The 'literacy rate' in the Indian census is defined for persons aged: MCQ with Answer and Explanation

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The 'literacy rate' in the Indian census is defined for persons aged:

A. 0-6 years

B. 18-60 years

C. 7 years and above

D. 15-35 years

Answer: Option C

Solution (By JKSSB Mock Tests)

The literacy rate is calculated for the population aged 7 years and above.

This question belongs to: Economy GK Economy Set 1

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Question #1

The concept of 'Intergenerational Equity' in fiscal policy emphasises:

A. Only maximising current consumption

B. Only reducing taxes for the current generation

C. Only short-term stabilisation

D. Fair distribution of the burden of public debt between present and future generations

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Correct Answer: Option D

Explanation:
Intergenerational equity requires that the burden of financing public expenditure and debt is distributed fairly across generations so that future generations are not unduly burdened.

This question belongs to: Economy GK Economy Set 1

Question #2

The concept of 'Framing Effects' demonstrates that:

A. The way in which a choice is presented can systematically affect decisions even when the underlying outcomes are identical

B. Preferences are completely invariant to description

C. Framing never affects choices

D. Only the objective outcomes matter

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Correct Answer: Option A

Explanation:
Framing effects occur when logically equivalent descriptions of the same decision problem lead to different choices, violating the invariance assumption of standard rational-choice theory.

This question belongs to: Economy GK Economy Set 1

Question #3

The 'Goods and Services Tax' on jewellery is:

A. 3%

B. 12%

C. 5%

D. 18%

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Correct Answer: Option A

Explanation:
Gold, silver and jewellery attract 3% GST.

This question belongs to: Economy GK Economy Set 1

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