The sacrifice ratio measures: MCQ with Answer and Explanation

Question
The sacrifice ratio measures:
A. the ratio of tax revenue to GDP
B. the cost of inflation in terms of lost output
C. the cost of unemployment in terms of inflation
D. the ratio of exports to imports
Answer: Option B
Solution (By JKSSB Mock Tests)
The sacrifice ratio is the cumulative output loss required to reduce inflation by one percentage point.
This question belongs to: Economy GK Economy Set 1
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Practice More Economy Set 1 Questions

Question #1
Which of the following is a characteristic of the 'Catch-up' or 'Convergence' hypothesis in growth theory?
A. Richer economies always grow faster
B. Only absolute convergence always holds unconditionally
C. Poorer economies tend to grow faster than richer ones, conditional on similar steady-state determinants
D. There is no tendency for convergence
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Correct Answer: Option C

Explanation:
Conditional convergence predicts that countries with lower initial income per worker grow faster once differences in saving rates, population growth and technology are controlled for.
This question belongs to: Economy GK Economy Set 1
Question #2
The 'Goods and Services Tax' on lottery tickets is:
A. 12%
B. 18%
C. 0%
D. 28%
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Correct Answer: Option D

Explanation:
Lottery tickets attract 28% GST.
This question belongs to: Economy GK Economy Set 1
Question #3
The 'Doha Development Agenda' was launched in which year?
A. 1999
B. 2003
C. 2005
D. 2001
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Correct Answer: Option D

Explanation:
The Doha Development Agenda was launched in 2001.
This question belongs to: Economy GK Economy Set 1
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