Nature of Indian Economy-Indian economy-Competoid.com

Nature of Indian Economy-Indian economy

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1. Who is called the 'Father of Economics'?

Max Muller

Karl Marx

Adam Smith

None of these

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2. The concept of Five Year Plans in India was introduced by

Lord Mountbatten

Jawaharlal Nehru

Indira Gandhi

Lal Bahadur Shastri

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3. India opted for 'Mixed Economy' in :

Framing of the Constitution

Second Five Year Plan

Industrial Policy of 1948

none of these

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4. Mixed Economy' means :

co-existence of small scale and large scale industries

co-existence of the rich and the poor

co-existence of the private and public sector

assigning equal importance to both agriculture and heavy industries

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5. Who wrote the book 'Planned Economy for India'?

M. Visvesvaraya

Sardar Vallabhbhai Patel

Jawaharlal Nehru

Mahatma Gandhi

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6. Globalisation of Indian Economy' means :

stepping up external borrowings

establishing Indian business units abroad

having minimum possible restriction on economic relations with other countries

giving up programmes of import substitution

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7. The contribution of agriculture to India's economy is :

increasing

decreasing

constant

none of these

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8. Economic Planning is a subject :

in the Union List

in the State List

in the Concurrent List

unspecific in any special list

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9. The Fiver Year Plans of India intend to develop the country industrially through :

the public sector

the private sector

the public, private, joint and Cooperative sectors

increasing collaboration with non-resident Indians

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10. The Planning Commission is :

a Ministry

a Government department

an Advisory body

an autonomous Corporation

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11. Take off stage' in an economy means :

steady growth beings

economy is stagnant

economy is about to collapse

all controls are removed

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12. Planning in India derives its objectives from :

Fundamental Rights

Directive Principles of State policy

Fundamental Duties

Preamble

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13. 70% working population of India is engaged in :

public sector

primary sector

secondary sector

tertiary sector

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14. Which one of the following is NOT within the duties of the Planning Commission ?

To define the stage of growth and suggest allocation of resources.

To make an assessment of the material, capital and human resources <br/>of the country

To determine the nature of machinery required for implementation<br/>of plan proposals.

To prepare the annual central budget.

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15. The basic difference between imperative and indicative planning is that :

It is easier to achieve targets in imperative type of planning.

In the case of imperative planning, all economic activities belong to public<br/>sector, while in the other type they belong to the private sector.

In the case of imperative planning, the market mechanism is entirely replaced<br/>by a command hierarchy, while in the case of indicative planning, it is looked<br/>upon as a way to improve the functioning of the market system.

In the case of indicative planning, there is no need to nationalise any industry.

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16. Dadabhai Naoroji theorised on the drain of wealth from India in his book :

Poverty under British Rule in India

Poverty in British Rules in India

Poverty and Un-British Rule in India

Poverty of Economic Drain in British India

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17. Which of the following may be termed long-term objectives of Indian planning?
1. Self-Reliance
2. Productive employment generation
3. Growth of 7 per cent per annum
4. Growth in infrastructure

1 and 2

3 and 4

1,2 and 4

2, 3 and 4

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18. Who is the Deputy Chairman of Planning Commission?

Prime Minister

Finance Minister

Commerce Minister

None of these

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19. The Deputy Chairman of the Planning Commission :

is the Prime Minister

is the Planning Minister

holds the rank of a cabinet minister

is an economist of repute

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20. Who was the first Deputy Chairman of Planning Commission of India?

Shri Jawaharlal Nehru

Dr. Rajendra Prasad

Shri V.T. Krishnamachari

Shri C. Rajagopalachari

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