Indian Economy 1950-1990 Class 12 MCQ Quiz – Test Your Knowledge!

Identify the classification that falls outside the purview of the Industrial Policy Resolution, of 1956. (Choose the correct alternative)

What is the definition of quota?

What kind of tariff policy was needed to protect domestic producers from foreign competition, after independence?

Before the advent of the Green Revolution in 1960s, India was primarily dependent on _________for the supply of food grains. (Fill in the blank with the correct alternative)

First Industrial Policy Resolution of Independent India was announced in the year______ (Fill in the blank with the correct alternative)

Read the following statements - Assertion (A) and Reason (R):

• Assertion (A) – Major policy initiatives (land reforms and Green Revolution) helped India to become self-sufficient in food grains production.
• Reason(R) – The proportion of people depending on agriculture did not decline as expected after the Green Revolution.

Which of the following was not a reason for the public sector to play a major role in the initial phase of Indian Economic Planning? (choose the correct alternative)

There are two statements given below marked as Assertion (A) and Reason (R). Read the statements and choose the correct option.

• Assertion (A): In a capitalist economy, private entities own resources, whereas, in a socialist economy, resources are owned by the state.
• Reason (R): In a socialist economy, it is assumed that the government knows the exact needs of the people.

C. Rajagopalachari, a founder of the Swatantra Party, coined the term 'permit-license raj' to encapsulate the party's frustrations with Nehru's policies, writing in his magazine Swarajya: I want the corruptions of the Permit/Licence Raj to go... I want real, equal opportunities for all and no private monopolies created by the Permit/Licence Raj.

How were these private monopolies indulging in the corruption that C. Rajagopalachari talks about?

Industrial Policy Resolution (IPR) 1956 formed the basis of the_________ Five Year Plan. (Fill up the blank with the correct alternative)

Read the following statements carefully and choose the correct alternatives given below:

• Statement 1 – Subsidies do not add any burden on the financial health of a nation.
• Statement 2 – Complete removal of subsidies may violate the aim of equitable distribution of income.

Read the following statements - Assertion (A) and Reason (R):

• Assertion (A) – The goal of equitable distribution of land was fully served by the abolition of intermediaries, in post-independence India.
• Reason(R) – Big landlords challenged the land ceiling legislation, delaying the implementation and subsequently escaping from the legislation.

From the given alternatives choose the correct one:

Match the following:

__________committee was set up for the development and promotion of small-scale industries in India.

Identify an argument that supports the agricultural subsidies in India.