Question 1

The Drain Theory is associated with the name of

Accepted Answer

The Drain Theory, which highlighted the economic exploitation of India by the British, was propounded by Dadabhai Naoroji. It was a significant part of his critique on colonial rule, emphasizing how wealth was being drained from India to Britain.

Question 2

Dadabhai Naroji attributed poverty of India to

Accepted Answer

Dadabhai Naoroji, a prominent figure in the Indian independence movement and a founding member of the Indian National Congress, attributed the poverty of India primarily to the economic policies and practices of British rule. He argued that the wealth of India was being drained into Britain, a theory he famously termed as the "Drain Theory."

Question 3

Dadabhai Noaroji attributed external drain to:

Accepted Answer

Dadabhai Naoroji attributed the external drain to the situation where India was exporting goods without receiving equivalent imports, leading to a net outflow of wealth from India.

Question 4

Ambedkar was a champion of

Accepted Answer

Ambedkar advocated for state socialism, emphasizing the need for state control over key industries and resources to ensure social justice and equality.

Question 5

Ambedkar's idea of state socialism is based on the unique blend of

Accepted Answer

Ambedkar's idea of state socialism is based on a unique blend of Marxism and Buddhism. He sought to combine the socio-economic insights and transformative goals of Marxism with the moral and ethical framework of Buddhism, aiming for a society that was both equitable and compassionate.

Question 6

The chief architect of Indi's second five year Plan was:

Accepted Answer

P.C. Mahalanobis was the chief architect of India's second five-year plan, which focused on industrialization and was based on the Mahalanobis model.

Question 7

Mahalanobis aimed at the economic development of India through

Accepted Answer

The answer of Mahalanobis aimed at the economic development of...

Question 8

The most important contribution of Mahalanobis is related to :

Accepted Answer

Mahalanobis is best known for his pioneering work in the field of statistics, particularly for the design and implementation of large-scale sample surveys in India.

Question 9

The wage good model was developed by

Accepted Answer

The wage good model was developed by C.N. Vakil and P.R. Brahmananda. This model emphasizes the importance of increasing the production of basic goods to improve the real wages of workers and thereby stimulate economic growth.

Question 10

V.K.R.V. Rao is remembered for his contribution on:

Accepted Answer

V.K.R.V. Rao is best known for his pioneering work on the estimation of national income in India.

Question 11

The formula adopted for distribution of Plan assistance during 4th and th Plan was:

Accepted Answer

The Gadgil Formula was adopted for the distribution of plan assistance during the 4th and 5th Five-Year Plans in India.

Question 12

The forword to India's 1st Five Year Plan was written by:

Accepted Answer

K.N. Raj, an economist, played a significant role in drafting India's first Five Year Plan and wrote its foreword.

Question 13

Who among the following computed India's balance of payment for the first time for Reserve Bank of India:

Accepted Answer

The answer of Who among the following computed India's balance...

Question 14

Amartya Sen was awarded Nobel Prize in Economics for his contribution to

Accepted Answer

Amartya Sen was awarded the Nobel Prize in Economics for his contributions to welfare economics and social choice theory, where he developed methods to assess the efficiency and equity of economic policies and mechanisms.

Question 15

The world witnessed a great depression during -

Accepted Answer

The Great Depression was a severe worldwide economic depression that took place mostly during the 1930s, beginning in the United States after a major fall in stock prices that began around September 4, 1929, and became worldwide news with the stock market crash of October 29, 1929 (known as Black Tuesday). The most profound downturn was from 1929 to 1933.

Question 16

The most prominent representative of supply side economics was :

Accepted Answer

Arthur Laffer is most closely associated with supply-side economics, primarily due to his role in popularizing the Laffer Curve, which illustrates the concept of optimal taxation to maximize revenue without discouraging economic activity.

Question 17

The ---- theory is associated with the name of Dadabai Naoroji.

Accepted Answer

Dadabai Naoroji is associated with the Drain Theory, which explained how wealth was being drained from India to Britain during the colonial period.

Question 18

Dadabai Naoroji attributed ----- of India to British rule.

Accepted Answer

Dadabai Naoroji, a prominent figure in the Indian independence movement and a member of the Indian National Congress, is best known for his work on the economic impact of British rule in India. He attributed the widespread poverty in India to the exploitative economic policies and practices of the British colonial administration. His work, particularly the theory of the "Drain of Wealth," highlighted how wealth was being transferred from India to Britain, leading to severe economic hardships and poverty among the Indian population.

Question 19

Ambedkar's idea of ------ is based on a unique blend of Marxism and Budhism.

Accepted Answer

Ambedkar's idea of state socialism is influenced by a unique blend of Marxism and Buddhism, where he sought to harmonize the materialist approach of Marxism with the moral and ethical dimensions of Buddhism to address social inequalities.

Question 20

------ is regarded as the chief architect of Indian constitution.

Accepted Answer

Dr. B.R. Ambedkar is regarded as the chief architect of the Indian Constitution. He was the Chairman of the Drafting Committee of the Constituent Assembly and played a pivotal role in formulating and guiding the drafting of the Constitution.

Quiz 3: Important Figures and Concepts in Indian Economics