Page 349 - DECO502_INDIAN_ECONOMIC_POLICY_ENGLISH

Unit 27: Governance of the Economy—Implementation of Economic Policies

time. Over the time India would move towards a genuine, honest pro-people State, economy and Notes
society and in the process the black economy and policy perversions would become marginal instances
of deviant behaviour.
Self-Assessment
1. Choose the correct options:
(i) For the first half of the 1800s, which level of government was most active in promoting and
regulating private economic activity?
(a) just local and national governments were active in the early 1800s.
(b) neither the national nor state levels were active
(c) state
(d) the national and state levels were equally active
(e) national
(ii) The doctrine of laissez-faire as it applies to government regulation of the economy
(a) holds that consumers and workers would fare better if the economy were regulated by
government.
(b) was applied completely through the 1800s.
(c) holds that government regulation of the economy is wrong.
(d) had no impact on U.S. economic policy in the 1800s.
(e) has been regularly applied to communist systems.
(iii) National government intervention in the economy during the 1800s was exhibited by the
(a) Homestead Act. (b) Sherman Antitrust Act.
(c) Interstate Commerce Act. (d) all of the above
(e) none are correct
(iv) Which of the following acts of Congress created a system to regulate the national banking
system in 1913?
(a) Sixteenth Amendment (b) Federal Trade Commission
(c) Clayton Act (d) Missouri Compromise
(e) Federal Reserve Act
(v) The New Deal of President Franklin D. Roosevelt in the 1930s represented a significant step
(a) away from the laissez-faire state.
(b) toward turning over much of the national regulation of the economy to the states.
(c) toward turning over much of the national regulation of the economy to the local governments.
(d) toward the laissez-faire state.
(e) away from the interventionist state.
(vi) Economic regulation grew significantly in which of the following industries during the early
1900s?
(a) banking and the stock market
(b) none--economic regulation did not grow during the early 1900s.
(c) trucking and aviation (d) all of the above
(e) agriculture
(vii) Social regulation is concerned with such areas as the
(a) control of entry into a business.
(b) prices or rates of charges to society for goods and services.
(c) activities of interest groups as they apply grassroots lobbying efforts on the people.

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