Question 7 (1 point) d Within economic planning, a consistent plan: is superior

Question

Question 7 (1 point) d Within economic planning, a consistent plan: is superior to an optimal plan since consistency requires that the Sources of Resources A) Uses for Resources, ant this is the most important issue in economics. B) is a plan that is consistent with the desires of the government planning office. is in direct conflict with an optimal plan. Optimal plans can never coexist with consistent plans. C) is a necessary but not sufficient condition for economic efficiency since a consistent D) plan can be non-optimal.

Explanation / Answer

1. D. is a necessary but not sufficient condition for economic efficience since a consistent plan can be non-optimal. Let's take an example of India before 1991 Economic reforms, wherein the govt. had consistent economic intervention in the market, however this wasn't optimal since the govt. policies did not let the businesses flourish to their fullest potential.

2. C. The Soviet Union surpassed the Western European countries in GDP per capita by the 1930s since they were mired in the Great Depression.

3. Right after WWII from 1950 to 1960.

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