In the context of Indian planning, the first Five Year Plan was based on which model? MCQ with Answer and Explanation

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In the context of Indian planning, the first Five Year Plan was based on which model?

A. Lewis model

B. Mahalanobis model

C. Solow model

D. Harrod-Domar model

Answer: Option D

Solution (By JKSSB Mock Tests)

The First Five Year Plan (1951-56) was based on the Harrod-Domar model which emphasised the role of savings and investment in economic growth.

This question belongs to: Economy GK Economy Set 1

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Question #1

The 'National Education Policy' of India was released in which year?

A. 2016

B. 1986

C. 2020

D. 2019

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Correct Answer: Option C

Explanation:
The National Education Policy was released in 2020.

This question belongs to: Economy GK Economy Set 1

Question #2

Which of the following is a major objective of the Reserve Bank of India Act?

A. To formulate five-year plans

B. To regulate the issue of bank notes and maintain monetary stability

C. To collect direct taxes

D. To maximise government revenue

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Correct Answer: Option B

Explanation:
The RBI Act, 1934 primarily aims at regulating the issue of bank notes, maintaining reserves to secure monetary stability and operating the currency and credit system of the country.

This question belongs to: Economy GK Economy Set 1

Question #3

The 'standing deposit facility' was introduced by RBI as a tool for:

A. absorbing liquidity without collateral

B. lending to banks

C. export finance

D. long-term investment

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Correct Answer: Option A

Explanation:
Standing Deposit Facility allows RBI to absorb liquidity from banks without providing collateral.

This question belongs to: Economy GK Economy Set 1

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