Quiz  /  Indian Economy Class 12 MCQ Questions With Answers

  • 1. 
    What are the years of India’s 12th five-year plan?

  • A. 1997–2002
  • B. 2002–2007
  • C. 2007–2012
  • D. 2012–2017

  • 2. 
    In which of the following type of economy are resources owned privately and the main objective behind economic activities is profit-making?

  • (A) Capitalist
  • (B) Socialist
  • (C) Mixed
  • (D) Global

  • 3. 
    The portion of agricultural produce that is sold in the market by farmers is known as ______ .

  • A. Trade deficit
  • B. Marketed surplus
  • C. Subsidy
  • D. Import substitution

  • 4. 
    What is needed to provide protection against natural calamities like floods, drought, locusts, thunderstorms, etc.?

  • Multiple cropping
  • Green revolution
  • Crop insurance
  • HYV

  • 5. 
    Who presented the 1st 5-year plan of the country?

  • Pt. Jawahar Lal Nehru
  • Sardar Ballabh Patel
  • Dr. Rajendra Prasad
  • None of these

  • 6. 
    The planning commission was set up in which year in India?

  • 5th March 1951
  • 25th April 1951
  • 20th March 1951
  • 15th March 1950

  • 7. 
    The Industrial Policy Resolution was adopted in --------------

  • 1954
  • 1958
  • 1956
  • 1952

  • 8. 
    How many industries have been reserved for the public sector under Industrial Policy Resolution, 1956?

  • (A) 17
  • (B) 21
  • (C) 15
  • (D) 2

  • 9. 
    Evaluate the below statements related to land reforms.i) Just a year after independence, steps were taken to abolish intermediaries and to make the tillers the owners of land.ii) The purpose of land ceiling was to keep the concentration of land ownership in the hands of a selected few.Which of the above are correct?

  • Only i
  • Only ii
  • Both i and ii
  • Neither i nor ii

  • 10. 
    Under Industrial Policy Resolution (IPR), 1956, Category II of the industrial sector includes industries jointly owned and controlled by the private sector and the state.

  • True
  • False

  • 11. 
    Green Revolution resulting from:

  • Traditional Irrigation facilities
  • Use of manure
  • HYV seeds
  • None of these

  • 12. 
    What type of economy is followed in India?

  • Communist
  • Capitalist
  • Mixed Socialist
  • None of these

  • 13. 
    When was the planning Commission established?

  • 1947
  • 1948
  • 1950
  • 1951

  • 14. 
    The father of high yielding variety seeds is considered to be Norman Borlaug.

  • True
  • False

  • 15. 
    At independence, about ___________________ of the country's population was dependent on agriculture.

  • 70%
  • 75%
  • 65%
  • 80%

  • 16. 
    Full employment and equitable distribution of income and wealth are the _______ period objectives of planning in India.

  • long
  • small
  • medium
  • exeter long

  • 17. 
    Tariffs and quotas adopted under industrial policy was to -----

  • increase export
  • make exported goods cheaper
  • increase foreign competition
  • restrict imports and protect domestic firms from foreign competition

  • 18. 
    When was NITI Aayog established

  • 1951
  • 2011
  • 2015
  • None of these

  • 19. 
    Self reliance means

  • Avoiding imports
  • Produce goods in India which are imported from abroad
  • Export promotion
  • None of these

  • 20. 
    It is a conscious design to shape the socio-economic processes in order to achieve an objective

  • Economic planning
  • Economic development
  • Economic growth
  • Economic infrastructure

  • 21. 
    Quotas are a tax on imported goods while tariffs specify the number of goods which can be imported.

  • True
  • False
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