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Indian Economy
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Indian Economy

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Questions and Answers

What does economic planning entail?

  • Utilisation of country's resources in accordance with national priorities (correct)
  • Solving central problems of an economy
  • Maximization of private profit through government intervention
  • Adoption of new technology and change in social outlook
  • What is the primary indicator of growth according to the text?

  • Increase in production capacity of goods and services
  • GDP derived from agriculture, industrial sector, and service sector (correct)
  • Adoption of new technology
  • Development through domestic resources
  • What are the basic goals of the 5-year plan according to the text?

  • Utilization of country's resources, modernization, and change in social outlook
  • Growth, modernization, and self-reliance (correct)
  • Maximization of private profit, social welfare, and self-reliance
  • Solving central problems of an economy, adoption of new technology, and change in social outlook
  • Which country adopted a socialist economic system?

    <p>USA</p> Signup and view all the answers

    What does a mixed economic system entail?

    <p>Combination of private and government profit maximization with social welfare</p> Signup and view all the answers

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