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.

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.

In India, what type of economic system is being followed?

1. Capitalism.
2. Socialism.
3. Mixed.
4. Monarchy.

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

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

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.

Who is considered to be the architect of Indian planning?

1. Willian Digby.
2. P.C. Mahalanobis.
3. Dadabhai Naroji.
4. R.C. Desai.

.......... is an economy having elements of both capitalist and socialist economy.

1. Mixed economy.
2. Socialist economy.
3. Capitalist economy.
4. None of these.

Who was the first chairperson of the Planning Commission of India?

1. Jawahar Lal Nehru.
2. Rajendra Prasad.
3. Dadabhai Naroji.
4. R.C. Desai.

Who formulates five year plans in India?

1. Reserve Bank of India.
2. Planning Commission.
3. Parliament.
4. Supreme Court.