Indian Economy 1950 - 1990

What type of economic system did India adopt after independence?

• Capitalist Economy

• Socialist Economy

• Mixed Economic System

• Traditional Economy

What does the term 'Economic System' refer to?

• A method of political governance

• An arrangement to solve central problems of an economy

• A type of social structure

• A system of cultural beliefs

In a capitalist economy, how are the central problems solved?

• Through government planning

• Through market forces of demand and supply

• Through community consensus

• Through random selection

What was laid out in 1951 as part of India's economic planning?

• The Second Five Year Plan

• The First Five Year Plan

• The Industrial Policy Resolution

• The Directive Principles

Which economic system is most economies classified as?

• Capitalist Economies

• Socialist Economies

• Mixed Economies

• Traditional Economies

What type of economy involves production mainly for foreign markets?

• Socialist Economy

• Capitalist Economy

• Mixed Economy

• Traditional Economy

What is the role of the private sector in a mixed economy?

• To control all production

• To complement the public sector

• To eliminate government intervention

• To ignore market demands

What is the primary decision-making factor in a capitalist economy?

• Government policies

• Market demand

• Social needs

• Random selection

Who is regarded as the architect of Indian planning?

• Jawaharlal Nehru

• Prasanta Chandra Mahalanobis

• Sardar Vallabhbhai Patel

• B.R. Ambedkar

What does NITI Aayog stand for?

• National Institute for Transforming India

• National Initiative for Technological Innovation

• National Institute for Trade and Industry

• National Institute for Training and Innovation