The First Five Year Plan of India was based on the: MCQ with Answer and Explanation

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The First Five Year Plan of India was based on the:

A. Mahalanobis model

B. Nehru model

C. Harrod-Domar model

D. Gandhian model

Answer: Option C

Solution (By JKSSB Mock Tests)

The First Five Year Plan was based on the Harrod-Domar model.

This question belongs to: Economy GK Economy Set 1

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Practice More Economy Set 1 Questions

Question #1

The term 'Non-Performing Asset' in Indian banking is defined as a loan where:

A. The asset generates continuous income

B. The borrower has excess collateral

C. Interest is paid regularly

D. Interest or principal is overdue for more than 90 days

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Correct Answer: Option D

Explanation:
As per RBI guidelines, a term loan is classified as NPA if interest or instalment of principal remains overdue for a period of more than 90 days.

This question belongs to: Economy GK Economy Set 1

Question #2

Which of the following is a characteristic of a progressive tax system?

A. Tax rate increases as income rises

B. Tax rate decreases as income rises

C. Tax rate remains constant as income rises

D. Tax is levied at a flat rate on all incomes

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Correct Answer: Option A

Explanation:
In a progressive tax system, the tax rate increases with an increase in the taxable income, placing a higher burden on higher-income groups.

This question belongs to: Economy GK Economy Set 1

Question #3

The 'National Income' estimates in India are published with a base year of:

A. 2016-17

B. 2004-05

C. 2020-21

D. 2011-12

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Correct Answer: Option D

Explanation:
The national accounts series uses 2011-12 as the base year.

This question belongs to: Economy GK Economy Set 1

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