The 'Washington Consensus' refers to a set of policies emphasizing: MCQ with Answer and Explanation

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The 'Washington Consensus' refers to a set of policies emphasizing:

A. import substitution and state control

B. nationalization

C. liberalization, privatization and macroeconomic stability

D. trade barriers

Answer: Option C

Solution (By JKSSB Mock Tests)

The Washington Consensus emphasized liberalization, privatization and macroeconomic stability.

This question belongs to: Economy GK Economy Set 1

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Question #1

The 'Kuznets curve' hypothesizes that income inequality:

A. is unrelated to growth

B. falls continuously with growth

C. first rises then falls with economic development

D. rises continuously with growth

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Correct Answer: Option C

Explanation:
The Kuznets curve suggests inequality first increases and later decreases as an economy develops.

This question belongs to: Economy GK Economy Set 1

Question #2

The 'net investment' is equal to gross investment minus:

A. consumption

B. savings

C. depreciation

D. taxes

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Correct Answer: Option C

Explanation:
Net investment = gross investment - depreciation.

This question belongs to: Economy GK Economy Set 1

Question #3

The Labour Force Participation Rate is calculated as:

A. employed divided by unemployed

B. total population divided by employed

C. labour force divided by working-age population multiplied by 100

D. unemployed divided by labour force multiplied by 100

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Correct Answer: Option C

Explanation:
LFPR = (labour force / working-age population) × 100.

This question belongs to: Economy GK Economy Set 1

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