The Second Five Year Plan was based on which model? MCQ with Answer and Explanation

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The Second Five Year Plan was based on which model?

A. Rostow

B. Mahalanobis

C. Harrod-Domar

D. Solow

Answer: Option B

Solution (By JKSSB Mock Tests)

The Second Five Year Plan was based on the Mahalanobis model.

This question belongs to: Economy GK Economy Set 1

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Question #1

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The 'Laffer curve' suggests that beyond a certain tax rate, an increase in the tax rate may:

A. eliminate all tax revenue immediately

B. leave revenue unchanged

C. reduce total tax revenue

D. increase total tax revenue

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Correct Answer: Option C

Explanation:
The Laffer curve suggests very high tax rates can reduce work and investment, lowering tax revenue.

This question belongs to: Economy GK Economy Set 1

Question #2

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Which of the following is a non-tax revenue of the government?

A. Interest receipts

B. Income tax

C. Customs duty

D. Corporation tax

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Correct Answer: Option A

Explanation:
Non-tax revenue includes interest receipts, dividends and profits from PSUs, fees, fines, etc. Taxes like corporation tax, income tax and customs duty are tax revenues.

This question belongs to: Economy GK Economy Set 1

Question #3

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During inflation, the purchasing power of money:

A. increases

B. first increases then decreases

C. decreases

D. remains unchanged

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Correct Answer: Option C

Explanation:
Inflation reduces the purchasing power of money because each unit buys fewer goods.

This question belongs to: Economy GK Economy Set 1

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