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 concept of 'Adverse Selection' in insurance markets leads to:

A. Lower-risk individuals being more likely to purchase insurance

B. Higher-risk individuals being more likely to purchase insurance

C. Only moral hazard problems

D. No effect on the pool of insured

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Correct Answer: Option B

Explanation:
Because high-risk individuals have a greater incentive to buy insurance at any given premium, the insured pool tends to be riskier than the population average, driving up premiums and potentially causing market unraveling.

This question belongs to: Economy GK Economy Set 1

Question #2

The 'Index of Industrial Production' is published with a time lag of about:

A. one quarter

B. six weeks

C. one month

D. one week

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Correct Answer: Option C

Explanation:
IIP is released with a lag of about one month.

This question belongs to: Economy GK Economy Set 1

Question #3

Which of the following is a characteristic of 'Self-Preferencing' by digital platforms?

A. The practice of a platform giving preferential treatment to its own products or services over those of competitors that use the platform

B. Only offline preferential practices

C. Only the preference for third-party products

D. The equal treatment of all products on the platform

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Correct Answer: Option A

Explanation:
Self-preferencing occurs when a vertically integrated platform systematically favours its own downstream products or services in ranking, display or access to data, potentially harming competition on the platform.

This question belongs to: Economy GK Economy Set 1

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