The 'First Five Year Plan' period was: MCQ with Answer and Explanation

The 'First Five Year Plan' period was:
A. 1947-1952
B. 1951-1956
C. 1956-1961
D. 1950-1955
Answer: Option B
Solution (By JKSSB Mock Tests)
The First Five Year Plan covered 1951-1956.

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Practice More Economy Set 1 Questions

Question #1
The 'dumping margin' is the difference between:
A. import price and domestic price
B. export price and home market price
C. tariff and subsidy
D. export price and cost of production

Correct Answer: Option B


Explanation:
Dumping margin is the difference between the normal value (home market price) and export price.

This question belongs to: Economy GK Economy Set 1
Question #2
Which of the following methods estimates national income by summing wages, rent, interest and profit?
A. Production method
B. Expenditure method
C. Income method
D. Value added method

Correct Answer: Option C


Explanation:
The income method sums all factor incomes: wages, rent, interest and profit.

This question belongs to: Economy GK Economy Set 1
Question #3
The concept of 'Lifelong Learning' in the context of technological change emphasises:
A. Only on-the-job training without formal education
B. The irrelevance of skills in a digital economy
C. Only front-loaded education in youth
D. The need for continuous education and skill upgrading throughout an individual’s working life

Correct Answer: Option D


Explanation:
Lifelong learning refers to the ongoing, voluntary and self-motivated pursuit of knowledge and skills throughout life, which becomes increasingly important as technological change accelerates the obsolescence of existing skills.

This question belongs to: Economy GK Economy Set 1