CBSE Class 12 Economics Value Based Questions Set 01

Value Based Questions

Subject Economics

Question. In the recent years we observe that the prices of oil are rising in India what could be the causes for it how it can be controlled?
Answer: 

Causes

Relative increase in demand is more than the relative increase in supply

Use of Personal transport

Remedy

Use of public transport

Use of renewable sources of energy

Values

* care for environment,

* national responsibility

Question. Large amount of labour remains unemployed explain how we can utilise it
Answer: 

1) Using labour intensive technology

2) New small scale industry to be set up

Values

* optimism,

* quest for knowledge,

Question. As Suppose that the trustees of your school decide that the school needs more revenues. they therefore vote for a 15% hike in tution fees. Will the hike in tutition fees necessarily accomplish their objective? Explain your view in relation to the statement.
Answer: Since the demand for education is highly inelastic, therefore a 15% hike in tutuion fees will necessarily raise the revenues for the trustees. But hike in the tution fees would adversely effect the total outlay (family budget ) of the families. Values Surrender Cooperate Duty Consideration.

Question. The cost inflation are mainly distributive , shifting income and wealth around in a way that causes acute distress to some people. In your opinion what steps should be taken by the government to control the situation of inflation.
Answer:  Remedies to control inflation

i) Lowering off import duties to increase supply in markets 

ii) Subsidizing the prices of essential goods for low income section

iii) Lowering off excise duty and sales tax on production Values Empathy Honesty Tolerance Surrender Concern for all Equality Justice for all

Question. Do you think that the government creates a burden on the future generations with a high fiscal deficit in their budget. What steps should be taken by the government to keep the fiscal deficit as low as possible.
Answer: Steps by the government

i) Government should curtail non developmental expenditures

ii) Increase revenues from PSUs and resorting to non tax revenues.

iii) Disinvesting the loss making PSUs

Values

National awareness

Cooperate

Equality

Ethics

Social justice

empathy

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