The 'International Labour Organization' was established in which year? MCQ with Answer and Explanation

Question
The 'International Labour Organization' was established in which year?
A. 1966
B. 1948
C. 1919
D. 1945
Answer: Option C
Solution (By JKSSB Mock Tests)
The ILO was established in 1919 under the Treaty of Versailles.
This question belongs to: Economy GK Economy Set 1
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Practice More Economy Set 1 Questions

Question #1
Which of the following taxes is progressive in nature?
A. Customs duty
B. Sales tax
C. Income tax
D. Excise duty
Discuss
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Correct Answer: Option C

Explanation:
A progressive tax is one where the tax rate increases with the increase in the taxable amount. Personal income tax in India is progressive with different slabs.
This question belongs to: Economy GK Economy Set 1
Question #2
Which of the following is a feature of the 'Ricardian Equivalence Theorem'?
A. Only liquidity-constrained agents matter
B. Government debt is always neutral regardless of agents’ behaviour
C. Tax cuts financed by debt increase private consumption
D. Tax cuts financed by debt do not affect private consumption because agents anticipate future tax liabilities
Discuss
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Correct Answer: Option D

Explanation:
Ricardian equivalence asserts that, under certain conditions, debt-financed tax cuts do not stimulate consumption because forward-looking agents save the tax cut to pay the future taxes needed to service the debt.
This question belongs to: Economy GK Economy Set 1
Question #3
The 'National Manufacturing Policy' aims to create National Investment and Manufacturing Zones that are basically:
A. residential colonies
B. agricultural zones
C. special economic zones only
D. industrial parks with world-class infrastructure
Discuss
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Correct Answer: Option D

Explanation:
NIMZs are integrated industrial parks with advanced infrastructure.
This question belongs to: Economy GK Economy Set 1
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