The 'stagflation' is a combination of: MCQ with Answer and Explanation

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The 'stagflation' is a combination of:

A. high inflation and low unemployment

B. low inflation and high unemployment

C. low inflation and low unemployment

D. high inflation and high unemployment

Answer: Option D

Solution (By JKSSB Mock Tests)

Stagflation is high inflation combined with high unemployment and stagnant demand.

This question belongs to: Economy GK Economy Set 1

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Question #1

The concept of 'Opportunity Cost' is best illustrated by:

A. The cost of producing one more unit

B. The total cost of production

C. The difference between total revenue and total cost

D. The value of the next best alternative forgone when a choice is made

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Correct Answer: Option D

Explanation:
Opportunity cost is the value of the best alternative that is sacrificed when a decision is made; it is fundamental to the study of choice under scarcity.

This question belongs to: Economy GK Economy Set 1

Question #2

Veblen goods are demanded mainly because:

A. they are necessities

B. they have many substitutes

C. their price is low

D. high price confers prestige or status

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Correct Answer: Option D

Explanation:
Veblen goods are conspicuous consumption goods where a higher price increases their status value.

This question belongs to: Economy GK Economy Set 1

Question #3

The 'Goods and Services Tax' on services by the United Nations and international organizations is:

A. 18%

B. 5%

C. exempt

D. 0%

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Correct Answer: Option C

Explanation:
Services by UN and specified international organizations are exempt from GST.

This question belongs to: Economy GK Economy Set 1

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