This quiz works best with JavaScript enabled. Home > Cbse > Class 11 > Commerce > Economics Indian Economic Development > Class 11 Economics (Indian Economic Development) Chapter 2 Indian Economy (1950 1990) – Quiz 2 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Class 11 Economics (Indian Economic Development) Chapter 2 Indian Economy (1950 1990) Quiz 2 (60 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. One of the main goals of the Industrial Policy Resolution of 1956 was to: A) Promote private monopolies. B) Focus only on agriculture. C) Establish a socialist pattern of society. D) Abolish the public sector. Show Answer Correct Answer: C) Establish a socialist pattern of society. 2. What is the role of the private sector in a mixed economy? A) To control all production. B) To complement the public sector. C) To eliminate government intervention. D) To ignore market demands. Show Answer Correct Answer: B) To complement the public sector. 3. Who is the current finance minister of India? A) Rajnath Singh. B) Nirmala Sitaraman. C) Dr.Manmohan Singh. D) Amit shah. Show Answer Correct Answer: B) Nirmala Sitaraman. 4. Which of the following statements is correct about the National Development Council (NDC)? A) It is a constitutional body. B) It is a statutory body. C) Its Chairman is the Finance Minister. D) Chief Ministers of all the States are its member. Show Answer Correct Answer: D) Chief Ministers of all the States are its member. 5. The rate which the income tax is imposed in India is called A) Proportionate rate. B) Digressive rate. C) Progressive rate. D) Regressive rate. Show Answer Correct Answer: B) Digressive rate. 6. A developing country like india still doesnt have access to developed countries markets because of A) High non tariff barriers. B) High tariff barriers. C) All the above. D) None of the above. Show Answer Correct Answer: A) High non tariff barriers. 7. The first phase of India's industrialisation focused on heavy industries such as iron, steel, and machine-building sectors. A) False. B) True. C) All the above. D) None of the above. Show Answer Correct Answer: B) True. 8. In which year first official census was undertaken in India? A) 1851. B) 1881. C) 1991. D) 1871. Show Answer Correct Answer: B) 1881. 9. Green Revolution require huge investment ..... A) True. B) False. C) All the above. D) None of the above. Show Answer Correct Answer: A) True. 10. The sector in which the ownership of assets and delivery of services isin the hands of individuals is called. A) Private sector. B) Public sector. C) Secondary sector. D) None of these. Show Answer Correct Answer: A) Private sector. 11. When was R.B.I. nationalised? A) 1935. B) 1929. C) 1949. D) 1914. Show Answer Correct Answer: C) 1949. 12. Evaluate the below statements related to land reforms.i) Just a year after independence, steps were taken to abolish intermediaries and to make the tillers the owners of land.ii) The purpose of land ceiling was to keep the concentration of land ownership in the hands of a selected few.Which of the above are correct? A) Only i. B) Only ii. C) Both i and ii. D) Neither i nor ii. Show Answer Correct Answer: A) Only i. 13. What option does the central government not include in the development expenditure? A) Grants to states. B) Expenditure on social and community services. C) Expenditure on economic services. D) Defence expenditure. Show Answer Correct Answer: D) Defence expenditure. 14. What was the purpose of the Industrial Policy Revolution 1956? A) To bring structural change. B) To bring changes in the social outlook. C) To substitute imports with domestic production. D) To promote regional equality. Show Answer Correct Answer: D) To promote regional equality. 15. Who introduced Permanent Settlement system? A) Robert Clive. B) The Company. C) Thomas Munro. D) Lord Cornwallis. Show Answer Correct Answer: D) Lord Cornwallis. 16. The first five year plan was launched for a period from A) 1959-1954. B) 1955-1960. C) 1951-1956. D) 1948-1953. Show Answer Correct Answer: C) 1951-1956. 17. The first phase of green revolution spanned approximately between A) 1960-1970. B) Mid 1960s upto mid 1970s. C) 1980s. D) Mid 1950s upto mid 1960s. Show Answer Correct Answer: B) Mid 1960s upto mid 1970s. 18. The Industrial Policy Resolution was adopted in ..... A) 1958. B) 1954. C) 1952. D) 1956. Show Answer Correct Answer: D) 1956. 