The 'working-age population' in India is usually defined as persons aged: MCQ with Answer and Explanation

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The 'working-age population' in India is usually defined as persons aged:

A. 15-59 or 15-64 depending on definition

B. 18-70

C. 21-65

D. 10-60

Answer: Option A

Solution (By JKSSB Mock Tests)

Working-age population is generally 15-59 or 15-64 depending on the survey definition.

This question belongs to: Economy GK Economy Set 1

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Question #1

Which of the following is a feature of the 'New Classical' school of macroeconomics?

A. Liquidity trap as a central concept

B. Emphasis on sticky wages and prices

C. Rational expectations and continuous market clearing

D. Importance of fiscal policy for stabilisation

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Correct Answer: Option C

Explanation:
New Classical economics assumes rational expectations and continuous market clearing, implying that systematic monetary policy cannot systematically affect real output.

This question belongs to: Economy GK Economy Set 1

Question #2

In the context of inflation, 'Core Inflation' excludes:

A. Housing prices

B. Service prices

C. Manufactured goods prices

D. Food and fuel prices

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Correct Answer: Option D

Explanation:
Core inflation is a measure of inflation that excludes volatile items such as food and fuel prices to give a better picture of underlying inflation trends.

This question belongs to: Economy GK Economy Set 1

Question #3

The 'Goods and Services Tax' on sale of used goods is:

A. 28%

B. 0%

C. levied on margin

D. 18%

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Correct Answer: Option C

Explanation:
GST on used goods is levied on the margin for registered dealers under the margin scheme.

This question belongs to: Economy GK Economy Set 1

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