In the context of inflation, 'Built-in Inflation' refers to: MCQ with Answer and Explanation

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In the context of inflation, 'Built-in Inflation' refers to:

A. Inflation due to supply shocks only

B. One-time increase in prices

C. Inflation caused by excess demand

D. Inflation resulting from the wage-price spiral

Answer: Option D

Solution (By JKSSB Mock Tests)

Built-in inflation arises from adaptive expectations and the wage-price spiral, where past inflation influences current wage and price setting.

This question belongs to: Economy GK Economy Set 1

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Question #1

The 'Goods and Services Tax' on bread is:

A. 12%

B. 5%

C. 18%

D. 0%

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Correct Answer: Option D

Explanation:
Bread is exempt from GST.

This question belongs to: Economy GK Economy Set 1

Question #2

In the context of labour markets, the 'Gig Economy' is characterised by:

A. Only agricultural self-employment

B. Short-term, flexible jobs often mediated by digital platforms rather than traditional long-term employment contracts

C. Only public-sector jobs

D. Only permanent full-time employment

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Correct Answer: Option B

Explanation:
The gig economy refers to labour markets characterised by short-term contracts or freelance work, frequently organised through online platforms that match workers with individual tasks or projects.

This question belongs to: Economy GK Economy Set 1

Question #3

The 'World Bank' headquarters is in:

A. Washington D.C.

B. New York

C. Paris

D. Geneva

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Correct Answer: Option A

Explanation:
World Bank headquarters is in Washington D.C.

This question belongs to: Economy GK Economy Set 1

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