Economics Jkssb Economics Set 1 Mcqs (296 MCQs) | JKSSB & SSC Quiz

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jkssb economics set 1 mcqs

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Practice Questions

296 Total
Question 51 Discuss
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What is the empirically fitted relationship between the rate of change of money, wage, and rate of unemployment known as?

A
Friedman's model
B
Keynesian model
C
Baumol hypothesis
D
Philips curve

Answer & Explanation

Correct Option: D

The Phillips curve is an economic concept developed by A.W. Phillips that shows an inverse relationship between the rate of unemployment and the rate of inflation (wage growth) in an economy.
Question 52 Discuss
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What was the actual growth rate of the first five year plan?

A
2.1%
B
4.5%
C
5.6%
D
3.6%

Answer & Explanation

Correct Option: D

The First Five-Year Plan achieved an impressive actual growth rate of 3.6%, which surpassed its initial target growth rate of 2.1%, largely due to good monsoons and high agricultural output.
Question 53 Discuss
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Which of the following correctly defines 'Net Worth'?

A
Total Liabilities
B
Total Assets minus Total Liabilities
C
Total Reserves
D
Total Assets

Answer & Explanation

Correct Option: B

Net worth represents the true value of an entity, calculated as the total value of assets minus all outstanding liabilities.
Question 54 Discuss
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Which of the following is NOT correct with regards to the history of calculating National Income (NI) in India?

A
First official attempt to compute NI was made by PC Mahalanobis.
B
Dadabhai Naoroji divided the Indian economy into two parts: primary sector and secondary sector.
C
National Income is NNP at FC.
D
National Income is GDP at MP.

Answer & Explanation

Correct Option: D

National Income is officially defined as Net National Product at Factor Cost (NNP at FC), not Gross Domestic Product at Market Price (GDP at MP).
Question 55 Discuss
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Which of the following statements is/are correct? i. The first green revolution led to over exploitation of natural resources. ii. The second Green Revolution was more focused on Southern India. iii. The second green revolution ensured in achieving sustainable livelihood security.

A
i and iii
B
Only ii
C
ii and iii
D
i and ii

Answer & Explanation

Correct Option: A

The First Green Revolution caused severe resource depletion due to chemical use, prompting the Second Green Revolution to focus on sustainable agriculture and long-term ecological balance.
Question 56 Discuss
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As per the report of the NITI Aayog in 2023, which among the following states in India has the lowest percentage of the total population that is multidimensionally poor?

A
Goa
B
Kerala
C
Sikkim
D
Uttarakhand

Answer & Explanation

Correct Option: B

According to NITI Aayog's National Multidimensional Poverty Index 2023, Kerala recorded the lowest poverty headcount ratio in the country due to its strong health and education indicators.
Question 57 Discuss
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Which of the following statements is correct about the composition of the agriculture sector and employment in GDP post-independence?

A
The proportion of employment has declined significantly but not the share of the agriculture sector in GDP.
B
The proportion of both the agriculture sector and employment in GDP has increased significantly.
C
The proportion of both the agriculture sector and employment in GDP has declined significantly.
D
The proportion of GDP contributed by the agricultural sector declined significantly but not the employment depending on the agriculture sector.

Answer & Explanation

Correct Option: D

While agriculture's share of India's GDP has drastically fallen since independence due to industrialization, a disproportionately large percentage of the workforce still relies on it for employment.
Question 58 Discuss
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The Parliament passed the Essential Defence Services Bill, 2021 in August 2021. Which of the following is an objective behind passing it?

A
To encourage more FDI in defence services
B
To prohibit strikes, lockouts and layoffs in units engaged in essential defence services
C
To appoint more women in defence services
D
To implement one rank one pension

Answer & Explanation

Correct Option: B

The Essential Defence Services Act, 2021, empowers the government to prohibit strikes, lockouts, and lay-offs in units engaged in essential defense services to ensure national security.
Question 59 Discuss
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In which five-year plan was the 'food, work, and productivity' slogan used?

A
Sixth
B
Fifth
C
Fourth
D
Seventh

Answer & Explanation

Correct Option: D

The Seventh Five-Year Plan (1985-1990) successfully emphasized policies and programs to accelerate growth in food grain production, increase employment opportunities, and raise productivity.
Question 60 Discuss
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Each of the following statements includes two terms. In three cases, the two terms mean the same as each other. In which of the following cases do the two terms NOT mean the same as each other?

A
Unitary
B
Proportionate
C
Unpredictable
D
Disproportionate

Answer & Explanation

Correct Option: D

Economic analysis often relies on distinct terminology; while some terms are synonymous, terms denoting lack of proportionality describe fundamentally different statistical relationships.
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