JOIN ADRE 2.0 Telegram Group

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

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.

Advertisement
Article and Schedule Quiz Start Test!

DOWNLOAD CURRENT AFFAIRS PDF FROM APP

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.

ADRE 2.0 FULL LENGTH MOCK TEST

Take Mock Tests

Missiles Mock Test Start Test!
SSC MTS Mock Test Start Test
IBPS CLERK MOCK TEST Start Test
SSC MTS 2022 JULY 26 Shift 1 (ENGLISH) Start Test!
SSC GD Previous Year Paper 2021 Nov 17 Shift - I (Hindi) Start Test!
SSC CGL Tier - 1 PYP 2022 April 21 Shift- 1 (ENGLISH) Start Test!
MPSC PAPER I MOCK TEST 1 (ENGLISH) Start Test!
IB Security Assistant Mock test 1 (english) Start Test!
UP POLICE CONSTABLE MOCK TEST 1 Start Test!
DELHI POLICE CONSTABLE MOCK TEST 1 (HINDI) Start Test!

Read More Economics Solved Questions

Chapters

Advertisement
Assam Direct Recruitment Test Series

Latest Test Series

ssc cgl test series

SSC CGL

Start Test 1000+ Tests Latest patternView Course
delhi policesi test series

DELHI POLICE SI

Start Test 1000+ Tests Latest patternView Course
west bengal psc test series

WEST BENGAL PSC

Start Test 1000+ Tests Latest patternView Course
cisf head constable test series

CISF CONSTABLE

Start Test 1000+ Tests Latest patternView Course
Junior Associate of the Indian Institute of Bankers(JAIIB) test series

JAIIB

Start Test 30 Full Length Tests View Course
adre 2024 test series

ADRE 2024

Start Test 25000+ QUESTIONS SOLUTIONSView Course
RRB RRC GROUP D test series

RRB RRC GROUP D

Start Test 15000+ QUESTIONS Latest patternView Course
UP POLICE SI test series

UP POLICE SI

Start Test 16000+ QUESTIONS Latest patternView Course
CLICK HERE TO VIEW ALL COURSES