In an economy, the sectors are classified into private and public on the basis of ownership. Private sector is owned and managed by proprietors and partnerships while the public sector is wholly owned and managed by government.

Correct Option: C

In an economy, the sectors are classified into private and public on the basis of ownership. Private sector is owned and managed by proprietors and partnerships while the public sector is wholly owned and managed by government.

During last decade, tertiary sector has shown remarkable expansion. The economy is divided into three sector on the basis of activities-primary, secondary and tertiary. Primary sector is involved into agriculture, secondary sector is involved into manufacturing, mining, construction while tertiary sector is involved into trade, transport, communication, banking & other services. In the last decade India has expanded maximum in providing services like IT, Telecommunication, Healthcare, Tourism which is contributing around 60% to GDP.

Correct Option: C

During last decade, tertiary sector has shown remarkable expansion. The economy is divided into three sector on the basis of activities-primary, secondary and tertiary. Primary sector is involved into agriculture, secondary sector is involved into manufacturing, mining, construction while tertiary sector is involved into trade, transport, communication, banking & other services. In the last decade India has expanded maximum in providing services like IT, Telecommunication, Healthcare, Tourism which is contributing around 60% to GDP.

India is a labour-surplus economy because in India there is disguised unemployment along with under-employment which means that qualified, skilled workforce willing to work is available but there are not enough employment opportunities.

Correct Option: B

India is a labour-surplus economy because in India there is disguised unemployment along with under-employment which means that qualified, skilled workforce willing to work is available but there are not enough employment opportunities.

The Indian economy is characterised by pre-dominance of agriculture, low per capita income and massive unemployment. In India contribution of agriculture to GDP is around 13.7%. Per capita income , a gauge for measuring living standard, is estimated at ₹ 5,729 per month in 2012-13 which is low as compared to other developing nations like China having per capita income to be $6091. In India the rate of unemployment is around 9.9% which is higher than other developing nations like China which has unemployment rate of 4.1.

Correct Option: D

The Indian economy is characterised by pre-dominance of agriculture, low per capita income and massive unemployment. In India contribution of agriculture to GDP is around 13.7%. Per capita income , a gauge for measuring living standard, is estimated at ₹ 5,729 per month in 2012-13 which is low as compared to other developing nations like China having per capita income to be $6091. In India the rate of unemployment is around 9.9% which is higher than other developing nations like China which has unemployment rate of 4.1.

In India, planned economy is based on socialist system in which all have equal opportunities to education, healthcare, none exploitation, equality of wealth etc. The concept was borrowed from Russia and is based on achieving directive principles mentioned in our constitution.

Correct Option: B

In India, planned economy is based on socialist system in which all have equal opportunities to education, healthcare, none exploitation, equality of wealth etc. The concept was borrowed from Russia and is based on achieving directive principles mentioned in our constitution.