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

Question
The Phillips curve shows an inverse relationship between:
A. money supply and price level
B. inflation and unemployment
C. output and employment
D. inflation and interest rates
Answer: Option B
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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Practice More Economy Set 1 Questions

Question #1
Personal Disposable Income is obtained by subtracting from personal income:
A. direct personal taxes
B. customs duty
C. indirect taxes
D. corporate tax
Discuss
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Correct Answer: Option A

Explanation:
Personal disposable income is personal income minus direct personal taxes and other non-tax payments.
This question belongs to: Economy GK Economy Set 1
Question #2
In the context of the Indian economy, the term 'Twin Deficit' refers to:
A. Capital account deficit and fiscal surplus
B. Fiscal deficit and current account deficit
C. Budget deficit and trade surplus
D. Revenue deficit and primary deficit only
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Correct Answer: Option B

Explanation:
Twin deficit refers to the simultaneous existence of a fiscal deficit (government budget) and a current account deficit (external sector) in an economy.
This question belongs to: Economy GK Economy Set 1
Question #3
The 'Goods and Services Tax' does not apply to:
A. goods and services
B. interstate supplies
C. imports
D. alcoholic liquor for human consumption
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Correct Answer: Option D

Explanation:
Alcoholic liquor for human consumption is outside GST.
This question belongs to: Economy GK Economy Set 1
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