Mixed Economy Model

Q.

Who is the Chairman of the Planning Commission in India?

Q. Why was adopting a capitalist economic system not a viable option for India right after independence?

1. No other country succeeded by adopting a capitalist economic system till the 21st century.
2. A profit-oriented capitalist economy would have benefited only a few.
3. A capitalist economic system would not have been favourable for a democracy.
4. The majority of Indians opposed the decision of adopting a capitalist economy.

Q. What are the functions of an economy?

Q. Which of the following statements regarding the Planning Commission of India is/are correct?

1. The Planning Commission of India was established in 1951.
2. The role of the Planning Commission of India was to provide a basic framework for economic development.
3. The Planning Commission of India was chaired by the Finance Minister.
4. The Five-Year Plans were designed by the Planning Commission of India.