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This a MCQ (Multiple Choice Question) based practice test of Chapter 2 - Indian Economy (1950-90) of Economics of Class XI (11) for the quick revision/preparation of School Board examinations
Q  It is a conscious design to shape the socio-economic processes in order to achieve an objective
  • a)
    Economic growth
  • b)
    Economic planning
  • c)
    Economic development
  • d)
    Economic infrastructure
Correct answer is option 'B'. Can you explain this answer?
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This a MCQ (Multiple Choice Question) based practice test of Chapter 2...
An economy primarily based on central planning is referred to as a planned economy. In a centrally planned economy the allocation of resources is determined by a comprehensive plan of production which specifies output requirements. Planning may also take the form of directive planning or indicative planning.
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This a MCQ (Multiple Choice Question) based practice test of Chapter 2...
Explanation:

Economic planning is a conscious design to shape the socio-economic processes in order to achieve an objective. The objective can be economic growth, economic development, or any other specific goal related to the economy of a country. Economic planning involves the following steps:

1. Setting Goals: The first step in economic planning is to set specific goals for the economy. These goals can be related to economic growth, development, poverty reduction, employment generation, etc.

2. Assessment of Resources: The next step is to assess the resources available for achieving the goals. This includes both physical and human resources.

3. Formulation of Plans: Once the goals and resources are identified, a plan is formulated to achieve the goals. The plan includes various strategies and policies to be implemented.

4. Implementation: The plan is then implemented through various government policies and programs.

5. Evaluation: Finally, the plan is evaluated to assess its effectiveness and make necessary changes for future planning.

In India, economic planning was first introduced in 1951 with the first Five-Year Plan. The objective of the plan was to achieve rapid industrialization and economic growth. Since then, India has implemented 12 Five-Year Plans, each with its own specific objectives and goals. The planning process has helped India to achieve significant economic growth, reduce poverty, and improve the overall standard of living.
Community Answer
This a MCQ (Multiple Choice Question) based practice test of Chapter 2...
B
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This a MCQ (Multiple Choice Question) based practice test of Chapter 2- Indian Economy (1950-90) of Economics of Class XI (11) for the quick revision/preparation of School Board examinationsQ It is a conscious design to shape the socio-economic processes in order to achieve an objectivea)Economic growthb)Economic planningc)Economic developmentd)Economic infrastructureCorrect answer is option 'B'. Can you explain this answer?
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