The 'labour force' is defined as: MCQ with Answer and Explanation

Question

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The 'labour force' is defined as:

A. total population

B. employed plus unemployed

C. working-age population only

D. employed only

Answer: Option B

Solution (By JKSSB Mock Tests)

Labour force = employed + unemployed.

This question belongs to: Economy GK Economy Set 1

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Question #1

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The 'Personal Income' of a country includes:

A. corporate profits retained

B. only indirect taxes

C. transfer payments and factor incomes received by households

D. only wages

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Correct Answer: Option C

Explanation:
Personal income includes all incomes received by households, including transfer payments.

This question belongs to: Economy GK Economy Set 1

Question #2

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The 'Goods and Services Tax' rate on electricity is:

A. 0%

B. not under GST

C. 18%

D. 5%

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Correct Answer: Option B

Explanation:
Electricity is outside GST and subject to state electricity duties.

This question belongs to: Economy GK Economy Set 1

Question #3

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Buffer stock of food grains is maintained by the government mainly to:

A. reduce agricultural production

B. support private traders

C. increase exports

D. meet shortages and stabilize prices

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Correct Answer: Option D

Explanation:
Buffer stocks are maintained to meet emergencies and stabilize food grain prices.

This question belongs to: Economy GK Economy Set 1

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