The 'Payment of Bonus Act' was enacted in India in which year? MCQ with Answer and Explanation

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The 'Payment of Bonus Act' was enacted in India in which year?

A. 1976

B. 1965

C. 1972

D. 1956

Answer: Option B

Solution (By JKSSB Mock Tests)

The Payment of Bonus Act was enacted in 1965.

This question belongs to: Economy GK Economy Set 1

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Question #1

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Which of the following is NOT included in the calculation of GDP at market prices?

A. Intermediate goods

B. Gross investment

C. Net exports

D. Private consumption expenditure

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Correct Answer: Option A

Explanation:
GDP includes only final goods and services to avoid double counting. Intermediate goods are not included in GDP calculation.

This question belongs to: Economy GK Economy Set 1

Question #2

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The term 'Stagflation' refers to a situation of:

A. Low inflation and low unemployment

B. Low inflation and high growth

C. High inflation and high unemployment

D. High inflation and high growth

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Correct Answer: Option C

Explanation:
Stagflation is a combination of stagnant economic growth (or high unemployment) along with high inflation, which challenges conventional policy responses.

This question belongs to: Economy GK Economy Set 1

Question #3

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The 'Union Budget' is presented in Parliament by the:

A. Finance Minister

B. Finance Secretary

C. Prime Minister

D. President

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Correct Answer: Option A

Explanation:
The Union Budget is presented by the Finance Minister.

This question belongs to: Economy GK Economy Set 1

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