The 'Employees' State Insurance Act' applies to factories employing how many or more persons? MCQ with Answer and Explanation

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The 'Employees' State Insurance Act' applies to factories employing how many or more persons?

A. 20

B. 5

C. 10

D. 50

Answer: Option C

Solution (By JKSSB Mock Tests)

ESI Act applies to factories employing 10 or more persons, with some state variations.

This question belongs to: Economy GK Economy Set 1

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Question #1

The paradox of thrift suggests that:

A. thrift always increases investment

B. saving is always beneficial for the economy

C. increased saving by all households may reduce aggregate demand and output

D. saving is impossible in a recession

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Correct Answer: Option C

Explanation:
The paradox of thrift states that if everyone saves more during a recession, total demand and output may fall.

This question belongs to: Economy GK Economy Set 1

Question #2

The 'Ways and Means Advances' are given by RBI to:

A. foreign governments

B. commercial banks

C. NBFCs

D. central and state governments to bridge temporary mismatches in receipts and expenditures

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Correct Answer: Option D

Explanation:
Ways and Means Advances are short-term advances by RBI to governments to bridge temporary mismatches.

This question belongs to: Economy GK Economy Set 1

Question #3

Which of the following is a major advantage of a flexible exchange rate system?

A. Automatic adjustment of balance of payments

B. No need for foreign exchange reserves

C. Complete insulation from external shocks

D. Elimination of all speculation

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Correct Answer: Option A

Explanation:
Under a flexible exchange rate system, the exchange rate adjusts automatically to equilibrate the demand and supply of foreign exchange, helping to correct balance of payments imbalances.

This question belongs to: Economy GK Economy Set 1

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