The 'labour force participation rate' is calculated as labour force divided by: MCQ with Answer and Explanation

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The 'labour force participation rate' is calculated as labour force divided by:

A. working-age population

B. unemployed persons

C. employed persons

D. total population

Answer: Option A

Solution (By JKSSB Mock Tests)

LFPR is labour force as a percentage of working-age population.

This question belongs to: Economy GK Economy Set 1

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Question #1

Which of the following is NOT a objective of economic planning in India?

A. Economic growth

B. Modernisation

C. Self-reliance

D. Maximisation of inequality

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Correct Answer: Option D

Explanation:
Economic planning in India aimed at growth, modernisation, self-reliance and social justice (reduction of inequality), not maximisation of inequality.

This question belongs to: Economy GK Economy Set 1

Question #2

The 'GST Appellate Tribunal' is also known as:

A. Goods and Services Tax Appellate Tribunal

B. GST Council

C. Competition Commission of India

D. Central Board of Indirect Taxes and Customs

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Correct Answer: Option A

Explanation:
GST Appellate Tribunal hears appeals under GST.

This question belongs to: Economy GK Economy Set 1

Question #3

The 'Urjit Patel Committee' recommended which inflation target for India?

A. 2%

B. 5% fixed

C. 4% with a band of +/- 2%

D. 6% with a band of +/- 1%

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Correct Answer: Option C

Explanation:
The Urjit Patel Committee recommended an inflation target of 4% with a +/- 2% band.

This question belongs to: Economy GK Economy Set 1

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