Which of the following is the correct sequence of stages in the business cycle? MCQ with Answer and Explanation

Question
Which of the following is the correct sequence of stages in the business cycle?
A. Peak, Expansion, Trough, Contraction
B. Expansion, Peak, Contraction, Trough
C. Trough, Peak, Expansion, Contraction
D. Contraction, Expansion, Peak, Trough
Answer: Option B
Solution (By JKSSB Mock Tests)
The typical stages of a business cycle are expansion (recovery), peak (boom), contraction (recession) and trough (depression), and then the cycle repeats.
This question belongs to: Economy GK Economy Set 1
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Question #1
The 'second phase of bank nationalization' in India took place in which year?
A. 1969
B. 1980
C. 1991
D. 1998
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Correct Answer: Option B

Explanation:
Six more banks were nationalized in 1980.
This question belongs to: Economy GK Economy Set 1
Question #2
The GDP deflator is calculated as:
A. GDP at factor cost divided by GDP at market price multiplied by 100
B. Nominal GDP divided by NNP multiplied by 100
C. Nominal GDP divided by Real GDP multiplied by 100
D. Real GDP divided by Nominal GDP multiplied by 100
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Correct Answer: Option C

Explanation:
GDP deflator = (Nominal GDP / Real GDP) × 100.
This question belongs to: Economy GK Economy Set 1
Question #3
Which of the following is a feature of the Indian labour market?
A. Dominance of formal sector employment only
B. Uniform wages across sectors
C. Complete absence of unemployment
D. Large share of informal employment and dualism
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Correct Answer: Option D

Explanation:
The Indian labour market is characterised by a large informal sector, dualism between formal and informal employment, and significant underemployment.
This question belongs to: Economy GK Economy Set 1
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