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. employed persons

C. total population

D. unemployed persons

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

The 'Goods and Services Tax' on tour operator services is:

A. 18%

B. 5% without ITC

C. 12%

D. 5%

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Correct Answer: Option B

Explanation:
Tour operator services attract 5% GST without input tax credit.

This question belongs to: Economy GK Economy Set 1

Question #2

The 'Goods and Services Tax' on betting and gambling is:

A. 12%

B. 5%

C. 28%

D. 18%

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Correct Answer: Option C

Explanation:
Betting and gambling attract 28% GST.

This question belongs to: Economy GK Economy Set 1

Question #3

In the context of demand, a Giffen good is one for which:

A. Demand is perfectly elastic

B. Demand decreases as price increases

C. Demand increases as price increases

D. Demand is independent of price

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Correct Answer: Option C

Explanation:
A Giffen good is an inferior good for which the income effect outweighs the substitution effect, leading to an upward-sloping demand curve (demand rises when price rises).

This question belongs to: Economy GK Economy Set 1

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