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Indian Economy Test
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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
reduce India into a feeder economy for expansion of Britain’s own modern industrial base
Q2: The quality of workmanship in field on _______ was high leading to a worldwide base for Indian products.
textiles and precious stones
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
Q4: Attempts to calculate the national or per capita income of India was done for first time by
Q5: Indian agriculture declined under british rule due to
farmers were forced into army
British focused on extracting maximum revenue from it without any capital development
Q6: Problems of Indian agriculture under british rule were
poor productivity, lack of irrigation
Q7: Indian handicrafts sector was destroyed under british rule as
export of finished machine made goods flooded India
handicrafts were banned
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
Q9: Indian planners after independence were attracted to the ____ model of economy
Q10:Indian socialism and USSR socialism have the following differences
private property is allowed
state control over all industries is not seen
Q11: The idea of five year plans was taken from
Q12: The planning commission setup in 1950 with the ____ as chairman
Q13: Second five year was under the guidance of renowned statistician
Q14: He established the Indian statistical institute and was known as the architect of Indian planning.
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.
Q16: Import substitution was introduced by
protection of competition from foreign industries
policy favoring small scale industries
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
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
Q19: This set of measures was announced in 1991 as the
World bank policy
New economic policy
Q20: Liberalization measures included
Deregulation of industrial sector
Financial sector reforms
Foreign exchange reforms
Q21:Branches of the new economic policy were
Q22: Structural reform measures involved
improve efficiency of economy
increase international competitiveness by removing rigidity in various economic segments
Q23: Stabilization measures under new economic policy involved
short term measures to control inflation
correct balance of payments
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
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