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. inflation and unemployment

B. output growth and changes in unemployment

C. interest rates and investment

D. tax rates and revenue

Answer: Option B

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

PM Gati Shakti is a national master plan for:

A. tax administration

B. banking reforms

C. agricultural exports

D. multi-modal connectivity and integrated infrastructure planning

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Correct Answer: Option D

Explanation:
PM Gati Shakti is a national master plan for multi-modal connectivity and integrated infrastructure planning.

This question belongs to: Economy GK Economy Set 1

Question #2

Which of the following is used to measure the degree of concentration in an industry?

A. Human Development Index

B. Lorenz curve only

C. Gini coefficient only

D. Herfindahl-Hirschman Index

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Correct Answer: Option D

Explanation:
The Herfindahl-Hirschman Index (HHI) is calculated as the sum of the squares of the market shares of all firms in an industry and is widely used to measure market concentration.

This question belongs to: Economy GK Economy Set 1

Question #3

The 'National Initiative for Developing and Harnessing Innovations' supports:

A. defence manufacturing only

B. banking technology

C. agricultural research only

D. innovation and entrepreneurship

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Correct Answer: Option D

Explanation:
NIDHI supports innovation and entrepreneurship.

This question belongs to: Economy GK Economy Set 1

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