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

The 'Second Five Year Plan' period was:
A. 1956-1961
B. 1961-1966
C. 1951-1956
D. 1953-1958
Answer: Option A
Solution (By JKSSB Mock Tests)
The Second Five Year Plan covered 1956-1961.

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Practice More Economy Set 1 Questions

Question #1
The 'e-Way Bill' is generated on the GST portal for movement of goods whose consignment value exceeds:
A. Rs 50,000
B. Rs 5 lakh
C. Rs 1 lakh
D. Rs 25,000

Correct Answer: Option A


Explanation:
E-way bill is required for goods movement valued above Rs 50,000.

This question belongs to: Economy GK Economy Set 1
Question #2
The concept of 'Accelerator' in economics relates to:
A. Relationship between money supply and prices
B. Relationship between change in income and change in investment
C. Relationship between tax rate and revenue
D. Relationship between interest rate and saving

Correct Answer: Option B


Explanation:
The accelerator principle states that investment depends on the rate of change of income or output. An increase in demand leads to a magnified increase in investment.

This question belongs to: Economy GK Economy Set 1
Question #3
Which of the following is NOT a determinant of the supply of a commodity?
A. Tastes and preferences of consumers
B. Price of the commodity
C. Cost of production
D. Technology

Correct Answer: Option A


Explanation:
Tastes and preferences of consumers affect demand, not supply. Supply is determined by price, cost of production, technology, prices of related goods, and government policies.

This question belongs to: Economy GK Economy Set 1