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. Harrod-Domar

B. Mahalanobis

C. Solow

D. Rostow

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

The 'BRICS' group originally included Brazil, Russia, India, China and:

A. Turkey

B. South Korea

C. Indonesia

D. South Africa

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Correct Answer: Option D

Explanation:
BRICS consists of Brazil, Russia, India, China and South Africa.

This question belongs to: Economy GK Economy Set 1

Question #2

The 'Directorate General of Goods and Services Tax Intelligence' deals with:

A. GST evasion and intelligence

B. corporate fraud

C. income tax evasion

D. customs only

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Correct Answer: Option A

Explanation:
DGGI deals with GST evasion and intelligence.

This question belongs to: Economy GK Economy Set 1

Question #3

In the context of measuring economic progress, the 'Genuine Progress Indicator' attempts to:

A. Ignore all non-market activities

B. Replace GDP with only environmental indicators

C. Adjust GDP by subtracting environmental and social costs and adding non-market benefits

D. Measure only market production

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Correct Answer: Option C

Explanation:
The Genuine Progress Indicator starts from personal consumption expenditure and then adjusts for factors such as income distribution, environmental degradation, and the value of unpaid work to provide a broader measure of welfare.

This question belongs to: Economy GK Economy Set 1

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