Which of the following is NOT a type of unemployment recognised in economics? MCQ with Answer and Explanation

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Which of the following is NOT a type of unemployment recognised in economics?

A. Cyclical unemployment

B. Frictional unemployment

C. Structural unemployment

D. Nominal unemployment

Answer: Option D

Solution (By JKSSB Mock Tests)

The main types of unemployment are frictional, structural, cyclical and seasonal. 'Nominal unemployment' is not a standard classification.

This question belongs to: Economy GK Economy Set 1

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Question #1

In the context of economic reforms in India, the New Economic Policy of 1991 emphasised:

A. Import substitution only

B. Complete isolation from the world economy

C. Liberalisation, privatisation and globalisation

D. Licence-permit-quota raj

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Correct Answer: Option C

Explanation:
The 1991 economic reforms focused on Liberalisation, Privatisation and Globalisation (LPG) to open up the economy, reduce government control and integrate with the global economy.

This question belongs to: Economy GK Economy Set 1

Question #2

Which of the following is a major source of revenue for the Central Government of India?

A. Only professional tax

B. Only property tax

C. Corporation tax, income tax and GST (central share)

D. Only state GST

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Correct Answer: Option C

Explanation:
Major sources of central government revenue include corporation tax, personal income tax, and the central share of GST, along with customs and other duties.

This question belongs to: Economy GK Economy Set 1

Question #3

In the context of cost-benefit analysis, a project is considered viable if:

A. Only private benefits are considered

B. Present value of benefits exceeds present value of costs

C. Only financial costs are considered without social costs

D. Present value of costs exceeds present value of benefits

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Correct Answer: Option B

Explanation:
In cost-benefit analysis, a project is economically viable if the present value of its benefits exceeds the present value of its costs (Net Present Value > 0).

This question belongs to: Economy GK Economy Set 1

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