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

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The 'Minimum Wages Act' applies to:

A. scheduled employments including agricultural and industrial workers

B. only factory workers

C. only government employees

D. only informal sector

Answer: Option A

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

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Question #1

The 'Goods and Services Tax' on port services is:

A. 18%

B. 28%

C. 5%

D. 12%

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Correct Answer: Option A

Explanation:
Port services attract 18% GST.

This question belongs to: Economy GK Economy Set 1

Question #2

The 'per capita income' is calculated by dividing national income by:

A. labour force

B. total population

C. working population

D. number of households

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Correct Answer: Option B

Explanation:
Per capita income is national income divided by total population.

This question belongs to: Economy GK Economy Set 1

Question #3

Which of the following is a feature of the 'Uncovered Interest Parity' puzzle or forward-premium puzzle?

A. High-interest currencies always depreciate as predicted

B. Forward rates are perfect predictors of future spot rates

C. Interest differentials are always zero

D. High-interest currencies tend to appreciate rather than depreciate as uncovered interest parity would predict

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Correct Answer: Option D

Explanation:
Empirical evidence often shows that currencies with high interest rates tend to appreciate, contrary to the prediction of uncovered interest parity that they should depreciate; this is known as the forward-premium puzzle.

This question belongs to: Economy GK Economy Set 1

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