In which year was the Planning Commission was set up in India?

1. 1947
2. 1948
3. 1949
4. 1950

Protection of domestic industries took the form of:

1. Quotas.
2. Tariffs.
3. Both (a) and (b).
4. None of the above.

Under which economy, the goods are distributed among people on the basis of demand and not on what people need?

1. Capitalist economy.
2. Socialist economy.
3. Mixed economy.
4. Dual economy.

Who takes the decisions regarding production and distribution of commodities in a mixed economy?

1. Market forces of demand and supply.
2. Government.
3. Both a and b in a combined way.
4. God.

Fill in the blank with correct alternative.
First Industrial Policy Resolution of Independent India was announced in the year ________.

1. 1947
2. 1948
3. 1951
4. 1956

Green Revolution introduced during the planning process was restricted mainly to crops like:

1. Wheat and rice.
2. Cereals and pulses.
3. Cotton and jute.
4. Jowar and bajra.

When was the ‘Village and Small Scale Industries Committee' set up?

1. 1955
2. 1958
3. 1949
4. 1950.

The goal of equitable or rational distribution of land was not fully served by abolition of intermediaries. Why?

1. Owing to policy loopholes former zamindars continued to owed large lands.
2. In some areas zamindars claimed to be self-cultivator.
3. Lack of political will.
4. All of the above.

Which of the following is not true for small scale industries?

1. SSI is labour intensive and therefore, employment oriented.
2. SSI needs small investment and is therefore, equity oriented.
3. SSI is capital intensive and therefore, increases productivity.
4. SSI shows locational flexibility and is therefore, equality oriented.

What is meant by GDP?

1. It refers to total value of investment made in a year.
2. It is sum total of all final goods and services produced in an economy in a financial year.
3. It is national Income divided by population.
4. It is foreign investment made in a year.