The 'Phillips curve' in the long run is generally considered to be: MCQ with Answer and Explanation

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The 'Phillips curve' in the long run is generally considered to be:

A. vertical at the natural rate of unemployment

B. downward sloping

C. horizontal

D. upward sloping

Answer: Option A

Solution (By JKSSB Mock Tests)

The long-run Phillips curve is vertical, implying no permanent trade-off between inflation and unemployment.

This question belongs to: Economy GK Economy Set 1

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Question #1

The 'Goods and Services Tax' refund for exporters is available through:

A. customs only

B. SEBI

C. income tax return

D. GST refund mechanism

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Correct Answer: Option D

Explanation:
Exporters can claim refunds of accumulated input tax credit under GST.

This question belongs to: Economy GK Economy Set 1

Question #2

The 'Atal Pension Yojana' provides a guaranteed pension ranging from:

A. Rs 1,000 to Rs 5,000

B. Rs 10,000 to Rs 20,000

C. Rs 500 to Rs 1,000

D. Rs 5,000 to Rs 10,000

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Correct Answer: Option A

Explanation:
Atal Pension Yojana provides guaranteed pension from Rs 1,000 to Rs 5,000 per month.

This question belongs to: Economy GK Economy Set 1

Question #3

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

A. labour force

B. working population

C. number of households

D. total population

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Correct Answer: Option D

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

This question belongs to: Economy GK Economy Set 1

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