Chapter 7 ECONOMICS : Planning and Economic Reforms — Online MCQ Test
ECONOMICS · CLASS 12 INTER II YEAR · Andhra State Board
Practice Chapter 7 ECONOMICS : Planning and Economic Reforms with a free chapter-wise online MCQ test.
This chapter covers: This chapter covers objectives and achievements of Five Year Plans 1991 Liberalization Privatization Globalization policies and NITI Aayog framework..
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Chapter 7 ECONOMICS : Planning and Economic Reforms — Important Questions & Answers
When was the Planning Commission of India officially established?
- A. 1947
- B. 1950
- C. 1951
- D. 1956
Answer: B. 1950
The Planning Commission was established in March 1950 by an executive resolution of the Government of India.
The Planning Commission was established in March 1950 by an executive resolution of the Government of India.
Which of the following is the main objective of the New Economic Policy (1991)?
- A. To increase reliance on imports
- B. To limit industrial growth
- C. To integrate the Indian economy with the global economy
- D. To increase agricultural taxation
Answer: C. To integrate the Indian economy with the global economy
The 1991 reforms focused on Liberalization, Privatization, and Globalization (LPG) to boost global integration.
The 1991 reforms focused on Liberalization, Privatization, and Globalization (LPG) to boost global integration.
Which Five Year Plan gave top priority to the development of heavy industries?
- A. First Plan
- B. Second Plan
- C. Third Plan
- D. Fourth Plan
Answer: B. Second Plan
The Second Five Year Plan, known as the Mahalanobis model, focused primarily on industrialization, especially heavy industries.
The Second Five Year Plan, known as the Mahalanobis model, focused primarily on industrialization, especially heavy industries.
If the government reduces the import duty on electronic goods, which economic reform component is this?
- A. Globalization
- B. Liberalization
- C. Privatization
- D. Nationalization
Answer: B. Liberalization
Liberalization involves reducing government controls, such as trade barriers, import tariffs, and licensing requirements.
Liberalization involves reducing government controls, such as trade barriers, import tariffs, and licensing requirements.
Which of the following is NOT a feature of the 1991 Industrial Policy?
- A. Reduction in the number of industries under compulsory licensing
- B. Abolition of MRTP Act limits
- C. Increase in the role of the public sector
- D. Removal of restrictions on private sector expansion
Answer: C. Increase in the role of the public sector
The 1991 policy aimed to reduce, not increase, the scope and role of the public sector to promote private competition.
The 1991 policy aimed to reduce, not increase, the scope and role of the public sector to promote private competition.