Economy Set 1 MCQs

Economy GK

Economy Set 1 MCQs

Practice Economy GK MCQs on basic economic concepts including economy, economics, microeconomics, macroeconomics, goods and services, demand and supply, factors of production, opportunity cost, economic activities, sectors of economy and other fundamental concepts frequently asked in SSC, Railway, Banking, UPSC, JKSSB, JKPSC, Police, Defence and other competitive examinations.

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Practice Questions

Page 89 of 111
Question #1761
The 'Pradhan Mantri Shram Yogi Maandhan' is a pension scheme for unorganized workers with monthly contribution of:
A. Rs 55 to Rs 200
B. Rs 100 to Rs 500
C. Rs 50 to Rs 100
D. Rs 200 to Rs 1,000
Discuss
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Correct Answer: Option A

Explanation:
PM-SYM contribution ranges from Rs 55 to Rs 200 depending on age.
This question belongs to: Economy GK Economy Set 1
Question #1762
The 'Employees' State Insurance Corporation' provides medical benefit to insured workers from:
A. after one year
B. after retirement
C. first day of employment
D. day one of insurable employment for certain benefits
Discuss
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Correct Answer: Option D

Explanation:
ESIC medical benefit is available from day one of insurable employment.
This question belongs to: Economy GK Economy Set 1
Question #1763
The 'maternity benefit' under the Maternity Benefit Act provides paid leave of how many weeks?
A. 14 weeks
B. 30 weeks
C. 12 weeks
D. 26 weeks
Discuss
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Correct Answer: Option D

Explanation:
The Maternity Benefit Amendment Act 2017 increased paid maternity leave to 26 weeks.
This question belongs to: Economy GK Economy Set 1
Question #1764
The 'Employees' Provident Fund' contribution is deposited by:
A. employer only
B. government only
C. both employer and employee
D. employee only
Discuss
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Correct Answer: Option C

Explanation:
EPF contribution is made by both employer and employee.
This question belongs to: Economy GK Economy Set 1
Question #1765
The 'Employees' State Insurance Act' applies to factories employing how many or more persons?
A. 10
B. 50
C. 20
D. 5
Discuss
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Correct Answer: Option A

Explanation:
ESI Act applies to factories employing 10 or more persons, with some state variations.
This question belongs to: Economy GK Economy Set 1
Question #1766
The 'Minimum Wages Act' applies to:
A. only government employees
B. scheduled employments including agricultural and industrial workers
C. only informal sector
D. only factory workers
Discuss
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Correct Answer: Option B

Explanation:
Minimum Wages Act applies to scheduled employments including agriculture and industry.
This question belongs to: Economy GK Economy Set 1
Question #1767
The 'National Career Service' portal is an initiative of:
A. Ministry of Finance
B. Ministry of Labour and Employment
C. Ministry of Education
D. NITI Aayog
Discuss
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Correct Answer: Option B

Explanation:
National Career Service is an initiative of the Ministry of Labour and Employment.
This question belongs to: Economy GK Economy Set 1
Question #1768
The 'Indian labour market' is characterized by a large share of employment in:
A. organized sector
B. public sector
C. foreign companies
D. unorganized sector
Discuss
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Correct Answer: Option D

Explanation:
A large share of Indian employment is in the unorganized sector.
This question belongs to: Economy GK Economy Set 1
Question #1769
The 'Periodic Labour Force Survey' was started in which year?
A. 2017
B. 2019
C. 2018
D. 2015
Discuss
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Correct Answer: Option A

Explanation:
PLFS was launched in 2017.
This question belongs to: Economy GK Economy Set 1
Question #1770
The 'labour force participation rate' in India is higher in which age group?
A. 30-59
B. 60+
C. 15-29
D. 0-14
Discuss
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Correct Answer: Option A

Explanation:
Labour force participation is generally higher in the 30-59 age group.
This question belongs to: Economy GK Economy Set 1
Question #1771
The 'unemployment rate' in India measured by PLFS is the percentage of unemployed among:
A. total population
B. labour force
C. working-age population
D. employed persons
Discuss
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Correct Answer: Option B

Explanation:
Unemployment rate is unemployed as a percentage of the labour force.
This question belongs to: Economy GK Economy Set 1
Question #1772
The 'labour force' is defined as:
A. employed only
B. total population
C. employed plus unemployed
D. working-age population only
Discuss
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Correct Answer: Option C

Explanation:
Labour force = employed + unemployed.
This question belongs to: Economy GK Economy Set 1
Question #1773
The 'working-age population' in India is usually defined as persons aged:
A. 21-65
B. 15-59 or 15-64 depending on definition
C. 18-70
D. 10-60
Discuss
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Correct Answer: Option B

Explanation:
Working-age population is generally 15-59 or 15-64 depending on the survey definition.
This question belongs to: Economy GK Economy Set 1
Question #1774
The 'Consumer Price Index for Industrial Workers' is compiled by the Labour Bureau and is used for:
A. calculating inflation for urban consumers
B. dearness allowance and wage revisions
C. GDP deflator
D. stock market index
Discuss
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Correct Answer: Option B

Explanation:
CPI-IW is used for dearness allowance and wage revisions.
This question belongs to: Economy GK Economy Set 1
Question #1775
The 'Wholesale Price Index' is used in India for:
A. measurement of inflation at wholesale level
B. pension calculation
C. wage revision
D. income tax
Discuss
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Correct Answer: Option A

Explanation:
WPI measures inflation at the wholesale level.
This question belongs to: Economy GK Economy Set 1
Question #1776
The 'consumer price index' for rural and urban areas separately is compiled by:
A. Ministry of Finance
B. National Statistical Office
C. Labour Bureau
D. RBI
Discuss
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Correct Answer: Option B

Explanation:
CPI-Rural and CPI-Urban are compiled by the NSO.
This question belongs to: Economy GK Economy Set 1
Question #1777
The 'base year' for the current WPI series is:
A. 2004-05
B. 2011-12
C. 2015-16
D. 2019-20
Discuss
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Correct Answer: Option B

Explanation:
The current WPI series uses base year 2011-12.
This question belongs to: Economy GK Economy Set 1
Question #1778
The 'base year' for the current CPI-IW series is:
A. 2011-12
B. 2016
C. 2001
D. 2012
Discuss
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Correct Answer: Option B

Explanation:
The current CPI-IW series has base year 2016.
This question belongs to: Economy GK Economy Set 1
Question #1779
The 'National Consumer Price Index' in India uses which base year?
A. 2019
B. 2010
C. 2012
D. 2016
Discuss
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Correct Answer: Option C

Explanation:
CPI-Combined uses base year 2012.
This question belongs to: Economy GK Economy Set 1
Question #1780
The 'Index of Industrial Production' in India uses which base year?
A. 2016-17
B. 2004-05
C. 2011-12
D. 2019-20
Discuss
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Correct Answer: Option C

Explanation:
IIP uses base year 2011-12.
This question belongs to: Economy GK Economy Set 1
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