What is meant by Per Capita Income?

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 formulates five year plans in India?

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

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

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

Which of the following statement are true for Indian agriculture for pre and post colonial period?

1. Dependency of workforce in agriculture observed a gradual decline after colonial period.
2. Land ceiling policy was a huge success leading to abolition of intermediaries completely.
3. Green Revolution benefitted to big farmer more than small and marginal farmers.
4. All are the true.

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.

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

When was planning initiated in India?

1. In 1951
2. In 1952
3. In 1950
4. In 1956

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.

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.

A good indicator of growth is steady increase in the:

1. Gross Domestic Product.
2. Net Domestic Product.
3. Population.
4. National Income.