The Phillips curve shows an inverse relationship between: MCQ with Answer and Explanation

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The Phillips curve shows an inverse relationship between:

A. inflation and interest rates

B. output and employment

C. money supply and price level

D. inflation and unemployment

Answer: Option D

Solution (By JKSSB Mock Tests)

The Phillips curve suggests a short-run trade-off between inflation and unemployment.

This question belongs to: Economy GK Economy Set 1

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Question #1

The 'World Bank Group' has how many member countries in IBRD?

A. 189

B. 193

C. 164

D. 150

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Correct Answer: Option A

Explanation:
IBRD has 189 member countries.

This question belongs to: Economy GK Economy Set 1

Question #2

The 'government route' for FDI requires:

A. no approval

B. prior approval from the government

C. only SEBI approval

D. only RBI approval

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Correct Answer: Option B

Explanation:
Government route requires prior approval from the concerned government ministry.

This question belongs to: Economy GK Economy Set 1

Question #3

Which of the following is an example of a regressive tax?

A. Goods and Services Tax (GST)

B. Wealth tax

C. Income tax with higher rates for higher income

D. Corporate tax with progressive slabs

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Correct Answer: Option A

Explanation:
GST is largely regressive because lower-income groups spend a higher proportion of their income on consumption, bearing a relatively higher tax burden compared to higher-income groups.

This question belongs to: Economy GK Economy Set 1

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