The 'long-run Phillips curve' is vertical at: MCQ with Answer and Explanation

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The 'long-run Phillips curve' is vertical at:

A. the natural rate of unemployment

B. zero inflation

C. maximum inflation

D. full employment with zero unemployment

Answer: Option A

Solution (By JKSSB Mock Tests)

The long-run Phillips curve is vertical at the natural rate of unemployment.

This question belongs to: Economy GK Economy Set 1

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Question #1

Which of the following is an example of a derived demand?

A. Demand for labour by firms

B. Demand for food by consumers

C. Demand for cars by households

D. Demand for entertainment

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Correct Answer: Option A

Explanation:
Derived demand is the demand for a factor of production that arises from the demand for the final product it helps produce. Demand for labour is derived from the demand for goods and services.

This question belongs to: Economy GK Economy Set 1

Question #2

The 'Fifth Five Year Plan' period was:

A. 1980-1985

B. 1969-1974

C. 1971-1976

D. 1974-1979

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Correct Answer: Option D

Explanation:
The Fifth Five Year Plan covered 1974-1979.

This question belongs to: Economy GK Economy Set 1

Question #3

The Foreign Exchange Management Act was enacted in which year?

A. 1973

B. 2005

C. 1992

D. 1999

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Correct Answer: Option D

Explanation:
FEMA was enacted in 1999, replacing FERA.

This question belongs to: Economy GK Economy Set 1

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