Daily Current Affairs Quiz: November 04, 2025

Answer: A [Only one]
Explanation:

Statement 1 is incorrect: In a market economy, prices and production levels are determined by the forces of supply and demand, not by the government.

Statement 2 is correct: The principle of supply and demand is the foundation of a market economy, where prices are determined based on the interaction between what producers are willing to sell at various prices and what consumers are willing to buy.

Statement 3 is incorrect: Private property rights are a fundamental part of a market economy, allowing individuals to own and control their possessions as they see fit, which is essential for the operation of a market system.

Answer: D [All four]
Explanation:

Statement 1 is correct: The First Five Year Plan (1951–1956) prioritized agriculture, irrigation, and energy to boost food production and improve living standards.

Statement 2 is correct: The Third Five Year Plan (1961–1966) focused on achieving self-reliance in agriculture and expanding industrial capacity.

Statement 3 is correct: The Fifth Five Year Plan (1974–1979) emphasized poverty alleviation, employment generation, and social justice.

Statement 4 is correct: The Eighth Five Year Plan (1992–1997) marked the beginning of economic liberalization, promoting privatization and foreign investment.

Answer: B [Only four]
Explanation:

The Twenty Point Programme was introduced by the Government of India in 1975 and has been restructured over the years. Its primary objectives include poverty alleviation, improvement in the literacy rate, strengthening the infrastructure for agriculture, and environmental protection and afforestation. However, promotion of cultural heritage, while important, is not listed as one of the objectives of the Twenty Point Programme.

Answer: C [Development of new economic policies by government think tanks]
Explanation:

The quinary sector represents the highest level of decision-making in an economy. It involves top-level executives in government, science, universities, nonprofit organizations, healthcare, culture, and the media. These individuals make decisions that have a significant impact on society and the economy. Developing economic policy falls squarely within this realm of high-level decision-making.

Answer: C [Prioritizing laissez-faire economics and minimizing government intervention.]
Explanation:

A: The Directive Principles of State Policy (DPSP) in the Indian Constitution, specifically Article 39, emphasize securing the right to an adequate means of livelihood for all citizens. This aligns with socialist principles of social welfare and economic justice.

B: Article 39A of the DPSP promotes equal justice and mandates free legal aid to the poor, which is also consistent with socialist ideals of social and economic equality.

C (Correct Option): Laissez-faire economics, which advocates minimal government intervention in the economy, is diametrically opposed to the socialist principles enshrined in the DPSP. The DPSP envisioned a significant role for the state in ensuring social and economic welfare. The socialist pattern of society mentioned in the context involves social ownership or control of the principal means of production.

D: The DPSP explicitly aims to prevent the concentration of wealth and means of production (Article 39), a core tenet of socialist ideology aimed at reducing economic inequality.