In the context of demand analysis, the Engel Curve shows the relationship between: MCQ with Answer and Explanation

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In the context of demand analysis, the Engel Curve shows the relationship between:

A. Price and quantity demanded

B. Income and quantity demanded

C. Price and supply

D. Cost and output

Answer: Option B

Solution (By JKSSB Mock Tests)

The Engel Curve illustrates how the quantity demanded of a good changes as consumer income changes, holding prices constant.

This question belongs to: Economy GK Economy Set 1

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The 'spot market' in foreign exchange deals with:

A. futures only

B. options only

C. future delivery of currencies

D. immediate delivery of currencies

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Correct Answer: Option D

Explanation:
Spot foreign exchange transactions involve immediate delivery of currencies.

This question belongs to: Economy GK Economy Set 1

Question #2

Unified Payments Interface enables:

A. only credit card payments

B. instant interbank transfer using a virtual payment address

C. only government payments

D. only cheque clearing

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Correct Answer: Option B

Explanation:
UPI enables instant interbank transfers through virtual payment addresses using mobile devices.

This question belongs to: Economy GK Economy Set 1

Question #3

The 'Employees' State Insurance Corporation' provides which type of social security?

A. old age pension only

B. education loans

C. housing loans

D. health insurance, sickness and maternity benefits

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Correct Answer: Option D

Explanation:
ESIC provides health insurance, sickness, maternity and disability benefits to insured workers.

This question belongs to: Economy GK Economy Set 1

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