Q70. In economic terminology, what makes an economy mixed?
[RRB NTPC Graduate CBT-I 2025]
(A) Equal output in rural and urban areas
(B) Coexistence of private and public sectors
(C) Equal agricultural and industrial output
(D) Simultaneous socialism and communism
Answer: (B) Coexistence of private and public sectors
Explanation: A mixed economy combines state activity with private ownership and market exchange. Ownership and enterprise forms can vary by industry, and government policy often seeks to balance economic efficiency with public welfare and strategic needs.
Q69. For the statement that liberalisation transformed India’s economy, how does the assertion that India is positioned among major global economies relate?
[UPSC CDS-I English 2025]
(A) It contradicts the first statement
(B) It contrasts with the first statement
(C) It correlates with the first statement
(D) It merely coincides with the first statement
Answer: (C) It correlates with the first statement
Explanation: The two assertions are consistent and connected: liberalisation altered trade, investment and production incentives, while India’s rising economic position reflects a broad transformation. Correlation here does not imply that reforms alone caused every development.
Q68. Which field received the main emphasis under the First Five-Year Plan?
[RRB NTPC Undergraduate CBT-I 2025]
(A) Agriculture
(B) Tertiary-sector tourism
(C) Defence manufacturing
(D) Advanced consumer electronics
Answer: (A) Agriculture
Explanation: The First Plan, implemented from 1951 to 1956, gave high priority to agriculture, irrigation and community development. Restoring food production and rural infrastructure was urgent in the early post-independence years, unlike the later heavy-industry strategy.
Q67. In what year did Finance Minister Manmohan Singh present the New Economic Policy to Parliament?
[MP Excise Constable 2025]
(A) 2003
(B) 2000
(C) 1991
(D) 1987
Answer: (C) 1991
Explanation: The reform package was launched in 1991 when Manmohan Singh was Finance Minister in the government headed by P. V. Narasimha Rao. It followed severe foreign-exchange pressures and introduced structural changes across trade, investment and industry.
Q66. Which industrial policy marked the beginning of broad liberalisation of Indian manufacturing?
[SSC CGL Tier I 2024]
(A) Industrial Policy 1956
(B) Industrial Policy 1977
(C) Industrial Policy 1980
(D) Industrial Policy 1991
Answer: (D) Industrial Policy 1991
Explanation: The 1991 policy abolished routine licensing for most industries, lowered barriers to private expansion and encouraged foreign investment. Earlier policies retained considerably greater administrative controls over industrial entry and capacity expansion.
Q65. Which planning model formed the conceptual basis of the First Five-Year Plan in India?
[SSC CGL Tier I 2024]
(A) Mahalanobis model
(B) Harrod–Domar model
(C) Solow residual model
(D) Lewis dual-sector model
Answer: (B) Harrod–Domar model
Explanation: The First Plan drew on the Harrod–Domar emphasis on savings, investment and growth. India’s early planning programme directed resources heavily toward agriculture, irrigation and related infrastructure rather than the capital-goods priority adopted later.
Q64. What is deducted from gross domestic product to obtain net domestic product?
[SSC CGL Tier I 2024]
(A) Subsidies
(B) Depreciation
(C) Indirect taxes only
(D) Imports
Answer: (B) Depreciation
Explanation: Net domestic product equals GDP less consumption of fixed capital, commonly called depreciation. Depreciation represents the value of productive assets used up through wear, obsolescence and normal use during the accounting period.
Q63. Regarding the objectives of the Planning Commission, was it meant to (1) increase production and employment opportunity, and (2) assess national resources?
[UPSC NDA-II General Ability Test 2024]
(A) 1 only
(B) 2 only
(C) Both 1 and 2
(D) Neither 1 nor 2
Answer: (C) Both 1 and 2
Explanation: The Planning Commission was constituted in 1950 to evaluate resources, establish priorities and design development programmes. Increasing output and employment opportunities formed part of its mandate, linking resource assessment with long-term national economic goals.
Q62. Which does NOT belong to the liberalisation, privatisation and globalisation dimensions of the 1991 economic-policy changes?
[SSC MTS 2024]
(A) Liberalisation
(B) Privatisation
(C) Globalisation
(D) Urbanisation
Answer: (D) Urbanisation
Explanation: Urbanisation is a change in population distribution and settlement patterns, not a component of the LPG reform classification. The three policy dimensions instead describe regulatory relaxation, enhanced private participation and deeper integration with international markets.
Q61. In 2021, the Department of Public Enterprises was moved under which Union ministry?
[SSC CHSL Tier I 2024]
(A) Heavy Industries
(B) Finance
(C) Commerce and Industry
(D) Micro, Small and Medium Enterprises
Answer: (B) Finance
Explanation: Moving the Department of Public Enterprises into the Ministry of Finance brought it closer to government investment, fiscal and disinvestment policymaking. The department deals with central public-sector enterprise administration and related oversight frameworks.
