Posted by Anjali Kaur on Dec 05, 2021
Economics Viva Questions

Important Viva Questions Class XII

Important Viva Questions Class XII, Economics, CBSE.

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Indian Economy Reforms

  • What is economy?
  • Why economic reforms are introduced?
  • What is privatization?
  • What reforms were introduced under liberalisation?
  • What are fiscal reforms?
  • What are the features of globalization?
  • What were the obvious gains of globalization?
  • What reforms were introduced in which year?
  • What are the features of privatization?
  • What is outsourcing?
  • Define economic reforms.
  • What are the demerits of LPG?
  • Who was the founder of economic reforms? When it was established?
  • Merits of LPG.
  • What is WTO?
  • What are the policies under this? Explain any one policy.
  • Steps taken under liberalization.
  • Recent trends in economy.
  • Positive and negative effects of economic reforms.

India on the Eve of Independence

  • Explain the planning period 1951-1990.
  • What were the demographic conditions?
  • How was the economic condition at the time of independence?
  • What are the common goals of five year plans?
  • What is IMF? What are its benefits or advantages?
  • What is WTO? What are its benefits of advantages?
  • What is LPG?
  • Nitiayog
  • Positive and negative impact of Britishers.
  • Mixed economy means.
  • What is birth and death rate?

National Income

  • Draw circular flow of income diagram.
  • What is national income?
  • What is real or nominal GDP?
  • What is stock or flow?
  • What are the problems related with the estimation of national income?
  • Do you include transfer payment in national income?
  • Explain double counting method.
  • Do you think, externalities are being charged?
  • Explain the steps involved in national income methods?
  • What is real GDP and Nominal GDP?
  • What are the 2 conditions for being Normal Resident of a country?
  • What are the 2 methods to avoid double counting?
  • What are the ways to calculate National income?
  • What is surplus flow of income?
  • What factors to be kept in mind while calculating national income?
  • Formula for GDP Deflator.
  • Explain 3 methods of national income.
  • Difference between consumption goods and investment goods.

Money and Banking

  • What is bank?
  • What are the functions of bank?
  • Who is the present Governor of RBI?
  • Difference between central and commercial bank.
  • What is money?
  • What are the functions of Central Bank?
  • What are the drawbacks of Barter system?
  • Define money and banking.
  • Give 2 functions of RBI.
  • How banks control credit?
  • What is CRR? SLR? LLR?
  • What is bank rate?
  • Difference between bank rate and repo rate.
  • Difference between commercial and central bank.
  • What is the history of banking?
  • What is rate of interest?
  • Why you choose this topic?
  • Formula for money multiplier.
  • What are the functions of money?
  • What is commercial bank and what are its functions?

Current Challenges faced in Indian Economy

  • What is poverty?
  • What are the causes of corruption?
  • What is MSP?
  • How MSP is related to farmers situation?
  • Full form of NABARD and GBD.
  • What are the new challenges for Indian Economy?
  • How education reflects economy?
  • Name all the challenges faced by India.
  • What are poverty alleviation programs?
  • What are the challenges faced by agriculture sector and how to overcome them?
  • What is overpopulation?
  • What is GST? When did it started?
  • Categories of GST
  • % of item slots.
  • Reason behind GST implementation in India.

Government Budget

  • What is Government Budget?
  • What are revenue receipts?
  • What are the components or sources of government budget?
  • Difference between indirect and direct tax?
  • What is tax?
  • Define budget deficit.
  • What is the formula of fiscal deficit?
  • Name the current Finance Minister.
  • What is government expenditure?
  • What is planned and non-planned expenditure?
  • What is per capita income?
  • What is defence spending?
  • Name of the President.
  • What are capitak receipts?
  • What is budgetary deficit? Give its formula.

Balance of Payment

  • What is BOP deficit?
  • Define BOP.
  • Define BOT.
  • Difference between visible and invisible trade.
  • What is deflation?
  • What is import substitution?
  • What is foreign exchange?
  • What is foreign exchange market?
  • What is managed floating?
  • What is exchange rate system?
  • Difference between BOP and BOT.
  • Name 2 things included in capital account.
  • Difference between capital and current account.

Comparative Development Strategies of India, China and Pakistan

  • Why you choose this project?
  • Talk about GDP comparison.
  • What’s the life expectancy range?
  • Who started 1 child policy? Is it still in existence?
  • Compare India and China positive impacts.
  • Compare India and Pakistan and their positive and negative impacts.

Aggregate Demand

  • What is AD? What are its components?
  • What is AS?
  • APC+ APS = ?
  • How we can use fiscal policy to reduce deficit demand?

Feel free to suggest your set of questions asked during Viva.

You can also subscribe to my YouTube Channel. You can also buy my book at Amazon: https://amzn.in/bEGJyKF

Disclosure: Some of the links on the website are ads, meaning at no additional cost to you, I will earn a commission if you click through or make a purchase. Please support me so that I can continue writing great content for you

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