The 'unemployment rate' under usual status considers a person unemployed if: MCQ with Answer and Explanation

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The 'unemployment rate' under usual status considers a person unemployed if:

A. retired

B. not working for one day

C. not working for a long period and seeking work

D. not working for a week

Answer: Option C

Solution (By JKSSB Mock Tests)

Usual status unemployment refers to unemployment over a long reference period.

This question belongs to: Economy GK Economy Set 1

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Question #1

The 'long-run aggregate supply curve' is:

A. downward sloping

B. horizontal

C. U-shaped

D. vertical

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Correct Answer: Option D

Explanation:
The long-run aggregate supply curve is vertical at the full employment level of output.

This question belongs to: Economy GK Economy Set 1

Question #2

The 'NEFT' settlement in India has been made available on a:

A. batch basis only on weekdays

B. only at branches

C. 24x7 basis since December 2019

D. monthly basis

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Correct Answer: Option C

Explanation:
NEFT is available 24x7 since December 2019.

This question belongs to: Economy GK Economy Set 1

Question #3

In the context of global public goods, climate-change mitigation is considered a:

A. Pure private good

B. Club good limited to a few countries

C. Common-pool resource only

D. Global pure public good because its benefits are non-excludable and non-rivalrous across countries

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Correct Answer: Option D

Explanation:
Climate-change mitigation is a global pure public good: the benefits of reduced greenhouse-gas concentrations are non-excludable and non-rivalrous at the worldwide level, creating strong free-rider incentives.

This question belongs to: Economy GK Economy Set 1

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