The main emphasis of the Second Five Year Plan was: MCQ with Answer and Explanation

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The main emphasis of the Second Five Year Plan was:

A. rapid development of agriculture

B. rapid industrialization with emphasis on basic and heavy industries

C. eradication of illiteracy

D. reduction of population growth

Answer: Option B

Solution (By JKSSB Mock Tests)

The Second Plan emphasized rapid industrialization, especially basic and heavy industries.

This question belongs to: Economy GK Economy Set 1

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Question #1

Which of the following is NOT a component of the capital account of Balance of Payments?

A. Portfolio investment

B. Remittances from abroad

C. External commercial borrowings

D. Foreign direct investment

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Correct Answer: Option B

Explanation:
Remittances from abroad are unilateral transfers and form part of the current account. Capital account includes FDI, portfolio investment and external borrowings.

This question belongs to: Economy GK Economy Set 1

Question #2

The concept of 'wealth effect' in consumption refers to:

A. investment increasing when interest rates rise

B. consumption increasing when debt increases

C. consumption increasing when wealth increases

D. saving increasing when wealth falls

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Correct Answer: Option C

Explanation:
The wealth effect says consumption rises when household wealth rises.

This question belongs to: Economy GK Economy Set 1

Question #3

In the context of market structures, price rigidity is a feature of:

A. Monopolistic competition with free entry only

B. Oligopoly

C. Perfect competition

D. Monopoly with no barriers

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Correct Answer: Option B

Explanation:
Oligopolistic markets often exhibit price rigidity, explained by the kinked demand curve model, due to inter-firm interdependence.

This question belongs to: Economy GK Economy Set 1

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