Indian Economy (1950-1990)

Tick the correct options

• In a capitalist society the goods produced are distributed among people not on the basis of what people need but on the basis of Purchasing Power.

• In a socialist society, the government decides what goods are to be produced in accordance with the needs of society.

• In a mixed economy, the market will provide whatever goods and services it can produce well, and the government will provide essential goods and services which the market fails to do.

• If the economy depends on the market forces of supply and demand, it is called a market economy or capitalism.

Perspective plan is a

• short term plan

• long term plan

Who is regarded as the architect of Indian planning?

• MS Swaminathan

• Prasanta Chandra Mahalanobis

Fixing the maximum size of land which could be owned by an individual is called?

• Land fragmentation

• Land ceiling

• Land consolidation

• Land upgradation

Why did farmers in Soviet Union pack rotten fruits with fresh fruits in the same box?

• Farmers were not aware.

• Farmers were not trained.

• In the absence of ownership. farmers did not have the incentive to be efficient.

• Farmers did it purposefully to spoil all fruits.

Tick mark all the requirements to reap the benefits of Green Revolution.

• Fertilizers and pesticides

• High Yieding Variety seeds

• Regular supply of water

• Adequate Finance

The portion of agricultural produce which is sold in the market by the farmers is called?

• Excess surplus

• Marketable surplus

• Agricultural produce

• Exports

Subsidies do not allow prices to indicate the supply of a good. True/False?

• True

• False

According to Industrial Policy Resolution, 1956, following industries were part of Schedule A:

• Arms and ammunition

• Chemical industry

• atomic energy

• railways

• shipbuilding

Under Import substitution trade policy:

• Instead of exporting vehicles made in india to foreign countries, industries would be encouraged to import them.

• Instead of importing vehicles made in a foreign country, industries would be encouraged to produce them in India itself.