Answer: Option [B]The correct answer is Adam Smith. Adam Smith was an 18th-century Scottish philosopher. He is considered the father of modern economics. Smith is most famous for his 1776 book, "The Wealth of Nations."
Answer: Option [C]Indian Economy is Mixed Economy. Indian economy is a mixed economy because here both private and public sector co-exist and both work under the general guidance of economic planning.
| Article and Schedule Quiz | Start Test! |
Answer: Option [B]Mixed economy means an economy where there is co-existence of public sector along with private sector. Mixed economy is one in which both public and private enterprises exist together, with some level of freedom to utilize capital for profit making. However, government interference is expected to achieve social aims.
Answer: Option [B]India's economic planning CANNOT be said to be imperative.
Answer: Option [A]The correct answer is Preparation of the plan. The Planning Commission is charged with the responsibility of making assessment of all resources in the country, augmenting deficient resources, formulating plans for the most effective and balanced utilisation of resources and determining priorities.
Answer: Option [C]The correct answer is National Development Council. The National Development Council or Rashtriya Vikas Parishad is the apex body for decision creating and deliberations on development matters in India.
Answer: Option [C]The correct answer is It is an Advisory Body. The Planning Commission is a non-constitutional and non-statutory body and is responsible to formulate five years plan for social and economic development in India.
Answer: Option [A]Economic survey is published by Ministry of Finance. The Economic Survey of India is an annual document of the Ministry of Finance, Government of India. Ministry of Finance presents the Survey in the Parliament every year, just before the Union Budget. It is prepared under the guidance of the Chief Economic Adviser of India.
Answer: Option [C]The correct answer is Prime Minister. The composition of the Commission underwent considerable changes since its initiation. With the Prime Minister as the ex officio Chairman, the committee had a nominated Deputy Chairman, with the rank of a full Cabinet Minister.
Answer: Option [C]The Deputy Chairman of the Planning Commission holds the rank of a cabinet minister. The Planning commission was set up in March 1950 by a Resolution of Government of India. It makes an assessment and balanced utilization of all resources of the country. The Prime Minister is the ex- officio Chairman of the Planning Commission.
