduced New technology
15.Define food security according to FAO
✓ All people have safe and a nutrious food
for an active and healthy life
16.What are the basic components of food and
nutrition security?
✓ Availability of food
✓ Access to food
✓ Absorption
17.What is the role of FCI in Green Revolution
✓ Minimum support price was announced
✓ Built Storage godowns
✓ Buffer stocks of food grains were stored
18.What are the effects of green revolution?
✓ Attained self Sufficiency in food grain
production
✓ Wheat and rice grew considerably
19.Write some name of the nutrition programs
in Tamilnadu
✓ NMP
✓ NSPM
✓ TINP
✓ MDMP
20.Define tax
✓ Compulsory payments to government
21.Why we pay tax to Government?
✓ To revenue to fund governance
✓ To carry out many functions
22.What are the types of tax. Give examples
✓ Direct Taxes: Income Tax
✓ Indirect Taxes: Stamp duty
23.Write Short note on Goods and Service
✓ Tax Passed in Pariament -2017
✓ Aim : To replace all indirect Tax
24.What is Progressive tax ?
✓ When Income increases the tax rate also
increases
25.What is black money?
✓ Funds earned on the black market.
✓ The unaccounted money
26.What is tax evasion?
✓ Ilegal evasion of taxes by Individuals
Corporations and trusts.
27.Write any two difference between tax
and payments
Tax Payments
Compulsarypayments
Paid without getting any direct benefits
payments
Voluntry payments
Paid for getting any service
28.Why should a developing economy diversify
out of agriculture?
✓ The labour productivity cannot increase
much No chances of raising wages
29.What is meant by an industrial cluster ?
✓ Group of firms in a defined Geographic
area that share common markets
30.What are the routes for cluster formation
✓ Skilled artisans settle in one locality
✓ They stay there for a long time
31.Mention any three Industrial Development
agencies in Tamilnadu and their role
✓ TIDCO --- 1965
✓ SIPCOT --- 1971
✓ TANSI --- 1965
32.What are the problems of industrialization
currently in Tamilnadu ?
✓ Environmental pollution
✓ Quality of employment
33.What is meant by entrepreneur ?
✓ An innovator of new ideas and Business
Process
34.What is entrepreneurship
✓ Action of an entrepreneur who
undertakes to establish his Enterprise
10th Social Science Economics Important 2 Marks Questions with Answers 2026
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