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

Question
The First Five Year Plan of India was based on the:
A. Gandhian model
B. Nehru model
C. Mahalanobis model
D. Harrod-Domar model
Answer: Option D
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
Which of the following is a major structural challenge for the Indian economy?
A. Complete equality of income across regions
B. Regional disparities, unemployment and informalisation of the workforce
C. Self-sufficiency in all commodities without trade
D. Absence of an informal sector
Discuss
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Correct Answer: Option B

Explanation:
The Indian economy continues to face structural challenges such as regional imbalances, unemployment and underemployment, and a large informal sector.
This question belongs to: Economy GK Economy Set 1
Question #2
The 'Reserve Bank of India' is headquartered in:
A. New Delhi
B. Mumbai
C. Kolkata
D. Chennai
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Correct Answer: Option B

Explanation:
The RBI headquarters is in Mumbai.
This question belongs to: Economy GK Economy Set 1
Question #3
Which of the following is a feature of the Classical model of the economy?
A. Importance of aggregate demand in determining output
B. Possibility of liquidity trap
C. Sticky wages and prices
D. Flexible wages and prices ensuring continuous full employment
Discuss
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Correct Answer: Option D

Explanation:
The Classical model assumes flexible wages and prices that adjust continuously to maintain full employment equilibrium.
This question belongs to: Economy GK Economy Set 1
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