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.

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.

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

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

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.

GDP (Gross Domestic Product) is a good indicator of growth but not development, because:

1. GDP is a partial measurement.
2. GDP do not cover all type of goods.
3. GPD may increase on account of production of harmful goods.
4. All of the above.

In the post-independence period, India adopted a ......... approach.

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

Diversification of growth process can be achieved through the development of:

1. Agricultural sector.
2. Industrial sector.
3. Foreign trade.
4. Service sector.

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

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

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

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

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.