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Q115 (UPPCS/2024) Economy › Basic Concepts & National Income

With reference to Economic Growth, which of the following statements is/are correct ?
1. Indian Economy is an Underdeveloped Economy.
2. Indian Economy is a Mixed Economy.
3. J.M. Keynes is the Father of Economics.
Select the correct answer from the codes given below :

Result
Your answer: —  Â·  Correct: A

Explanation

Statement 1 is considered correct in this context as India is traditionally classified as a developing or underdeveloped economy due to features like low per capita income, high population pressure, and prevalence of poverty.

Statement 2 is correct. India is a Mixed Economy, a system where both the private sector and the public sector coexist and participate in the economic process.

Statement 3 is incorrect. Adam Smith is known as the "Father of Economics" due to his influential work An Inquiry into the Nature and Causes of the Wealth of Nations (1776). John Maynard Keynes is regarded as the "Father of Macroeconomics," not economics as a whole.

Since statements 1 and 2 are correct and statement 3 is false, the correct option is A.

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