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. 50

B. 10

C. 5

D. 20

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

The 'four-sector economy' circular flow includes:

A. households, firms, government and foreign sector

B. households, firms, government and banks only

C. households, government, banks and firms

D. households, firms, banks and foreign sector

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Correct Answer: Option A

Explanation:
A four-sector economy includes households, firms, government and the external sector.

This question belongs to: Economy GK Economy Set 1

Question #2

In the context of production functions, returns to scale refer to:

A. Change in cost when output changes

B. Change in output when all inputs are varied proportionately

C. Change in price when supply changes

D. Change in output when one input is varied

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Correct Answer: Option B

Explanation:
Returns to scale examine how output changes when all inputs are increased by the same proportion. They can be increasing, constant or decreasing.

This question belongs to: Economy GK Economy Set 1

Question #3

Deficit financing means:

A. financing government expenditure through borrowing or money creation

B. financing government expenditure through taxation

C. reducing government expenditure

D. repayment of public debt

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Correct Answer: Option A

Explanation:
Deficit financing involves financing a budget deficit through borrowing or creation of money.

This question belongs to: Economy GK Economy Set 1

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