The 'Code on Wages' was passed in which year? MCQ with Answer and Explanation

Question

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The 'Code on Wages' was passed in which year?

A. 2019

B. 2021

C. 2020

D. 2017

Answer: Option A

Solution (By JKSSB Mock Tests)

The Code on Wages was passed in 2019.

This question belongs to: Economy GK Economy Set 1

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Question #1

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The 'G-7' group includes which of the following countries?

A. Australia, South Korea, South Africa

B. India, China, Brazil

C. United States, United Kingdom, Germany, France, Italy, Japan, Canada

D. Russia, China, India, Brazil

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Correct Answer: Option C

Explanation:
The G7 comprises the US, UK, Germany, France, Italy, Japan and Canada.

This question belongs to: Economy GK Economy Set 1

Question #2

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The 'unemployment rate' under usual status considers a person unemployed if:

A. not working for a long period and seeking work

B. retired

C. not working for a week

D. not working for one day

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Correct Answer: Option A

Explanation:
Usual status unemployment refers to unemployment over a long reference period.

This question belongs to: Economy GK Economy Set 1

Question #3

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The concept of 'Debt Overhang' refers to:

A. A situation of low public debt

B. Only short-term liquidity problems

C. A situation where existing debt is so large that it discourages new investment

D. Only household debt

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Correct Answer: Option C

Explanation:
Debt overhang occurs when a high level of existing debt reduces the incentive for new investment because a large part of the returns would accrue to existing creditors rather than to the investor.

This question belongs to: Economy GK Economy Set 1

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