NATURE OF INDIAN ECONOMY MCQS SET 01

 NATURE OF INDIAN ECONOMY MCQS SET 01

1) Who is called the 'Father of Economics'?
A) Max Muller
B) Karl Marx
C) Adam Smith
D) None of these
Correct Answer: Adam Smith
   
2) The concept of Five Year Plans in India was introduced by
A) Lord Mountbatten
B) Jawaharlal Nehru
C) Indira Gandhi
D) Lal Bahadur Shastri
Correct Answer: Jawaharlal Nehru
   
3) India has :
A) Socialistic economy
B) Gandhian economy
C) Mixed economy
D) Free economy
Correct Answer: Mixed economy
   
4) India opted for 'Mixed Economy' in :
A) Framing of the Constitution
B) Second Five Year Plan
C) Industrial Policy of 1948
D) none of these
Correct Answer: Industrial Policy of 1948
   
5) Mixed Economy' means :
A) co-existence of small scale and large scale industries
B) co-existence of the rich and the poor
C) co-existence of the private and public sector
D) assigning equal importance to both agriculture and heavy industries
Correct Answer: co-existence of the private and public sector

6) India's economic planning CANNOT be said to be :
A) indicative
B) imperative
C) limited
D) democratic
Correct Answer: imperative
   
7) Which of the following could be said to have prevented the 'trickle down' effects in Indian economy?
1. Increased dependence of agriculture on purchased inputs and privately managed irrigation.
2. More employment of labour by larger landholding farmers
3. Lowered participation of women in agricultural workforce due to new technology
4. The failure of the Green Revolution
A) 1 and 2
B) 2 and 3
C) 1 and 3
D) 2 and 4
Correct Answer: 1 and 3
   
8) Which of the following is the task of the Planning Commission?
A) Preparation of the plan
B) Implementation of the plan
C) Financing of the plan
D) Both (a) and (b)
Correct Answer: Preparation of the plan
   
9) Who wrote the book 'Planned Economy for India'?
A) M. Visvesvaraya
B) Sardar Vallabhbhai Patel
C) Jawaharlal Nehru
D) Mahatma Gandhi
Correct Answer: M. Visvesvaraya
   
10) Globalisation of Indian Economy' means :
A) stepping up external borrowings
B) establishing Indian business units abroad
C) having minimum possible restriction on economic relations with other countries
D) giving up programmes of import substitution
Correct Answer: having minimum possible restriction on economic relations with other countries