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FAQs on Class 12 Economics Question Paper Solved (2024) - 13 - Economics Class 12 - Commerce

1. What are the factors affecting economic growth in a country?
Ans. Factors affecting economic growth in a country include investment in human capital, technological advancement, political stability, access to natural resources, and efficient infrastructure.
2. How does inflation impact the economy of a country?
Ans. Inflation can lead to a decrease in the purchasing power of consumers, reduce the value of savings, increase production costs for businesses, and distort price signals in the economy.
3. What role do government policies play in shaping the economic development of a nation?
Ans. Government policies such as fiscal policies (taxation, government spending) and monetary policies (interest rates, money supply) can influence economic growth, employment levels, inflation rates, and overall economic stability.
4. How does international trade contribute to economic growth?
Ans. International trade allows countries to specialize in the production of goods and services in which they have a comparative advantage, leading to increased efficiency, higher productivity, and greater economic growth.
5. What are the potential risks associated with a rapidly growing economy?
Ans. Risks of a rapidly growing economy include inflationary pressures, asset bubbles, income inequality, environmental degradation, and over-reliance on external sources of financing.
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