Indian Economy Quiz

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Hi I am Soumyadeep. Here I am sharing some useful questions on Indian Economy. These questions are picked up from previous papers of various Banking, IAS, CDS and NDA Exams. Happy Reading.

1. Who is called the "Father of Economics" ?
   1. max Muller
   2. Karl Marx
   3. Adam Smith
   4. None of these
2. The concept of Five Year Plans in India was introduced by 
   1. Lord Mountbaten
   2. Jawaharlal Nehru
   3. Indira Gandhi
   4. Lal Bahadur Shastri
3. India has :
   1. Socialist economy
   2. Gandhian economy
   3. Mixed economy
   4. Free economy
4. India opted for "Mixed Economy" in :
   1. Farming of the Constitution 
   2. Second Fiver Year Plan
   3. Industrial Policy of 1948
   4. None of the above
5. Mixed economy means an economy where 
   1. both agriculture and industry are equally promoted by the state
   2. there is co-existence of public sector along with private sector
   3. there is importance of small scale industries along with heavy industries
   4. economy is controlled by military as well as civilian rulers
6. India's economic planning CANNOT be said to be 
   1. indicative
   2. imperative
   3. limited
   4. democratic
7. Which of the following could be said to have prevented the 'trickle down' effects in Indian economy ?
   1. 1. A. increased dependence of agriculture on purchased inputs and privately managed irrigation
      2. B. more employment of labour by larger landholding farmers 
      3. C. lowered participation of women in agricultural workforce due to new technology
      4. D. the failure of the Green Revolution
   2. A and B
   3. B and C
   4. A and C
   5. B and D
8. Which one of the following is the task of the Planning Commission ?
   1. Preparation of the plan
   2. Implementation of hte plan
   3. Financing the plan
   4. Both 1 and 2
9. Who wrote the book "Planned Economy for India" ?
   1. M. Visvesvaraya
   2. Sardar Vallabhbhai Patel
   3. Jawahral Nehru
   4. Mahatma Gandhi
10. 'Globalization of Indian Economy' means :
    1. stepping up external borrowings
    2. establishing Indian business units abroad
    3. having minimum possible restrictions on economic relations with other countries 
    4. giving up programmes of import substitution
11. The contribution of agriculture to India's economy is 
    1. increasing
    2. decreasing
    3. constant
    4. none of these
12. Which of the following bodies finalises the Five Year Plan proposals ?
    1. Planning Commission
    2. Union Cabinet
    3. National Development Council
    4. Ministry of Planning
13. National Development Council was set up in :
    1. 1948
    2. 1950
    3. 1951
    4. 1952
14. Economic Planning is a subject :
    1. in the Union List
    2. in the State List
    3. in the Concurrent List
    4. unspecified in any special list
15. For internal financing of Five Year Plans, the government depends on :
    1. taxation only
    2. taxation and public borrowing
    3. public borrowing and deficit financing
    4. taxation, public borrowing and deficit financing

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