Which of the following is a standard classification of unemployment based on cause? MCQ with Answer and Explanation

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Which of the following is a standard classification of unemployment based on cause?

A. Only voluntary unemployment

B. Only disguised unemployment as the sole category

C. Frictional, structural, cyclical and seasonal

D. Only natural rate as the sole category

Answer: Option C

Solution (By JKSSB Mock Tests)

Unemployment is commonly classified by cause into frictional, structural, cyclical and seasonal categories.

This question belongs to: Economy GK Economy Set 1

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Question #1

The Fifteenth Finance Commission was headed by:

A. C. Rangarajan

B. N.K. Singh

C. Vijay Kelkar

D. Y.V. Reddy

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Correct Answer: Option B

Explanation:
The Fifteenth Finance Commission was headed by N.K. Singh.

This question belongs to: Economy GK Economy Set 1

Question #2

The 'effective revenue deficit' was introduced in the budget of which year?

A. 2011-12

B. 2009-10

C. 2008-09

D. 2014-15

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Correct Answer: Option B

Explanation:
The concept of effective revenue deficit was introduced in the Union Budget 2009-10.

This question belongs to: Economy GK Economy Set 1

Question #3

The 'real interest rate' is approximately equal to:

A. inflation minus nominal interest rate

B. nominal interest rate minus inflation

C. nominal interest rate divided by inflation

D. nominal interest rate plus inflation

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Correct Answer: Option B

Explanation:
Real interest rate ≈ nominal interest rate - inflation rate.

This question belongs to: Economy GK Economy Set 1

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