Economy and Development MCQ Quiz - Objective Question with Answer for Economy and Development - Download Free PDF

Key Points

• 73 Percent of the State of Andhra Pradesh's (AP) own revenues were spent on salaries and pensions post-reorganization.
• Post reorganization, AP faced unfavorable financial conditions, leading to a significant portion of its revenue being allocated to administrative expenses.
• Reorganization resulted in reduced revenue sources for AP, which increased dependency on spending for state employees.
• This percentage highlights the financial strain faced by AP during the post-reorganization period.

A, D, C, B, E.
Key Points

• Establishment of the People's Republic of China (1949) - (A):
  • It marked the end of a long period of political turmoil and foreign occupation in China.
  • Led by Mao Zedong and the Chinese Communist Party, it brought about the unification of China and established a socialist government.
  • The new government nationalized industry redistributed land to peasants and implemented policies aimed at improving the lives of the poor and working class.
• First Five-Year Plan of India (1951-1956) - (D):
  • It was India's first attempt at planned economic development, with a focus on achieving self-sufficiency and modernizing the country's economy.
  • The plan emphasized investment in agriculture, industry, and infrastructure, and aimed to reduce poverty and inequality.
  • The plan's success was mixed, with some sectors showing significant progress, while others lagged behind.
• First Five-Year Plan of Pakistan (1955-1960) - (C):
  • It was a set of economic policies aimed at developing the newly independent Pakistan's industrial and agricultural sectors.
  • The plan emphasized state-led investment in heavy industries and infrastructure projects, as well as land reforms to benefit rural peasants.
  • The plan was moderately successful, with Pakistan achieving steady economic growth during the period.
• Great Proletarian Cultural Revolution (1966-1976) - (B):
  • It was a social and political movement launched by Mao Zedong to revitalize the Communist revolution and purge capitalist and traditional elements from Chinese society.
  • It involved the mobilization of millions of students and workers in a campaign to eliminate perceived enemies of the Communist Party.
  • The Cultural Revolution resulted in widespread chaos and violence, leading to the deaths of millions and the destruction of China's cultural heritage.
• Economic Reforms of Pakistan (1988-1999) - (E):
  • These were a series of liberalizing economic policies aimed at promoting private sector growth and reducing state intervention in the economy.
  • The reforms included deregulation, privatization of state-owned enterprises, and liberalization of trade and investment policies.
  • The reforms led to increased economic growth and foreign investment but also contributed to growing income inequality and political instability in the country.

Hence, the correct order is A, D, C, B, and E. 

Key Points

• 73 Percent of the State of Andhra Pradesh's (AP) own revenues were spent on salaries and pensions post-reorganization.
• Post reorganization, AP faced unfavorable financial conditions, leading to a significant portion of its revenue being allocated to administrative expenses.
• Reorganization resulted in reduced revenue sources for AP, which increased dependency on spending for state employees.
• This percentage highlights the financial strain faced by AP during the post-reorganization period.