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

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The 'Seventh Five Year Plan' period was:

A. 1985-1990

B. 1990-1995

C. 1978-1983

D. 1980-1985

Answer: Option A

Solution (By JKSSB Mock Tests)

The Seventh Five Year Plan covered 1985-1990.

This question belongs to: Economy GK Economy Set 1

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Question #1

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In the context of elasticity, if the cross elasticity of demand between two goods is positive, the goods are:

A. Complements

B. Substitutes

C. Inferior goods

D. Giffen goods

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Correct Answer: Option B

Explanation:
A positive cross elasticity of demand indicates that the goods are substitutes; a rise in the price of one increases the demand for the other.

This question belongs to: Economy GK Economy Set 1

Question #2

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The concept of 'Housing as a Human Right' implies that:

A. Adequate housing is regarded as a fundamental entitlement that states have obligations to respect, protect and fulfil

B. Housing is only a private market commodity without any rights dimension

C. Only home ownership is a right

D. Only the absence of any public housing policy

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Correct Answer: Option A

Explanation:
The recognition of housing as a human right, grounded in international human-rights instruments, entails obligations on states to ensure progressive access to adequate, affordable and secure housing for all.

This question belongs to: Economy GK Economy Set 1