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Indian Economy Test 1
Read Instructions for the test.
Negative marks are -0.33 per wrong answer
Right answer is 1 mark
No time limit but finish in 30 mins
Solution can be found at below chapters:
Test series is based on following chapters.
Indian Economy Chapter 1: State Of The Indian Economy Pre - Independence
Indian Economy Chapter 2: Indian Economy 1950 - 1990
Indian Economy Chapter 3: NEW ECONOMIC POLICY - 1991
Q1: The sole purpose of the British economic policy was to
civilize India
reduce India into a feeder economy for expansion of Britain’s own modern industrial base
both
none
Q2: The quality of workmanship in field on _______ was high leading to a worldwide base for Indian products.
opium
textiles and precious stones
silk
diamonds
Q3:The disruption of Indian economy occurred due to
British policy was to turn India into an exporter of raw materials and consumer of finished goods
trade with portuguese
western education
all
Q4: Attempts to calculate the national or per capita income of India was done for first time by
Dadabhai nauroji
GVK Rao
V.K.R.V Rao
GK Gokhale
Q5: Indian agriculture declined under british rule due to
droughts
farmers were forced into army
British focused on extracting maximum revenue from it without any capital development
all
Q6: Problems of Indian agriculture under british rule were
poor productivity, lack of irrigation
rural indebtedness
both
none
Q7: Indian handicrafts sector was destroyed under british rule as
export of finished machine made goods flooded India
handicrafts were banned
both
none
Q8: Which is true ?
The foreign trade was an export surplus
trade surplus went mostly in fuelling the expenses of the colonial administration in India
both
none
Q9: Indian planners after independence were attracted to the ____ model of economy
capitalist
mixed
socialist
washington consensus
Q10:Indian socialism and USSR socialism have the following differences
private property is allowed
state control over all industries is not seen
both
none
Q11: The idea of five year plans was taken from
UK
Germany
USA
USSR
Q12: The planning commission setup in 1950 with the ____ as chairman
President
Governor
Finance minister
PM
Q13: Second five year was under the guidance of renowned statistician
PC Mahanobolis
GVK Rao
Ashok mehta
Hargovind khurana
Q14: He established the Indian statistical institute and was known as the architect of Indian planning.
J Nehru
Sardar patel
PC Mahanobolis
K Chandrasekhar
Q15: What is true?
The trade policy too complemented the industrial policy and the first 7 plans wanted import substitution
The planner however never seriously considered any impetus to the exports.
both
none
Q16: Import substitution was introduced by
protection of competition from foreign industries
policy favoring small scale industries
both
none
Q17: Problems of the licence Raj were
industrialists could not focus on starting new industry
industrialist to prevent others from opening new industries by capturing the licenses.
harassment by bureaucracy
all
Q18: The crisis was due to several factors like the
gulf war that pushed up oil prices
lower remittances from gulf
foreign reserves at all time low, hyperinflation
all
Q19: This set of measures was announced in 1991 as the
Washington consensus
LPG Policy
World bank policy
New economic policy
Q20: Liberalization measures included
Deregulation of industrial sector
Financial sector reforms
Foreign exchange reforms
all
Q21:Branches of the new economic policy were
liberalization
privatization
globalization
all
Q22: Structural reform measures involved
improve efficiency of economy
increase international competitiveness by removing rigidity in various economic segments
both
none
Q23: Stabilization measures under new economic policy involved
short term measures to control inflation
correct balance of payments
both
none
Q24: Deregulation of industrial sector didnt involve
removal of licenses, deregulation of sectors for private entry
removal of price controls
De - reservation commodities meant for small scale industries.
removal of export subsidies
Q25:With new economic policy we moved towards the
floating exchange rate
fixed exchange rate
both
none
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