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Economic Planning Quiz

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Questions and Answers

What is the essence of planning as described in the text?

Regulation of economic activity by the State to achieve specific goals (correct)

Control of economic resources by private enterprises

Unrestricted utilization of resources for economic growth

Maximization of individual profits through resource utilization

What is the primary focus of perspective planning?

Planning without any division into short-term plans

Long-term planning for a period of 15, 20, or 25 years (correct)

Short-term planning for immediate economic growth

Indefinite planning without specific timeframes

What distinguishes indicative planning from comprehensive planning?

Indicative planning is more detailed than comprehensive planning

Comprehensive planning involves the planning authority making decisions about resource allocation (correct)

Indicative planning is only applicable to socialist countries

Comprehensive planning is focused solely on economic growth

What are the broader objectives of perspective planning?

Achievement of goals by dividing the period into short-term plans Signup and view all the answers

What does planning aim to secure according to the text?

Increase in output, national dividend, employment, and social welfare Signup and view all the answers

What is the term for a decline in the rate of price increase?

Deflation Signup and view all the answers

When does inflation occur?

When the general level of prices of goods and services rises over time Signup and view all the answers

What is the result of inflation?

Loss of value of money Signup and view all the answers

In economics, what is the term for a rise in the general level of prices of goods and services?

Inflation Signup and view all the answers

What is the term for a situation where the price of goods and services falls over time?