The 'Consumer Price Index for Industrial Workers' is compiled by the Labour Bureau and is used for: MCQ with Answer and Explanation

Question

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The 'Consumer Price Index for Industrial Workers' is compiled by the Labour Bureau and is used for:

A. stock market index

B. calculating inflation for urban consumers

C. GDP deflator

D. dearness allowance and wage revisions

Answer: Option D

Solution (By JKSSB Mock Tests)

CPI-IW is used for dearness allowance and wage revisions.

This question belongs to: Economy GK Economy Set 1

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Question #1

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Which of the following is a feature of the 'IS-LM-BP' or Mundell-Fleming model?

A. It assumes continuous full employment

B. It analyses the effectiveness of monetary and fiscal policy under different exchange-rate regimes and degrees of capital mobility

C. It assumes a closed economy

D. It ignores the external sector completely

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Correct Answer: Option B

Explanation:
The Mundell-Fleming model extends the IS-LM framework to an open economy and examines how the effectiveness of monetary and fiscal policy depends on the exchange-rate regime and the degree of capital mobility.

This question belongs to: Economy GK Economy Set 1

Question #2

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The 'Maternity Benefit Act' was enacted in India in which year?

A. 1972

B. 1961

C. 1976

D. 1956

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Correct Answer: Option B

Explanation:
The Maternity Benefit Act was enacted in 1961.

This question belongs to: Economy GK Economy Set 1

Question #3

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The 'Goods and Services Tax' on broadcasting services is:

A. 12%

B. 28%

C. 5%

D. 18%

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Correct Answer: Option D

Explanation:
Broadcasting services attract 18% GST.

This question belongs to: Economy GK Economy Set 1

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