The 'Planning Commission' formulated how many Five Year Plans before being dissolved? MCQ with Answer and Explanation

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The 'Planning Commission' formulated how many Five Year Plans before being dissolved?

A. 12

B. 13

C. 11

D. 10

Answer: Option A

Solution (By JKSSB Mock Tests)

India had 12 Five Year Plans formulated by the Planning Commission.

This question belongs to: Economy GK Economy Set 1

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Question #1

The 'Goods and Services Tax' does not apply to:

A. interstate supplies

B. alcoholic liquor for human consumption

C. goods and services

D. imports

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Correct Answer: Option B

Explanation:
Alcoholic liquor for human consumption is outside GST.

This question belongs to: Economy GK Economy Set 1

Question #2

The concept of 'Precautionary Saving' arises because:

A. Individuals save more when future income is uncertain

B. Individuals save only for retirement

C. Only permanent income matters

D. Saving is independent of uncertainty

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Correct Answer: Option A

Explanation:
Precautionary saving is additional saving undertaken by risk-averse agents to buffer against future income or expenditure uncertainty.

This question belongs to: Economy GK Economy Set 1

Question #3

The 'Public Account Committee' examines:

A. foreign policy

B. defence policy

C. audited appropriation accounts and CAG reports

D. budget estimates

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Correct Answer: Option C

Explanation:
Public Account Committee examines audited accounts and CAG reports.

This question belongs to: Economy GK Economy Set 1

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