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. 18-70

B. 21-65

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

D. 10-60

Answer: Option C

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 NOT a type of economic system?

A. Socialist economy

B. Capitalist economy

C. Mixed economy

D. Barter economy as a complete system classification

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Correct Answer: Option D

Explanation:
Economic systems are classified as capitalist, socialist and mixed based on ownership and resource allocation. Barter is a method of exchange, not a complete economic system classification.

This question belongs to: Economy GK Economy Set 1

Question #2

The 'circular flow of income' in a three-sector economy includes:

A. firms and government only

B. government and foreign sector only

C. households, firms and government

D. households, firms and foreign sector

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Correct Answer: Option C

Explanation:
A three-sector economy includes households, firms and government.

This question belongs to: Economy GK Economy Set 1

Question #3

The 'Goods and Services Tax' on services provided by RBI is:

A. 0%

B. 5%

C. exempt

D. 18%

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Correct Answer: Option C

Explanation:
RBI services are exempt from GST.

This question belongs to: Economy GK Economy Set 1

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