The 'Minimum Wages Act' applies to: MCQ with Answer and Explanation

Question

Share Report Error

The 'Minimum Wages Act' applies to:

A. only government employees

B. only factory workers

C. scheduled employments including agricultural and industrial workers

D. only informal sector

Answer: Option C

Solution (By JKSSB Mock Tests)

Minimum Wages Act applies to scheduled employments including agriculture and industry.

This question belongs to: Economy GK Economy Set 1

Request complete Subject PDF

Discuss this Question (0)

No comments yet. Be the first to start the discussion!

Practice More Economy Set 1 Questions

Question #1

The term 'Disguised Unemployment' implies that:

A. Workers are employed in high-productivity jobs

B. Workers are unemployed and actively seeking jobs

C. More people are engaged in a task than required, with marginal productivity close to zero

D. Unemployment is due to seasonal factors only

View Answer & Solution Discuss

Get Complete Subject PDF for Economy GK

Correct Answer: Option C

Explanation:
Disguised unemployment exists when the removal of some workers does not reduce total output, typically found in agriculture in developing countries.

This question belongs to: Economy GK Economy Set 1

Question #2

The term 'Soft Currency' refers to:

A. A currency that is widely accepted and stable

B. A currency that is not widely accepted internationally and may be unstable

C. Only gold-backed currency

D. Only the US dollar

View Answer & Solution Discuss

Get Complete Subject PDF for Economy GK

Correct Answer: Option B

Explanation:
A soft currency is one that is not widely used in international transactions and may experience frequent fluctuations or limited convertibility, in contrast to hard currencies like the US dollar or euro.

This question belongs to: Economy GK Economy Set 1

Question #3

In the context of the production possibility frontier, an outward shift indicates:

A. Economic growth arising from an increase in resources or improvement in technology

B. A decline in the productive capacity of the economy

C. Inefficient allocation of resources

D. Underutilisation of resources

View Answer & Solution Discuss

Get Complete Subject PDF for Economy GK

Correct Answer: Option A

Explanation:
An outward shift of the PPF reflects an increase in the economy's productive capacity due to growth in resources or technological progress.

This question belongs to: Economy GK Economy Set 1

Explore All Economy Set 1 MCQs