19. What was the deficit of India's current-account balance as a percentage of GDP? A) 5%. B) 2.8%. C) 4.4%. D) 3.6%. Show Answer Correct Answer: C) 4.4%. 20. Why was the World Bank established? A) To promote the International Trade. B) To reconstruct the economies damaged during the Second World War. C) To improve the adverse Balance of Payment situation of the nonmember countries. D) None of the above. Show Answer Correct Answer: B) To reconstruct the economies damaged during the Second World War. 21. Which seeds are called miracle seeds? A) Traditional seed. B) British Seed. C) S.Y.V seed. D) H.Y.V seed. Show Answer Correct Answer: D) H.Y.V seed. 22. WHO CARRIES ECONOMIC ACTIVITIES? A) INDIVIDUALS. B) FIRMS. C) GOVERNMENT. D) ALL OF THE ABOVE. Show Answer Correct Answer: D) ALL OF THE ABOVE. 23. Abolition of intermediaries and land ceiling are part of: A) Industrial reforms in India. B) External sector reforms in India. C) Land reforms in India. D) Banking reforms in India. Show Answer Correct Answer: C) Land reforms in India. 24. Public sector enterprises are driver largly by considaration of: A) Profit. B) Social welfare. C) Either i or ii option. D) None of these. Show Answer Correct Answer: B) Social welfare. 25. In which year new economic reforms introduced in India? A) 1980. B) 1991. C) 1981. D) 1990. Show Answer Correct Answer: B) 1991. 26. A MAN WORKS AT RESTAURANT ON A CONTRACT BASIS AN GETS MEAGRE SALARY AFTER WORKING THE ENTIRE DAY. HE DOESN'T GET ANY HOLIDAYS OR PAID LEAVES, RATHER HIS EMPLOYER DEDUCTS HIS SALARY WHENEVER HE IS ABSENT FROM HIS WORK. FIND OUT IN WHICH OF THE FOLLOWING SECTORS HE IS WORKING? A) PRIMARY SECTOR. B) SERVICE SECTOR. C) ORGANIZED SECTOR. D) UNORGANIZED SECTOR. Show Answer Correct Answer: D) UNORGANIZED SECTOR. 27. What is the year of India's 12th 5-year plan? A) 1951-1056. B) 2007-2017. C) 2002-2007. D) 2012-2017. Show Answer Correct Answer: D) 2012-2017. 28. Name the journal started by Mahalanobis. A) Sankhya. B) Prakrati. C) Arthvyavstha. D) Shakha. Show Answer Correct Answer: A) Sankhya. 29. If a person is ready to work at the prevailing wage rate in the market, but he is unable to find the work, then what type of unemployment would it be called? A) Voluntary unemployment. B) Involuntary unemployment. C) Seasonal unemployment. D) None of the above. Show Answer Correct Answer: B) Involuntary unemployment. 30. Schedule B of IPR 1956 includes: A) Those industries which are reserved for public sector. B) Those industries which are open for both public and private sectors. C) Residual industries. D) Industries in which only Small-Scale Industries can enter. Show Answer Correct Answer: B) Those industries which are open for both public and private sectors. 31. What is the right formula to know the unemployment rate? A) Total number of unemployed / total labour force x 1000. B) Total labour force / Total number of unemployed x 1000. C) Total number of unemployed / total labour force X 100. D) Total labour force / Total number of unemployed x 100. Show Answer Correct Answer: C) Total number of unemployed / total labour force X 100. 32. What is the other name of Permanent settlement? A) Ryotwari. B) Zamindari. C) Mahalwari. D) None of the above. Show Answer Correct Answer: B) Zamindari. 33. Five year plan idea was adopted from which country A) Japan. B) Brazil. C) China. D) Russia. Show Answer Correct Answer: D) Russia. 34. Subsistence farming is a form of farming in which the crops are produced to provide for the basic needs of the ..... A) Friends. B) Relatives. C) Family. D) Foreign country. Show Answer Correct Answer: C) Family. 35. Which of the following was a part of the green revolution strategy? A) High yielding variety seeds. B) Chemical fertilizers and pesticides. C) Irrigation. D) All the above. Show Answer Correct Answer: D) All the above. 36. Investments made in a country by Multi National Companies is called ..... A) Internal Investment. B) Local Investment. C) Foreign Investment. D) None of the above. Show Answer Correct Answer: C) Foreign Investment. 37. The policy makers of independent India tried to bring in growth and equity in the agriculture sector through:i) Bringing in land Reformsii) Without using any 'High Yielding Variety' (HYV) seedsWhich of the above are correct? A) Only I. B) Only II. C) Both I and II. D) Neither I nor II. Show Answer Correct Answer: C) Both I and II. 38. Lack of skilled personnel is not considered a problem for industrial development in India. A) False. B) True. C) All the above. D) None of the above. Show Answer Correct Answer: A) False. 