I. Choose the correct alternative.

Question 1.
In which of the following type of economy are resources owned privately and the main objective behind economic activities is profit-making?
(A) Capitalist
(B) Socialist
(C) Mixed
(D) Global

Answer

Answer: (A) Capitalist

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Question 2.
Which of the following is the main objective of carrying out various economic activities?
(A) Profit
(B) Public welfare
(C) Competition
(D) Equality

Answer

Answer: (B) Public welfare

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Question 3.
When was the National Development Council (NDC) set up as an adjunct to the Planning Commission?
(A) 1950
(B) 1969
(C) 1952
(D) 1979

Answer

Answer: (C) 1952

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Question 4.
Which of the following had been responsible for the heavy burden of the deal and its interest?
(A) BOP deficit
(B) BOP surplus
(C) Equilibrium
(D) None of these

Answer

Answer: (A) BOP deficit

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Question 5.
Agriculture sector contributed _______ percent to the GDP in 1990-91.
(A) 24.6
(B) 34.9
(C) 40.5
(D) 59.0

Answer

Answer: (B) 34.9

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Question 6.
What is needed to provide protection against natural calamities like floods, drought, locusts, thunderstorms, etc.?
(A) Multiple cropping
(B) Green revolution
(C) Crop insurance
(D) HYV

Answer

Answer: (C) Crop insurance

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Question 7.
Which of the following steps promoted the growth of the economy as a whole by stimulating the development of industrial and tertiary sectors?
(A) Independence
(B) Planning
(C) Colonial rule
(D) Green revolution

Answer

Answer: (B) Planning

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Question 8.
How many industries have been reserved for the public sector under Industrial Policy Resolution, 1956?
(A) 17
(B) 21
(C) 15
(D) 2

Answer

Answer: (A) 17

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II. Fill in the blanks with the correct answer.

Question 1.
The percentage of the total population below the poverty line has ________ in India since independence.

Answer

Answer: declined

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Question 2.
_______ planning includes all spheres of economic and social activities.

Answer

Answer: Comprehensive

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Question 3.
________ is the Chairman of the Planning Commission.

Answer

Answer: Prime Minister

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Question 4.
________ economy is the framework of planning in India.

Answer

Answer: Mixed

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Question 5.
Full employment and equitable distribution of income and wealth are the _______ period objectives of planning in India.

Answer

Answer: long

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Question 6.
________ combined with social justice is the principal goal of planning in India.

Answer

Answer: Economic growth

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Question 7.
Modernisation means adoption of new technology and a change in ________

Answer

Answer: social outlook

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Question 8.
Planning in India started with a heavy reliance on the _______ sector.

Answer

Answer: Public

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Question 9.
Land Reforms were introduced to make tillers the owners of the land and bring about _______ in agriculture.

Answer

Answer: equity

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Question 10.
Import Substitution policy was introduced to protect ________ from foreign competition.

Answer

Answer: domestic industries

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III. State whether the following statements are true or false.

Question 1.
In a capitalist economy, production takes place for selling the output in the market with profit as the primary motive.

Answer

Answer: True

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Question 2.
Pt. Jawaharlal Nehru and many other leaders favoured capitalism for independent India.

Answer

Answer: False

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Question 3.
President is the Chairman of the Planning Commission.

Answer

Answer: False

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Question 4.
Pt. Jawaharlal Nehru is regarded as the architect of Indian planning.

Answer

Answer: False

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Question 5.
Economic growth means equal opportunity to all and the removal of inequality in the distribution of income and wealth.

Answer

Answer: False

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Question 6.
Land Reforms were introduced to make tillers the owners of the land.

Answer

Answer: True

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Question 7.
The green revolution resulted in a marketable surplus of agricultural produce.

Answer

Answer: True

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Question 8.
The private Sector comprises industries owned, controlled, and managed by the government with the aim of social welfare.

Answer

Answer: False

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Question 9.
Under Industrial Policy Resolution (IPR), 1956, Category II of the industrial sector includes industries jointly owned and controlled by the private sector and the state.

Answer

Answer: True

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Question 10.
Quotas are a tax on imported goods while tariffs specify the number of goods which can be imported.

Answer

Answer: False

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IV. Match the following.

Question 1.

Column-I	Column-II
1. Demonetization	(A) 1950
2. Planning Commission	(B) 2015
3. NITI Aayog	(C) P. C. Mahalanobis
4. First five-year plan	(D) 2016
5. Architect of Indian Planning	(E) 1967-68
6. Green Revolution	(F) 1951
7. Economic reforms in India	(G) Prime Minister
8. Chairman of Planning Commission	(H) 2017
9. New Development Council	(I) 1991
10. GST	(J) 1952

Answer

Answer:

Column-I	Column-II
1. Demonetization	(D) 2016
2. Planning Commission	(A) 1950
3. NITI Aayog	(B) 2015
4. First five-year plan	(F) 1951
5. Architect of Indian Planning	(C) P. C. Mahalanobis
6. Green Revolution	(E) 1967-68
7. Economic reforms in India	(I) 1991
8. Chairman of Planning Commission	(G) Prime Minister
9. New Development Council	(J) 1952
10. GST	(H) 2017

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