“INDIAN ECONOMY 1950-1990” LESSON-2
INDIAN ECONOMIC DEVELOPMENT CLASS-12
INDIAN ECONOMY 1950-1990
Q1. Planning commission with its chairperson as PM of India was set up in the year?
A. 1951
B. 1952
C. 1949
D. 1950
Ans. D
Explanation:- Planning commission was set up in 1950. Hence, D is the correct option.
Q2. In which type of economic system goods are produced on
purchasing power?
A. Socialist Economy
B. Mixed Economy
C. Capitalist Economy
D.None of the above
Ans. C
Explanation:- In capitalist economy goods are produced on purchasing power of people, forces of demand & supply. Hence, C is the correct option.
Q3. In – type of economy govt. decides what goods are to be
produced?
A. Capitalist
B. Socialist
C. Mixed
D.Both A & C
Ans:-B
Explanation:- In socialist economy govt. decides what goods are to be produced on the basis of what people need. Hence, B is the correct option
Q4. The idea of Five-year plans was taken from which country?
A. UK
B. America
C. Soviet Union
D. Germany
Ans. C
Explanation:- The idea of FYP was taken from soviet union (Russia). Hence, C is
the correct option
Q5. What is a perspective plan?
A. Long term plan, for 20 years
B. Short term plan, for 5 years
C. Long term plan, for 15 years
D.None of the above
Ans. A
Explanation: The perspective plan is a long term plan, specifies what is to be achieved over 20 years. Hence, A is the correct option
Q6. – refers to an increase in the country’s capacity to produce the output of
goods and services within the country.
A. Equity
B. Growth
C. Self-reliance
D. Modernization
Ans:- B
Explanation:- Growth refers to increase in country’s capacity to produce output of goods & services within country. Hence, B is the correct option.
Q.7 Which goal of five-year plans focused on the adoption of new technology to increase production of goods & services & change in social outlook ?
A. Growth
B. Equity
C. Modernisation
D. None
Ans. C
Explanation:- Modernisation focused on adoption of new technology to increase production of goods & services & change in social outlook Hence, C is the correct option
INDIAN ECONOMY 1950-1990
Q 8. Who formulated five year plans of India?
A. Dadabhai Naoroji
B. VKRV Rao
C. P.C. Mahalanobis
D.Amartya sen
Ans. C
Explanation:- P.C. Mahalanobis formulated five year plans in India, also known as architect of Indian planning established Indian statistical institute & started a journal ‘Sankhya’ Hence, C is the correct option.
Q9. – was the policy to promote equity in agriculture sector
A. Land ceiling
B. Consolidation of land
C. Green revolution
D.None
Ans. A
Explanation:- Land ceiling was the policy to promote equity in
agriculture sector. Hence, A is the correct option.
Q10. Which two crops were benefitted when green revolution was introduced?
A. Tea & coffee
B. Jowar & Bajra
C. Cotton & Jute
D. Rice & Wheat
Ans. D
Explanation:- Rice & wheat were benefitted when green revolution was introduced . Hence, D is the correct option.
Q11. What is marketed surplus?
A. Portion of agri. Produce sold in market by farmers.
B. Portion of agri. Produce kept by farmers
C. Sale of goods & services in market by farmers
D. None
Ans. A
Explanation:- Marketed surplus is the Portion of agri. Produce sold in market by farmers. Hence, A is the correct option
Q12. Which policy classified industries into 3 categories?
A. Industrial policy resolution 1948
B. Industrial policy resolution 1956
C. Monopolistic Restrictive Trade Practices Act 1969
D. New Economic policy
Ans. B
Explanation:- IPR 1956 classified industries into 3 categories. Hence, B is the correct option.
Q13. In 1955, Karve Committee (Village & Small scale committee) was constituted for –
A. Using SSI for rural development
B. Using SSI for urban development
C. Using large scale industries for development\
D. Both A & B
Ans. A
Explanation:- Karve committee was constituted for using SSI for rural development. Hence, A is the correct option.
Q14. Inward looking trade strategy is known as:
A. Quotas
B. Export substitution
C. Import substitution
D. None
Ans. C
Explanation:- Inward looking trade strategy is known as Import substitution.Hence, C is the correct option
Q15. – tax on imported goods , make imports expensive & discourage their use
A. Quotas
B. Tarrifs
C. Gst
D. Excise duty
Ans. B
Explanation:- Tarrifs are tax on imported goods , make imports expensive &
discourage their use . Hence, B is the correct option.
Q16. What specifies amount of goods to be imported?
A. Tarrifs
B. Custom Duty
C. Quotas
D.None
Ans. C
Explanation:- Quotas specifies amount of goods to be imported. Hence, C is the correct option
Q17. Protection from foreign competition led to development of which two indigenous industries?
A. Automobile
B. Electronics
C. IT
D. A & B both
Ans. D
Explanation:- Protection from foreign competition led to development of two indigenous industries automobile & electronics . Hence, D is the correct option.
Q18. What prevented firms from becoming efficient?
A. Tarrifs
B. Quotas
C. Permit License Raj
D.New Economic Policy
Ans. C
Explanation:- Permit license raj prevented certain firms from becoming efficient. Hence, C is the correct option.
Q19. In which year HYV seed programme was introduced for the first time?
A. 1956
B. 1966
C. 1964
D. 1969
Ans. B
Explanation:- HYV seed programme was first introduced in the year 1966. Hence, B is the correct option.
Q20. Private Industries didn’t took interest in direct participation in industrial
development due to:
A. Limited market size
B. Lack of capital
C. Lack of demand
D. All of the above
Ans. D
Explanation:- Limited market size, lack of capital & demand were the reasons due to which pvt. Industries didn’t took interest in industrial development. Hence, D is the correct option
Q21. Policy of import substitution was adopted with which of the following reasons?
A. Saving foreign exchange
B. Achieving self-reliance
C. Industrialisation
D.All of the above
Ans. D
Explanation:- Policy of import substitution was adopted to save forex, achieve self reliance & industrialization .Hence, D is the correct option
Q22. Which of the following statements are not true?
A. SSI were given protection from big industries
B. Concessions were given to SSI
C. Govt. allowed SSI & large industries to produce any type of goods
D.None
Ans. C
Explanation:- Govt. reserved production of number of goods by SSI which
cannot be produced by other industry .Hence, C is the correct option
Q23. What are the objectives of mixed economy?
A. Profit maximization
B. Social welfare
C. Wealth maximization
D.Both A & B
Ans. D
Explanation:- The objectives of mixed economy are profit maximization & social welfare .Hence, D is the correct option
Q24. Which of the following industries were exclusively reserved for public sector in IPR 1956
A. Arms & Ammunition
B. Atomic energy
C. Air craft
D.All of the above
Ans. D
Explanation:- 17 industries were exclusively reserved for public sector arms & ammunition , atomic energy , aircraft were reserved for public sector .Hence, D is the correct option
Q25. Match the following
INDIAN ECONOMY 1950-1990
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