Stagflation refers to a situation of: MCQ with Answer and Explanation

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Stagflation refers to a situation of:

A. high inflation and high growth

B. deflation and high growth

C. low inflation and high growth

D. high inflation and high unemployment

Answer: Option D

Solution (By JKSSB Mock Tests)

Stagflation is a combination of stagnation (high unemployment) and inflation.

This question belongs to: Economy GK Economy Set 1

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Question #1

Which of the following is NOT a factor affecting the elasticity of demand?

A. Availability of substitutes

B. Nature of the commodity (necessity or luxury)

C. Cost of production of the commodity

D. Time period under consideration

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Correct Answer: Option C

Explanation:
Cost of production affects supply, not the elasticity of demand. Elasticity of demand depends on substitutes, nature of the good, income proportion, time, and habits.

This question belongs to: Economy GK Economy Set 1

Question #2

The 'Pareto optimum' is a situation where:

A. prices are zero

B. everyone has equal income

C. no one can be made better off without making someone else worse off

D. total output is maximum

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Correct Answer: Option C

Explanation:
Pareto optimum is a state where no one can be better off without making someone worse off.

This question belongs to: Economy GK Economy Set 1

Question #3

The 'Sustainable Development Goals' consist of how many goals?

A. 17

B. 8

C. 21

D. 30

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Correct Answer: Option A

Explanation:
The SDGs consist of 17 goals.

This question belongs to: Economy GK Economy Set 1

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