The 'Okun's law' describes a relationship between: MCQ with Answer and Explanation

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The 'Okun's law' describes a relationship between:

A. tax rates and revenue

B. inflation and unemployment

C. interest rates and investment

D. output growth and changes in unemployment

Answer: Option D

Solution (By JKSSB Mock Tests)

Okun's law relates changes in unemployment to output growth.

This question belongs to: Economy GK Economy Set 1

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Question #1

The 'Contingency Fund of India' is established under which article?

A. Article 280

B. Article 263

C. Article 312

D. Article 267

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Correct Answer: Option D

Explanation:
The Contingency Fund of India is established under Article 267.

This question belongs to: Economy GK Economy Set 1

Question #2

In the context of banking regulation, the Capital Adequacy Ratio is prescribed to:

A. Determine the dividend payout

B. Fix the CRR level

C. Ensure banks maintain sufficient capital relative to risk-weighted assets

D. Determine the interest rate on deposits

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Correct Answer: Option C

Explanation:
Capital Adequacy Ratio (CAR) requires banks to hold a minimum amount of capital in proportion to their risk-weighted assets to absorb potential losses and protect depositors.

This question belongs to: Economy GK Economy Set 1

Question #3

The 'International Criminal Court' is located in:

A. Geneva

B. Vienna

C. New York

D. The Hague

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Correct Answer: Option D

Explanation:
ICC is located in The Hague.

This question belongs to: Economy GK Economy Set 1

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