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Economics Multiple Choice Questions(MCQs) and Answers | Indian Economy GK Objective Questions & Answers

Economics Multiple Choice Questions(MCQs) and Answers

Indian Economy multiple choice questions(MCQs) and answers with explanation for interview, competitive examination and entrance test. Fully solved examples with detailed answer description, explanation are given and it would be easy to understand. The provided section is the best collection of Indian Economy Questions with correct answers and explanations. Here are Indian Economy MCQ's for graduate, undergraduate, freshers and experienced candidates. So, the aspirants can check the practice Indian Economy online Test sets to for preparations of the latest questions and answers. The candidates or applicants can take the online test and solve questions with the help of the Gkseries.com test preparation platform. The Indian Economy Quiz contains the essential questions on Economic planning, currency, History of Indian Economy and Modern Economy to prepare for the various examinations and interviews. Hence, the students can get the Indian Economy Objective Questions and Answers from this section. Each question in this Economics practice test section has four options where one option is correct. The candidates need to move to the below portions and find the Indian Economy Questions and Answers.

Economics Questions - Indian Economy Quiz Details

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Indian Economy MCQ Quiz Answers

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Economics multiple choice Questions Answers
Questions
1 Who is the father of Economics ?
A Max Muller
B Adam Smith
C Karl Marx
D None of these above

Answer: Option [B]

The correct answer is Adam Smith. Adam Smith was an 18th-century Scottish philosopher. He is considered the father of modern economics. Smith is most famous for his 1776 book, "The Wealth of Nations."

2 Indian Economy is :
A Socialistic Economy
B Gandhian Economy
C Mixed Economy
D Free Economy

Answer: Option [C]

Indian Economy is Mixed Economy. Indian economy is a mixed economy because here both private and public sector co-exist and both work under the general guidance of economic planning.

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3 Mixed economy means an economy where
A both agriculture and industry are equally promoted by the state
B there is co-existence of public sector along with private sector
C there is importance of small scale industries along with heavy industries
D economy is controlled by military as well as civilian rulers

Answer: Option [B]

Mixed economy means an economy where there is co-existence of public sector along with private sector. Mixed economy is one in which both public and private enterprises exist together, with some level of freedom to utilize capital for profit making. However, government interference is expected to achieve social aims.

4 India's economic planning CANNOT be said to be :
A indicative
B imperative
C limited
D democratic

Answer: Option [B]

India's economic planning CANNOT be said to be imperative.

5 Which one of the following is the task of the Planning Commission ?
A Preparation of the plan
B Implementation of the plan
C Financing of the plan
D None of these above

Answer: Option [A]

The correct answer is Preparation of the plan. The Planning Commission is charged with the responsibility of making assessment of all resources in the country, augmenting deficient resources, formulating plans for the most effective and balanced utilisation of resources and determining priorities.

6 Which one of the following bodies finalizes the Five Year Plan Proposals ?
A Planning Commission
B Union Cabinet
C National Development Council
D Ministry of Planning

Answer: Option [C]

The correct answer is National Development Council. The National Development Council or Rashtriya Vikas Parishad is the apex body for decision creating and deliberations on development matters in India.

7 Which one of the following is true about Planning Commission ?
A It is a Ministry
B It is a Government Department
C It is an Advisory Body
D It is an Autonomous Corporation

Answer: Option [C]

The correct answer is It is an Advisory Body. The Planning Commission is a non-constitutional and non-statutory body and is responsible to formulate five years plan for social and economic development in India.

8 Economic survey is published by :
A Ministry of Finance
B Planning Commission
C Govt of India
D Indian Statistical Institute

Answer: Option [A]

Economic survey is published by Ministry of Finance. The Economic Survey of India is an annual document of the Ministry of Finance, Government of India. Ministry of Finance presents the Survey in the Parliament every year, just before the Union Budget. It is prepared under the guidance of the Chief Economic Adviser of India.

9 Who is the Chairman of the Planning Commission in India ?
A President
B Vice President
C Prime Minister
D Finance Minister

Answer: Option [C]

The correct answer is Prime Minister. The composition of the Commission underwent considerable changes since its initiation. With the Prime Minister as the ex officio Chairman, the committee had a nominated Deputy Chairman, with the rank of a full Cabinet Minister.

10 The Deputy Chairman of the Planning Commission :
A HRD Minister
B Finance Minister
C Holds the rank of a cabinet minister
D is an economist of repute

Answer: Option [C]

The Deputy Chairman of the Planning Commission holds the rank of a cabinet minister. The Planning commission was set up in March 1950 by a Resolution of Government of India. It makes an assessment and balanced utilization of all resources of the country. The Prime Minister is the ex- officio Chairman of the Planning Commission.

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