What type of economy is followed in India?
- Traditional Economy: Economic system based on goods, services, and work, all of which follow certain established trends.
- Command Economy: A dominant centralized authority – usually the government – that controls a significant portion of the economic structure.
- Market Economy: Economic system based on the concept of free markets.
- Mixed Economy: Economic system that combine the characteristics of the market and command economic systems.
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A mixed economic system is a system that combines aspects of both capitalism and socialism. This means that some industries are controlled by private businesses and individuals, while other industries are controlled by the government.
Who is considered as the father of economics?
- Alfred Marshall
- Adam Smith
- David Ricardo
- Esther Duflo
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Adam Smith was an 18th-century Scottish philosopher. He is considered the father of modern economics. He published “The Wealth of Nations” in 1776.
Constitution day of India is celebrated on
- 26th November 1949
- 26th November 1948
- 26th January 1950
- 26th November 1946
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The Constitution of India was adopted by the Constituent Assembly on 26th November 1949 and came into force on 26th January, 1950.
Is the Constitution of India flexible or rigid?
- Rigid
- Flexible
- Both (a) and (b)
- None
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Indian Constitution is both a flexible and rigid form of constitution because in some cases it requires a simple majority of people for passing an amendment and in some cases, it requires the majority of people to pass the amendment.
Which one is not the Component of the Preamble?
- Sovereign
- Secular
- Hostility
- Democratic Republic
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The preamble declares India to be a sovereign, socialist, secular, and democratic republic. The objectives stated by the Preamble are to secure justice, liberty, and equality for all citizens and promote fraternity to maintain the unity and integrity of the nation.
