Indian Economy: General Awareness Online Test

The National Development Council gets its administrative support from the
None of the above
Administrative Reforms Committee
Planning Commission
Finance Commission
The Planning Commission was established in
1950
1949
1948
1947
The planning process in the industrial sector in India has assumed a relatively less important position in the nineties as compared to that in the earlier period. Which one of the following is not true in this regard?
The nation’s priorities have shifted away from industrial development to rural development
The focus of planning has shifted to sectors like human resource development, infrastructure, population control and welfare
With markets assuming a central place, the role of central planning in many sectors has been rendered redundant
With the advent of liberalisation, industrial investments/development have largely been placed within the domain of private and multinational sectors
The principal aim of the First Five Year Plan was
All of the above
To rehabilitate the Indian economy
To solve the food problem
To check prices
The principal aim of the First Plan was
None of the above
Strengthening of transport network
Development of cottage industries
Self-sufficiency in foodgrains production
The principle of diminishing marginal utility implies that
The satisfaction derived from a commodity falls, the longer the period of time allowed
The price of a commodity tends to decline, the greater the quantity supplied
The total utility derived from consumption of a good changes less with increasing quantities of it
The more one has of a commodity, the less one values the first units bought
The principle reason why national economic planning is still being pursued in spite of embracing a market economy since 1991, is that
The market economy is mainly confined to industry and commerce, and central planning in agriculture is necessary
Five-years plans can continue to provide a long-term perspective to the economy in market-friendly fashions
The vast quantity of capital already deployed in the public sector needs to be nourished
It is a constitutional requirement
The process of economic development involves the growth of national output. To achieve an expansion of national output, it is essential to combine
All of the above
Capital
Human resources
Natural resources
The relation of saving to the level of income is
None of the above
Uncertain
Negative
Positive
The revised target as per the Mid-Term Appraisal, for the Tenth Five-Year Plan is
8.1 per cent
7.2 per cent
7.0per cent
6.8 per cent
The Rolling Plan concept in national planning was introduced by
Rajiv Gandhi
The Janata Government
The National Front Government
Indira Gandhi
The National Development Council is mainly concerned with
Implementing community development programmes
Approval of five-year plans
Approving and assessing major development
Implementing state plans
/
I, II, III
I, III
II, III
I, II
The National Development Council was set up in
1952
1951
1950
1948
The National Income Committee under the Chairmanship of Prof. P.C. Mahalanobis was set up in
1959
1955
1949
1948
/
I,IV
II,III,IV
I,II,III,IV
I,II,III
The period of ‘Plan Holiday’ in India was
1972-75
1969-72
1966-69
1962-65
The period of Plan Holiday, between the seventh and Eighth plans was
None of the above
Three years
Two years
One years
The Plan Holiday period under national Planning pertains to the years
None of these
1969-70 to 1974-75
1966-67 to 1968-69
1965-56 to 1967-69
The Planning Commission is a/an
Autonomous body
Government body
Executive body
Advisory body
The slogan ‘garibi hatao’ was framed during the
Sixth plan
Fourth plan
Third plan
First plan
The slope of an indifference curve represents the
Position of consumer equilibrium
Ratio of the prices of the two goods
Marginal rate of substitution between two goods
Elasticity of demand for a good
The statement ‘economics is positive and not normative’ means
None of the above
It is a study of needs versus affluence
Economics tells the policy-makers among several efficient ones
The wants of human being are unlimited
The sum of the marginal propensity to consume and the marginal propensity to save must be equal to
Zero
The multiplier
One
Disposable income
The supply curve for a commodity is assumed to slope upward from left to right. Which of the following would cause it to shift downwards to the right?
A unit subsidy from the government
None of the above
A rise in the price of a substitute
An increase in consumers’ income
The supply schedule for a commodity is usually assumed to be directly open to influence by all the following, except
The quantity demand
The prices for the factors of production
The costs of production
The prices of other goods
The Tenth Plan envisages a national investment of approximately
Rs.921 thousand crore
Rs.1980 thousand crore
Rs.2210 thousand crore
Rs.2040 thousand crore
The tenth plan targets a growth rate of ……………. Per cent of GDP per annum.
6.5 per cent
7.2 per cent
8.0 per cent
8.5 per cent
The term “Hindu rate of growth” refers to the 3.7 per cent per annum growth rate achieved by the Indian economy over the first six Five-Year Plans. The term was coined by
Chakravarty
J.N. Bhagwati
Raj Krishna
K.N. Raj
The term National Income represents
Gross national product at market prices minus depreciations
Gross national product at market prices minus depreciations plus net factor income from abroad
Gross national product at market prices minus depreciations and indirect taxes plus subsidies
Gross national product at market prices minus net factor income from abroad
The total public sector outlay under the Eight Plan is
Rs.2,10,000 crore
Rs.1,50,000 crore
Rs.4,34,100 crore
Rs.1,98,000 crore
The total utility which a consumer derives from n units of a commodity minus the total utility he drives from ‘n-1’ units is
Marginal utility of n units
Consumer’s surplus from n units
Consumer’s surplus from ‘n-1’ units
Total utility of n units
The two-gags theory refers to
The wage-goods gap and exchange gap
Savings gap and employment gap
Savings gap and exchange gap
Savings gap and wage-goods gap
/
I, III
I, II, III
II, III
I, II
There are three methods of measuring national income, viz. production method, income method and expenditure method, the total from each of these methods must be
GNP < GNI = GNE
GNP < GNI < GNE
GNP > GNI > GNE
GNP = GNI = GNE
Though per capita of income is often taken to measure the standard of living of a community, a non-direct index of economic welfare and standard of living of people is the
Per capita investment expenditure
Gross domestic expenditure
Per capita government expenditure
Per capita private consumption expenditure
Total national consumption consists of
Exports
Private consumption
Private and public consumption
Public consumption
Under which Five-Year Plan did agriculture show a negative growth?
Third Plan
Fourth Plan
Second Plan
First Plan
Which of the following best defines free trade?
Imports are discouraged
There are no restrictions on imports and exports
There are no duties levied on export
Imported goods are made duty free
Under which Five-Year Plan did industrial growth record the highest growth?
First
Second
Fifth
Third
Under which plan was the overall increment capital-output ratio found to be the lowest?
Second Plan
First Plan
Seventh Plan
Fourth Plan
Welfare state is the aim of
Individualism
Anarchism
Democratic socialism
Scientific socialism
What is the correct duration of Tenth Five-Year Plan?
2002-2007
2003-2008
2004-2009
2001-2006
What kind of approach did the liberalization of industrial policy 1984-85 envisage?
Growth approach
Welfare approach
Income approach
Employment approach
What was the most significant impact of the Industrial Revolution in Europe on India’s economy?
Handicrafts of India were ruined
Machines were introduced n the textile industry
Heavy import duty was imposed on foreign goods
Employment opportunities increased manifold
When a firm is operating under conditions where the law of diminishing return applies, it means that
Large-scale economies are impossible
Return to scales cannot be constant
Return to scales must be increasing
None of the above
When average cost increases marginal cost is
Below average cost
Above average cost
Equal to average variable cost
Equal to average cost
When did panning first begin in India?
1951
1960
1948
1945
When prices are rising, which one of the following steps should the government adopt to bring about reduction in prices?
Reduce the rate of tax on personal incomes
Increase government spending
Lower the interest rates
Increase the availability of goods
When was the Monopolies and Restrictive Trade Practice (MRTP) Act passed?
1956
1957
1959
1969
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