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Consider the following statements:Statement-I:
Economic planning involves making major economic decisions, like what and how much to produce, and to whom it should be allocated, by a specific authority. These decisions are based on a thorough understanding of the entire economic system.Statement-II:
Planning, especially in a democratic setup, is the technical process guided by experts. It covers consumption, production, investment, trade, and income distribution, aligning with social objectives determined by representative bodies. It emphasizes not just economic aspects but also cultural, spiritual, and human values.Which one of the following is correct in respect of the above statements?- a)Both Statement-I and Statement-II are correct and Statement-II explains Statement-I
- b)Both Statement-I and Statement-II are correct, but Statement-II does not explain Statement-I
- c)Statement-I is correct, but Statement-II is incorrect
- d)Statement-I is incorrect, but Statement-II is correct
Correct answer is option 'B'. Can you explain this answer?
Consider the following statements:
Statement-I:
Economic planning involves making major economic decisions, like what and how much to produce, and to whom it should be allocated, by a specific authority. These decisions are based on a thorough understanding of the entire economic system.
Economic planning involves making major economic decisions, like what and how much to produce, and to whom it should be allocated, by a specific authority. These decisions are based on a thorough understanding of the entire economic system.
Statement-II:
Planning, especially in a democratic setup, is the technical process guided by experts. It covers consumption, production, investment, trade, and income distribution, aligning with social objectives determined by representative bodies. It emphasizes not just economic aspects but also cultural, spiritual, and human values.
Planning, especially in a democratic setup, is the technical process guided by experts. It covers consumption, production, investment, trade, and income distribution, aligning with social objectives determined by representative bodies. It emphasizes not just economic aspects but also cultural, spiritual, and human values.
Which one of the following is correct in respect of the above statements?
a)
Both Statement-I and Statement-II are correct and Statement-II explains Statement-I
b)
Both Statement-I and Statement-II are correct, but Statement-II does not explain Statement-I
c)
Statement-I is correct, but Statement-II is incorrect
d)
Statement-I is incorrect, but Statement-II is correct
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Aravind Chatterjee answered |
Overview of the Statements
In analyzing the two statements about economic planning, we can assess their validity and relationship to each other.
Statement-I Analysis
- Economic planning indeed involves making significant decisions regarding production, distribution, and allocation of resources.
- It emphasizes the role of a specific authority in these processes.
- The statement correctly highlights that these decisions are based on a comprehensive understanding of the economic system.
Statement-II Analysis
- This statement expands on the concept of planning in a democratic context.
- It emphasizes that planning is a technical process and involves expert guidance.
- It includes various aspects like consumption, production, investment, and trade while aligning them with social objectives.
- Notably, it extends the scope of planning beyond economic factors to include cultural, spiritual, and human values.
Conclusion
- Both statements accurately depict different facets of economic planning.
- Statement-I provides a fundamental definition, while Statement-II elaborates on the democratic nature and broader implications of economic planning.
- Therefore, both statements are correct, but Statement-II does not directly explain Statement-I; instead, it complements it by offering a wider perspective.
Correct Answer
- The correct answer is option 'B': Both Statement-I and Statement-II are correct, but Statement-II does not explain Statement-I.
In analyzing the two statements about economic planning, we can assess their validity and relationship to each other.
Statement-I Analysis
- Economic planning indeed involves making significant decisions regarding production, distribution, and allocation of resources.
- It emphasizes the role of a specific authority in these processes.
- The statement correctly highlights that these decisions are based on a comprehensive understanding of the economic system.
Statement-II Analysis
- This statement expands on the concept of planning in a democratic context.
- It emphasizes that planning is a technical process and involves expert guidance.
- It includes various aspects like consumption, production, investment, and trade while aligning them with social objectives.
- Notably, it extends the scope of planning beyond economic factors to include cultural, spiritual, and human values.
Conclusion
- Both statements accurately depict different facets of economic planning.
- Statement-I provides a fundamental definition, while Statement-II elaborates on the democratic nature and broader implications of economic planning.
- Therefore, both statements are correct, but Statement-II does not directly explain Statement-I; instead, it complements it by offering a wider perspective.
Correct Answer
- The correct answer is option 'B': Both Statement-I and Statement-II are correct, but Statement-II does not explain Statement-I.
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Indian Economy for State PSC Exams
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