The 'Employees' Provident Fund Organisation' operates under which ministry? MCQ with Answer and Explanation

The 'Employees' Provident Fund Organisation' operates under which ministry?
A. Ministry of Social Justice
B. Ministry of Labour and Employment
C. Ministry of Finance
D. Ministry of Corporate Affairs
Answer: Option B
Solution (By JKSSB Mock Tests)
EPFO operates under the Ministry of Labour and Employment.

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Practice More Economy Set 1 Questions

Question #1
Zero-based budgeting requires that:
A. previous year's budget is the base for all allocations
B. only capital expenditure is budgeted
C. every expenditure item is justified from zero each year
D. deficit is zero

Correct Answer: Option C


Explanation:
Zero-based budgeting requires all expenditures to be justified from zero each budget period.

This question belongs to: Economy GK Economy Set 1
Question #2
The concept of 'Circular Flow of Income' is associated with:
A. International economics
B. Microeconomics
C. Macroeconomics
D. Development economics only

Correct Answer: Option C


Explanation:
The circular flow of income is a macroeconomic concept that shows the continuous movement of goods, services and money between households, firms, government and the external sector.

This question belongs to: Economy GK Economy Set 1
Question #3
In the production possibility frontier, a point inside the curve indicates:
A. Efficient utilisation of resources
B. Technological progress
C. Underutilisation of resources
D. Unattainable combination

Correct Answer: Option C


Explanation:
Any point inside the PPF represents underutilisation or inefficient use of resources. Points on the curve are efficient and points outside are unattainable with current resources.

This question belongs to: Economy GK Economy Set 1