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

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

In India, ...... was the Chairperson of Planning Commission.

1. Director.
2. Chief Minister.
3. President.
4. Prime Minister.

Schedule B of IPR 1956 includes:

1. Those industries which are reserved for public sector.
2. Those industries which are open for both public and private sectors.
3. Residual industries.
4. Industries in which only Small Scale Industries can enter.

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.

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

During the initial stages of planning, special concessions were given to the industries producing goods to be used as substitutes for imported goods. This strategy was named as:

1. Inward looking trade strategy.
2. Outward looking trade strategy.
3. Export promotion strategy.
4. None of the above.

Protection of domestic industries took the form of:

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

The Indian Policy Resolution, 1956 classified industries into...... categories.

1. One.
2. Two.
3. Three.
4. Four.

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.

The Planning Commission was set up in:

1. 1948
2. 1950
3. 1951
4. 1956