The 'Phillips curve' shows trade-off between: MCQ with Answer and Explanation

The 'Phillips curve' shows trade-off between:
A. unemployment and growth
B. interest rates and inflation
C. inflation and growth
D. inflation and unemployment
Answer: Option D
Solution (By JKSSB Mock Tests)
Phillips curve shows inverse relationship between inflation and unemployment.

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Practice More Economy Set 1 Questions

Question #1
Which of the following is a characteristic of 'Libertarian Paternalism'?
A. The use of mandates that eliminate choice
B. Only laissez-faire without any guidance
C. The complete rejection of any paternalistic intervention
D. The design of policies that steer people toward better choices while preserving freedom of choice

Correct Answer: Option D


Explanation:
Libertarian paternalism, the philosophical foundation of nudge theory, advocates interventions that improve welfare by guiding choices without restricting the set of available options.

This question belongs to: Economy GK Economy Set 1
Question #2
The concept of 'Data Trusts' or 'Data Commons' explores:
A. The complete free-for-all of unregulated data markets
B. Institutional arrangements in which data is stewarded collectively for the benefit of a defined community of stakeholders
C. Only private ownership of all data by platforms
D. Only government ownership of all personal data

Correct Answer: Option B


Explanation:
Data trusts and data commons are emerging institutional models that seek to govern data as a shared resource, with trustees or collective bodies responsible for managing access and use in accordance with the interests of the data subjects or community.

This question belongs to: Economy GK Economy Set 1
Question #3
The 'Goods and Services Tax' on precious stones is:
A. 0.25%
B. 12%
C. 3%
D. 5%

Correct Answer: Option A


Explanation:
Precious stones attract 0.25% GST.

This question belongs to: Economy GK Economy Set 1