Which of the following is a measure of absolute poverty? MCQ with Answer and Explanation

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Which of the following is a measure of absolute poverty?

A. Lorenz curve

B. Relative income share of bottom 40%

C. Gini coefficient

D. Poverty line based on calorie intake or income

Answer: Option D

Solution (By JKSSB Mock Tests)

Absolute poverty is measured with reference to a fixed poverty line based on minimum calorie requirements or income needed to meet basic needs. Gini and Lorenz measure inequality (relative poverty aspects).

This question belongs to: Economy GK Economy Set 1

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Question #1

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If a 10% increase in the price of a good causes quantity demanded to fall by 5%, the price elasticity of demand is:

A. 2

B. 5

C. 0.5

D. 1

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Correct Answer: Option C

Explanation:
Elasticity = 5% / 10% = 0.5, which is inelastic.

This question belongs to: Economy GK Economy Set 1

Question #2

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The 'Belt and Road Initiative' is associated with which country?

A. India

B. China

C. United States

D. Japan

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Correct Answer: Option B

Explanation:
The Belt and Road Initiative is a Chinese infrastructure and trade connectivity project.

This question belongs to: Economy GK Economy Set 1

Question #3

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In the context of cost curves, the Average Fixed Cost (AFC) curve is:

A. U-shaped

B. Horizontal

C. Upward sloping

D. Rectangular hyperbola

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Correct Answer: Option D

Explanation:
Average Fixed Cost falls continuously as output increases and the AFC curve is a rectangular hyperbola.

This question belongs to: Economy GK Economy Set 1

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