Economics Questions and Answers – Part2

21. Who is the father of Modern Economics?
Adam Smith

22. Which is the famous book on Economics written by Adam Smith?
A wealth of Nations

23. Adam Smith postulated which theory on Economics?
Theory of Laissez Faire

24. Which type is Indian Economy?
Mixed Economy

25. What is the name of Economy where imports and exports are allowed?
Free Economy

26. What is the name of the Economy where imports and exports are not allowed?
Closed Economy

27. Which is the famous book on Economics written by Dadabjao Naoroji?
Poverty and un-British rule of India

28. Who wrote the famous book on Economics “Planned Economy of India”
M. Visveswarayya.

29. When was the planning Commission of India set up?
1950

30. Who was the first chairman of the Planning Commission of India?
Jawaharlal Nehru

31. When was the National development Council (NDC)set up?
1959

32. Which body gives the final approval to planning in India?
The National Development Council

33. Who is the chairman of the National Development Council?
Prime Minister

34. Who are all the members of The National Development Council?
All Chief Ministers of State

35. Which was the period of the first five year plan of India?
1951-56

36. What was the priority given to the first five year plan?
Agricultural Devvelopment

37. Which was the period of the second five year plan of India?
1956-61

38. What was the priority given to the second five year plan?
Industrial development

39. Which was the period of the third five year plan of the India?
1961-66

40. Which period was considered as the plan holiday?
1966-69

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