39. The Agrarian Reforms wanted better "technology" like tractors and other machines. A) YES. B) NO. C) All the above. D) None of the above. Show Answer Correct Answer: A) YES. 40. The overall Literacy level during British Period was A) 14%. B) 16%. C) 7%. D) 48%. Show Answer Correct Answer: B) 16%. 41. How much Emergency Working Capital Facility for Businesses, including MSMEs is announced? A) Rs 3 lakh crores. B) Rs 5 lakh crores. C) Rs 2 lakh crores. D) Rs 4 lakh crores. Show Answer Correct Answer: A) Rs 3 lakh crores. 42. How much statutory PF contribution of both employer and employee is reduced under the Aatma Nirbhar Bharat Abhiyaan? A) 16%. B) 10%. C) 14%. D) 12%. Show Answer Correct Answer: B) 10%. 43. Jawahar Rojgar Yojna was launched in: A) 7th five year plan. B) 6th five year plan. C) 8th five year plan. D) 5th five year plan. Show Answer Correct Answer: A) 7th five year plan. 44. The activity of buying and selling of raw materials or finished goods in the market is known as A) Trade. B) Occupation. C) Service. D) None of these. Show Answer Correct Answer: A) Trade. 45. What type of economy involves production mainly for foreign markets? A) Traditional Economy. B) Socialist Economy. C) Capitalist Economy. D) Mixed Economy. Show Answer Correct Answer: C) Capitalist Economy. 46. A study conducted by the planning commission estimates that the following no of jobs can be created in the education sector alone. A) 20 lakhs. B) 40 lakhs. C) 45 lakhs. D) 25 lakhs. Show Answer Correct Answer: A) 20 lakhs. 47. Which bank is called lender of last resort? A) Commercial bank. B) Agricultural bank. C) Central bank. D) None of the above. Show Answer Correct Answer: C) Central bank. 48. Who is the Chairman of the Planning Commission? A) Governor. B) Prime Minister. C) President. D) Vice-President. Show Answer Correct Answer: B) Prime Minister. 49. The following sector is the largest contributor to Employment? A) Tertiary Sector. B) Secondary Sector. C) Primary Sector. D) Quaternery Sector. Show Answer Correct Answer: C) Primary Sector. 50. The sectors are classified into organized and Unorganized sector on the basis of: A) Ownership basis. B) Nature of activity basis. C) Employment basis. D) No of workers. Show Answer Correct Answer: C) Employment basis. 51. Private sector works for A) Profit making. B) Social welfare. C) Both. D) None of the above. Show Answer Correct Answer: A) Profit making. 52. Which of the following is the main motive of the government behind the introduction of the Goods and Services Tax A) To bring tax uniformity in the country. B) To increase government revenue. C) To replace all the indirect tax. D) None of the above. Show Answer Correct Answer: B) To increase government revenue. 53. NO. 6 FIRST TIME THE OBJECTIVE OF SELF RELIANCE WAS INCORPORATED IN THE ..... FIVE YEAR PLAN A) SECOND. B) FIFTH. C) FIRST. D) THIRD. Show Answer Correct Answer: D) THIRD. 54. The portion of agricultural produce which is sold in the market by the farmers is known as, A) Import substitution. B) Marketable surplus. C) Trade deficit. D) Subsidy. Show Answer Correct Answer: B) Marketable surplus. 55. Under NREGA 2005, all those who are able to and are in need of work are guaranteed ..... of employment in a year by the government. A) 100 days. B) 50 days. C) 200 days. D) 180 days. Show Answer Correct Answer: A) 100 days. 56. The objective of the Industrial Credit and Investment Corporation of India (ICICI) is primarily to operate as a commercial bank. A) True. B) False. C) All the above. D) None of the above. Show Answer Correct Answer: B) False. 57. The concept of five year plan in India was introduced by A) Lord Mountbatten. B) Gandhi Indira. C) Jawahar lal Nehru. D) Lal Bahadur Shastri. Show Answer Correct Answer: C) Jawahar lal Nehru. 58. With 'Green Revolution', India could increased manifold the production of which commodity? A) Foodgrains. B) Milk. C) Iron. D) Fish. Show Answer Correct Answer: A) Foodgrains. 59. NO.18 GREEN REVOLUTION RESULTING FROM ..... A) NONE. B) TRADITIONAL IRRIGATION FACILITIES. C) USE OF MANURES. D) HYV SEEDS. Show Answer Correct Answer: D) HYV SEEDS. 60. Countries impose restriction or barrier on foreign trade by ..... A) Applying High rate of interest. B) Banning import and export of certain goods. C) Banning trade with certain countries. D) All of the above. 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