The Rolling Plan concept was introduced in India during: MCQ with Answer and Explanation

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The Rolling Plan concept was introduced in India during:

A. Janata Party government after the Fifth Plan

B. Eighth Plan

C. First Plan

D. Third Plan

Answer: Option A

Solution (By JKSSB Mock Tests)

The Janata government introduced the Rolling Plan after the Fifth Five Year Plan.

This question belongs to: Economy GK Economy Set 1

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Question #1

NITI Aayog was established in 2015 to replace:

A. Economic Advisory Council

B. Planning Commission

C. Finance Commission

D. National Development Council

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Correct Answer: Option B

Explanation:
NITI Aayog replaced the Planning Commission in 2015.

This question belongs to: Economy GK Economy Set 1

Question #2

The slope of an isoquant is called the:

A. price ratio

B. marginal rate of technical substitution

C. marginal rate of substitution

D. marginal utility ratio

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Correct Answer: Option B

Explanation:
The slope of an isoquant is the marginal rate of technical substitution, the rate at which one input can substitute for another keeping output constant.

This question belongs to: Economy GK Economy Set 1

Question #3

Returns to scale refers to the relationship between inputs and output when:

A. marginal cost is constant

B. technology is fixed

C. only one factor is changed

D. all factors are changed in the same proportion

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Correct Answer: Option D

Explanation:
Returns to scale describe the long-run response of output when all inputs change proportionally.

This question belongs to: Economy GK Economy Set 1

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