The 'shadow economy' refers to: MCQ with Answer and Explanation

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The 'shadow economy' refers to:

A. unreported economic activities outside the formal sector

B. banking sector

C. stock market

D. formal sector activities

Answer: Option A

Solution (By JKSSB Mock Tests)

The shadow economy consists of unreported economic activities.

This question belongs to: Economy GK Economy Set 1

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Practice More Economy Set 1 Questions

Question #1

The 'Net National Product at factor cost' is also known as:

A. National Income

B. Gross Domestic Product

C. Disposable Income

D. Personal Income

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Correct Answer: Option A

Explanation:
National Income is NNP at factor cost.

This question belongs to: Economy GK Economy Set 1

Question #2

The 'Millennium Development Goals' were replaced by which framework?

A. Paris Agreement

B. Sendai Framework

C. Kyoto Protocol

D. Sustainable Development Goals

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Correct Answer: Option D

Explanation:
The SDGs replaced the Millennium Development Goals in 2016.

This question belongs to: Economy GK Economy Set 1

Question #3

The 'Finance Commission' is appointed under which article?

A. Article 324

B. Article 360

C. Article 356

D. Article 280

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Correct Answer: Option D

Explanation:
The Finance Commission is constituted under Article 280.

This question belongs to: Economy GK Economy Set 1

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