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Economy Question Answer Practice Set-1


Economy Question Answer Practice Set-1

1. The Planning Commission of India is-
Ans: Non-statutory, extra-constitutional & advisory body

2.Which Indian got Nobel Prize for Economics-
Ans: Amartya Sen in 1998

3.Who is the ex-officio Chairman of NITI Aayog?
Ans: Prime Minister of India

4.Primary sector of Indian economy is also called -
Ans: Extraction of Raw Materials

5.Primary Sector of Indian economy is -
Ans: Agriculture, Forestry & Fishing

6.Secondary Sector of Indian economy is also called-
Ans: Manufacturing Sector

7. Secondary Sector of Indian economy is -
Ans: Mining, Electricity, Construction, Gas & Water Supply

8. Tertiary Sector of Indian economy is also called -
Ans: Service Sector

9.Tertiary Sector of Indian economy is -
Ans: Business, Transport, Banking, Insurance, Real estate, Community and Personnel Services

10.In 1994, 'Gandhian Plan' was Prepared by-
Ans: Shriman Narayan Agarwal

11.Which sector of the Indian economy is the second-largest provider of the employment after agriculture-
Ans: Primary Sector

12. In 1945, 'People's Plan' was Prepared by-
Ans: M N Roy

13. Indian Economy is -
Ans: Mixed Economy

14. Depreciation is equal to -
Ans: GNP-NNP

15. Who coined Mixed Economy
Ans: JM Keynes

16. In 1950, 'Sarvodaya Plan' was Prepared by -
Ans: Jai Prakash Narayan (This Plan were accepted by the Government)

17. The Planning Commission of India was renamed as-
Ans: NITI Aayog (1 January, 2015)

18. When was the National Statistical Organization (NSO) formed and who was the Chairman -
Ans: 1st June, 2005 Professor SD Tendulkar

19. Who finally approves the five years plan-
Ans: National Development Council (NDC)

20. GDP at factor cost is -
Ans: GDPmp - Indirect Taxes + Subsidies

21. The National Developnment Council (NDC) was set up in -
Ans: 6 August, 1952

22.Tne concept of five year plans in India was introduced by
Ans: Jawaharlal Nehru

23. Central Statistical Organization (CSO) was set-up in -
Ans: 2 May 1951th

24. Who estimated the National Income for the first time in India-
Ans: Dadabhai Naoroji (In 1868)

25. NITI in NITI Aayog stands for-
Ans: National Institution For Transforming India
 



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