Economics of Development and Additional Practice Test

12th Standard Economics — Economics of Development and Planning: Additional Online Practice Test

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Under the traditional approach, economic development is defined strictly in economic terms and emphasizes the importance of which of the following?

A.Industrialization B.Social equity C.Environmental preservation D.Poverty eradication

Who explained the "vicious circles of poverty" as a circular constellation of forces tending to act and react upon one another to keep a poor country in poverty?

A.Adam Smith B.Ragnar Nurkse C.Michael P. Todaro D.Thomas Piketty

According to Ragnar Nurkse, what strategy can be used to break the vicious circle of poverty operating on the demand side of capital formation?

A.Balanced growth B.Complete agricultural mechanization C.Unilateral trade restrictions D.Concentrated single-industry investment

The "Bombay Plan" presented by eight leading industrialists of Bombay in 1940 was designed as an investment plan spanning how many years?

A.5 Years B.10 Years C.15 Years D.20 Years

In which year did S. N. Agarwal formulate the "Gandhian Plan" that focused on the agricultural and rural economy?

A.1934 B.1938 C.1944 D.1950

The "People's Plan" drafted by M.N. Roy in 1945 primarily aimed at which of the following?

A.Development of cottage industries only B.Mechanization of agricultural production and distribution by the state C.Complete privatization of all financial institutions D.A ten-year infrastructure development plan under British rule

Who defined economic planning in its widest sense as "the deliberate direction by persons in-charge of large resources of economic activity towards chosen ends"?

A.Lionel Robbins B.Hugh Dalton C.Arthur Lewis D.Friedrich Hayek

Who was the first Vice-Chairman of the NITI Aayog, functioning as its functional head?

A.Arvind Panagariya B.N. K. Singh C.Y. V. Reddy D.Vijay L. Kelkar

According to Douglas C. North, which non-economic factor determines the efficiency of the market, stating that "If people are not honest, market cannot function"?

A.Natural resources B.Moral, ethical and social values C.Marketable surplus D.Casino capitalism

Q10

According to Thomas Piketty, what occurs under "Casino Capitalism" that leads to a decline in productive economic activities?

A.Assets are simply passed on from parents to children B.People spend a larger proportion of their income and time on entertainment, liquor, and illegal activities C.The market operates perfectly without any government intervention D.Agricultural marketable surplus is completely nationalized by the state

Q11

What term does Thomas Piketty use to describe a system where assets are passed on to children from their parents, causing children to work less hard and resulting in low productivity?

A.Casino Capitalism B.Patrimonial Capitalism C.Crony Capitalism D.Laissez-faire Capitalism

Q12

In indicative planning, which is peculiar to mixed economies, how does the state coordinate with the private sector?

A.By enforcing plans as rigid instructions with no private consultation B.By completely nationalizing all private enterprises and eliminating consumer sovereignty C.By providing facilities and indicating areas of operation without forcing the private sector D.By prohibiting the private sector from operating in any tertiary industry

Q13

Which type of economic planning pertains to the allocation of resources specifically in terms of men, materials, and machinery?

A.Financial planning B.Physical planning C.Functional planning D.Partial planning

Q14

Which Soviet leader famously described imperative planning with the statement, "Our plans are our instructions"?

A.Vladimir Lenin B.Joseph Stalin C.Nikita Khrushchev D.Mikhail Gorbachev

Q15

Who highlighted the high administrative costs of planned economies with the remark, "The better we try to plan, the more planners we need"?

A.Arthur Lewis B.Friedrich Hayek C.Lionel Robbins D.Dadabhai Naoroji

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About this Economics of Development and Planning test

This free online practice test covers Economics of Development and Planning from the 12th Standard Economics (Samacheer Kalvi) syllabus. Choose the number of questions and an optional time limit, then answer and submit — everything is checked in your browser, with the correct answers and a worked explanation shown at the end. For the full solutions to every question in this set, see the solved MCQs page.

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