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 disguised unemployment as the sole category

B. Only voluntary unemployment

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

In a Lorenz curve diagram, the diagonal line represents:

A. economic growth

B. perfect equality of income distribution

C. poverty line

D. complete income inequality

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Correct Answer: Option B

Explanation:
The diagonal line in the Lorenz curve diagram represents perfect income equality.

This question belongs to: Economy GK Economy Set 1

Question #2

The 'Goods and Services Tax' on pasta and noodles is:

A. 12%

B. 28%

C. 18%

D. 5%

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Correct Answer: Option C

Explanation:
Pasta and noodles attract 18% GST.

This question belongs to: Economy GK Economy Set 1

Question #3

The 'break-even point' in consumption occurs when:

A. consumption equals income

B. consumption equals saving

C. saving equals investment

D. MPC equals zero

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Correct Answer: Option A

Explanation:
At break-even point, consumption equals income, so saving is zero.

This question belongs to: Economy GK Economy Set 1

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