G12 ECO BOARD EXAM PRACTICE 2

What was the main characteristic of India's economic system from 1950-1990?

• Complete free market capitalism

• Strong government control over major decisions

• Fully privatized industries

• Deregulated markets

Which economic system did India adopt that combined aspects of both capitalism and socialism?

• Pure socialism

• Pure capitalism

• Mixed economy

• Free market system

The Planning Commission was established in:

• 1947

• 1948

• 1949

• 1950

The Three Central Problems of an economy discussed in the video were:

• What to produce, how to produce, for whom to produce

• Where to produce, when to produce, why to produce

• Who to produce, what to import, what to export

• How much to save, how much to invest, how much to spend

What was P.C. Mahalanobis known as?

• Father of Indian Planning

• Architect of Indian Economy

• Father of Indian Statistics

• Architect of Indian Planning

The Industrial Policy Resolution of 1956 divided industries into how many schedules?

• Two

• Three

• Four

• Five

What was the investment limit for Small Scale Industries in 1950 according to the Karve Committee?

• 2 lakhs

• 3 lakhs

• 4 lakhs

• 5 lakhs

The Plan Holiday period occurred during:

• 1966-69

• 1965-68

• 1967-70

• 1964-67

Which organization replaced the Planning Commission in 2015?

• NITI Foundation

• NITI Aayog

• Planning Board

• Economic Advisory Council

What percentage of exports came from Small Scale Industries during this period?

• 25-30%

• 35-40%

• 45-50%

• 55-60%