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The Use of Indian Mathematical Models in Economic Planning

Description: This quiz aims to assess your understanding of the use of Indian mathematical models in economic planning.
Number of Questions: 15
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Tags: indian mathematics economic planning mathematical models
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Which Indian mathematician is known for his contributions to the development of mathematical models for economic planning?

  1. Srinivasa Ramanujan

  2. C. V. Raman

  3. P. C. Mahalanobis

  4. Homi J. Bhabha

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Correct Option: C
Explanation:

P. C. Mahalanobis is known for his contributions to the development of mathematical models for economic planning in India.

What is the name of the model developed by P. C. Mahalanobis for economic planning in India?

  1. The Mahalanobis Model

  2. The Five-Year Plan Model

  3. The Planning Commission Model

  4. The National Income Model

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Correct Option: A
Explanation:

The Mahalanobis Model is the name of the model developed by P. C. Mahalanobis for economic planning in India.

What was the primary objective of the Mahalanobis Model?

  1. To achieve rapid industrialization

  2. To reduce poverty and inequality

  3. To promote agricultural growth

  4. To improve infrastructure

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Correct Option: A
Explanation:

The primary objective of the Mahalanobis Model was to achieve rapid industrialization in India.

Which sector was given the highest priority in the Mahalanobis Model?

  1. Agriculture

  2. Industry

  3. Services

  4. Infrastructure

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Correct Option: B
Explanation:

Industry was given the highest priority in the Mahalanobis Model.

What was the main strategy adopted by the Mahalanobis Model to achieve rapid industrialization?

  1. Import substitution industrialization

  2. Export-oriented industrialization

  3. Balanced growth industrialization

  4. Decentralized industrialization

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Correct Option: A
Explanation:

Import substitution industrialization was the main strategy adopted by the Mahalanobis Model to achieve rapid industrialization.

What were the main assumptions of the Mahalanobis Model?

  1. Fixed coefficients of production

  2. Perfect competition

  3. Full employment

  4. Constant returns to scale

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Correct Option: A
Explanation:

Fixed coefficients of production were one of the main assumptions of the Mahalanobis Model.

What were the main criticisms of the Mahalanobis Model?

  1. It was too ambitious

  2. It was too centralized

  3. It ignored agriculture

  4. It led to inflation

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Correct Option:
Explanation:

All of the above were criticisms of the Mahalanobis Model.

Which other Indian mathematical models have been used for economic planning?

  1. The Chakravarty Model

  2. The Minhas Model

  3. The Srinivasan Model

  4. The Bhagwati Model

Show answer
Correct Option:
Explanation:

All of the above Indian mathematical models have been used for economic planning.

What are the main challenges in using mathematical models for economic planning?

  1. Data availability

  2. Model complexity

  3. Uncertainty

  4. Political considerations

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Correct Option:
Explanation:

All of the above are challenges in using mathematical models for economic planning.

What are the main benefits of using mathematical models for economic planning?

  1. Improved decision-making

  2. Enhanced transparency

  3. Increased efficiency

  4. Better coordination

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Correct Option:
Explanation:

All of the above are benefits of using mathematical models for economic planning.

How can mathematical models be improved for economic planning?

  1. By using more accurate data

  2. By making models more complex

  3. By reducing uncertainty

  4. By taking political considerations into account

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Correct Option:
Explanation:

All of the above can be done to improve mathematical models for economic planning.

What is the future of mathematical models in economic planning?

  1. They will become more widely used

  2. They will become more accurate

  3. They will become more complex

  4. They will become more user-friendly

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Correct Option:
Explanation:

All of the above are possible futures for mathematical models in economic planning.

What are some of the ethical considerations related to the use of mathematical models in economic planning?

  1. The models should be transparent and accountable

  2. The models should be used for the benefit of all stakeholders

  3. The models should not be used to discriminate against any group of people

  4. The models should be used to promote sustainable development

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Correct Option:
Explanation:

All of the above are ethical considerations related to the use of mathematical models in economic planning.

What are some of the best practices for using mathematical models in economic planning?

  1. Use a variety of models

  2. Validate the models

  3. Use the models in a transparent and accountable manner

  4. Use the models to promote sustainable development

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Correct Option:
Explanation:

All of the above are best practices for using mathematical models in economic planning.

What are some of the challenges in implementing mathematical models in economic planning?

  1. Data availability

  2. Model complexity

  3. Political considerations

  4. Lack of trained personnel

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Correct Option:
Explanation:

All of the above are challenges in implementing mathematical models in economic planning.

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