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Evolution of Indian Economy and Planning 05
Question
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Q1. Under which plan did Green Revolution rise?
A.
Second Plan
B.
Third Plan
C.
Fourth Plan
D.
Sixth Plan
ANSWER & SOLUTION
MARK FOR REVIEW
Correct Answer:
B
The seeds for the Green Revolution were sown in the 1960s (late 3rd plan and Annual plans).
Q2. Aim of which Five Year Plan was to correct disequilibrium in the economy?
A.
First Plan
B.
Second Plan
C.
Third Plan
D.
Fourth Plan
ANSWER & SOLUTION
MARK FOR REVIEW
Correct Answer:
A
The First Plan (1951-56) focused on agriculture and overcoming the economic imbalances caused by WWII and Partition.
Q3. The ’Father of Economics’ is
A.
Max Muller
B.
Karl Marx
C.
Adam Smith
D.
Paul
ANSWER & SOLUTION
MARK FOR REVIEW
Correct Answer:
C
Adam Smith is regarded as the father of modern economics for his work 'The Wealth of Nations'.
Q4. In post-independent India, economic reforms first introduced under:
A.
Janata Party
B.
Indira Gandhi
C.
Rajiv Gandhi
D.
P.V. Narasimha Rao
ANSWER & SOLUTION
MARK FOR REVIEW
Correct Answer:
D
The 1991 LPG (Liberalization, Privatization, Globalization) reforms were led by PM Narasimha Rao.
Q5. Which Plan emphasized removal of poverty for the first time?
A.
Fourth
B.
Fifth
C.
Sixth
D.
Seventh
ANSWER & SOLUTION
MARK FOR REVIEW
Correct Answer:
B
The 'Garibi Hatao' slogan was the central pillar of the Fifth Five Year Plan (1974-78).
Q6. In India, planned economy is based on:
A.
Gandhian
B.
Socialist
C.
Capitalist
D.
Mixed Economy
ANSWER & SOLUTION
MARK FOR REVIEW
Correct Answer:
B
India's early planning (Five-Year Plans) was heavily inspired by the Soviet socialist model.
Q7. Indian Economy is:
A.
Socialistic
B.
Ghandian
C.
Mixed Economy
D.
Free Economy
ANSWER & SOLUTION
MARK FOR REVIEW
Correct Answer:
C
India is a mixed economy where both the private sector and the public sector coexist.
Q8. The Gandhian Plan was expounded in 1944 by-
A.
N.R. Sarkar
B.
Kasturi Bhai Lal Bhai
C.
Jay Prakash Narayan
D.
Shriman Narayan Agarwal
ANSWER & SOLUTION
MARK FOR REVIEW
Correct Answer:
D
S.N. Agarwal drafted the Gandhian Plan focusing on agriculture and village industries.
Q9. When was the Planning Commission established?
A.
10th March 1950
B.
15th March 1950
C.
20th March 1950
D.
16th March 1951
ANSWER & SOLUTION
MARK FOR REVIEW
Correct Answer:
B
It was established on March 15, 1950, by an executive resolution.
Q10. Planning Commission is a/an:
A.
Planning Commission
B.
Finance Commission
C.
Election Commission
D.
Union Public Service Commission
ANSWER & SOLUTION
MARK FOR REVIEW
Correct Answer:
A
It was a non-statutory and extra-constitutional body (Note: The MCQ options are repetitive in source).
Q11. Economic Planning is in:
A.
Union list
B.
State list
C.
Concurrent list
D.
not any specified list
ANSWER & SOLUTION
MARK FOR REVIEW
Correct Answer:
C
Economic and Social Planning is Entry 20 in the Concurrent List (List III) of the Seventh Schedule.
Q12. Which Five Year Plan recognized human development as the core of all developmental efforts?
A.
Eighth Five Year Plan
B.
Seventh Five Year Plan
C.
Fifth Five Year Plan
D.
Third Five Year Plan
ANSWER & SOLUTION
MARK FOR REVIEW
Correct Answer:
A
The Eighth Plan (1992–97) was launched in the midst of economic liberalization and shifted focus to human resources.
Q13. First five year plan was based on?
A.
Herold-Domar Model
B.
P.C. Mahalanobis Model
C.
Both of above
D.
None of above
ANSWER & SOLUTION
MARK FOR REVIEW
Correct Answer:
A
The First Plan (1951-56) used the Harrod-Domar model which emphasized the role of savings and investment.
Q14. Which is the highest body that approves Five Year Plans in the country?
A.
Planning Commission
B.
Union Cabinet
C.
Parliament
D.
National Development Council
ANSWER & SOLUTION
MARK FOR REVIEW
Correct Answer:
D
The National Development Council (NDC) was the apex body that gave the final seal of approval to plans.
Q15. Mixed economy means:
A.
Agriculture and industry equal
B.
Public and private sectors coexist
C.
Globalization and Swadeshi
D.
Centre and States equal partners
ANSWER & SOLUTION
MARK FOR REVIEW
Correct Answer:
B
It is an economic system where both the private sector and the state direct the economy.
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