Economics Jkssb Economics Set 2 Mcqs (342 MCQs) | JKSSB & SSC Quiz

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jkssb economics set 2 mcqs

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Practice Questions

342 Total
Question 81 Discuss
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The first five year plan of India was based on ………

A
Harrod-Domar Model
B
Gadgil Yojna
C
Mahalanobis Plan
D
Nehru Model

Answer & Explanation

Correct Option: A

India's First Five-Year Plan (1951-1956) was based on a modified version of the Harrod-Domar economic model, which highlighted the crucial role of savings and investment in economic growth.
Question 82 Discuss
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Read the following about Green Revolution: A) It increased pesticide use. B) It required better irrigation facilities.

A
Neither A nor B
B
Both A and B
C
Only B
D
Only A

Answer & Explanation

Correct Option: B

The success of High-Yielding Variety seeds required highly controlled inputs, thereby significantly increasing farmers' reliance on chemical pesticides and extensive irrigation networks.
Question 83 Discuss
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The Gross Domestic Product of a country is derived from the different sectors of the economy, namely .

A
agricultural sector, and the industrial sector only
B
rural and urban sectors
C
commercial and trading sector
D
agricultural sector, the industrial sector and the service sector

Answer & Explanation

Correct Option: D

A nation's Gross Domestic Product (GDP) is fundamentally calculated by aggregating the total economic value generated across its three main sectors: primary (agriculture), secondary (industry), and tertiary (services).
Question 84 Discuss
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Which body in India is responsible for safeguarding and promoting the rights of consumers and ensuring consumer protection?

A
National Commission for Women (NCW)
B
Central Bureau of Investigation (CBI)
C
National Human Rights Commission (NHRC)
D
National Consumer Disputes Redressal Commission (NCDRC)

Answer & Explanation

Correct Option: D

Established under the Consumer Protection Act of 1986, the NCDRC is a quasi-judicial commission mandated specifically to hear, adjudicate, and redress consumer disputes at the national level.
Question 85 Discuss
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Which of the following is function of the Reserve Bank of India? I. Issuing of currency II. Lender of last resort

A
Neither I nor II
B
Both I and II
C
Only I
D
Only II

Answer & Explanation

Correct Option: B

Under the RBI Act of 1934, the central bank holds the sole statutory authority to issue banknotes in India and simultaneously acts as the lender of last resort to commercial banks facing liquidity crises.
Question 86 Discuss
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The Second Five year Plan stressed rapid industrialization and the public sector. It was drafted and planned under the leadership of .

A
P.C Mahalanobis
B
Subramanian Swami
C
KV Sundaram
D
C.Rajgopalachari

Answer & Explanation

Correct Option: A

The Second Five-Year Plan (1956-1961) was architected by statistician Prasanta Chandra Mahalanobis, employing the Mahalanobis model to heavily prioritize the development of basic and heavy industries.
Question 87 Discuss
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According to Census 2011, which of the following North-Eastern states have the highest literacy rate?

A
Nagaland
B
Assam
C
Mizoram
D
Manipur

Answer & Explanation

Correct Option: C

Mizoram consistently boasts one of the highest literacy rates in the country, officially recorded at 91.33% in the 2011 Census, making it the most literate state in the Northeast region.
Question 88 Discuss
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Various Industrialists came together in 1944 and drafted a joint proposal for setting up a planned economy in India. It is famously known as the Plan.

A
Bombay
B
Pune
C
Agra
D
New Delhi

Answer & Explanation

Correct Option: A

In 1944, a group of leading Indian capitalists, including J.R.D. Tata and G.D. Birla, published a comprehensive proposal for post-independence economic development widely known as the Bombay Plan.
Question 89 Discuss
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In economics, the term 'M1' is most commonly used as a measure of:

A
Money
B
Product
C
Planning
D
Budget

Answer & Explanation

Correct Option: A

In macroeconomic theory, 'M1' is a standard monetary aggregate that represents the most liquid forms of money in an economy, including physical currency in circulation and demand deposits.
Question 90 Discuss
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Around which of the following year did the Green Revolution begin in India?

A
1966
B
1955
C
1948
D
1978

Answer & Explanation

Correct Option: A

The systematic implementation of Green Revolution technologies, including the widespread distribution of HYV seeds to farmers, officially commenced in India around the Kharif season of 1966.
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