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. 5

B. 10

C. 20

D. 50

Answer: Option B

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

Which of the following is a flow variable?

A. Capital stock

B. Money supply

C. Wealth

D. GDP

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Correct Answer: Option D

Explanation:
GDP is measured over a period of time and is a flow variable.

This question belongs to: Economy GK Economy Set 1

Question #2

The 'Ricardo equivalence' proposition states that:

A. deficit-financed spending does not affect aggregate demand if households anticipate future taxes

B. taxes have no effect

C. government spending is always contractionary

D. government borrowing is always expansionary

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Correct Answer: Option A

Explanation:
Ricardian equivalence argues that public borrowing is offset by higher private saving in anticipation of future taxes.

This question belongs to: Economy GK Economy Set 1

Question #3

In the context of industrial organisation, the 'Structure-Conduct-Performance' paradigm suggests that:

A. Market structure determines firm conduct which in turn determines performance

B. Conduct is independent of structure

C. Performance determines structure

D. Only performance matters

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Correct Answer: Option A

Explanation:
The traditional SCP paradigm posits a causal chain from market structure (concentration, entry barriers) to firm conduct (pricing, advertising) to market performance (profits, efficiency).

This question belongs to: Economy GK Economy Set 1

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