JKSSB Economics MCQs

Explanation

The correct answer is: District Consumer Commission.

Under the Consumer Protection Act, 2019, the three-tier dispute redressal system provides a clear hierarchy for handling complaints:

• District Consumer Commission: Handles complaints where the value of the goods or services paid as consideration does not exceed ₹50 lakh. This is the first level of redressal for most individual consumer disputes.

• State Consumer Commission: Handles complaints where the value exceeds ₹50 lakh but does not exceed ₹2 crore.

• National Consumer Commission: Handles complaints where the value exceeds ₹2 crore.

Explanation

The correct answer is: Right to Redressal.

The Right to Redressal is the consumer's right to seek compensation against unfair trade practices, exploitation, or the delivery of defective/substandard goods and deficient services. It provides consumers with the mechanism to have their grievances heard and to be fairly compensated (which may include a refund, replacement of goods, or repair).

Explanation

The correct answer is: Protect consumers against unfair trade practices.

The Consumer Protection Act (specifically the 2019 Act in India) is designed to protect the rights of consumers and provide mechanisms for the redressal of complaints regarding unfair trade practices, defective goods, and deficient services. It empowers consumers through rights such as the right to safety, the right to be informed, the right to choose, and the right to seek redressal against exploitation.

Explanation

The correct answer is: Void.

In contract law, an agreement made by or with a minor (a person under the age of majority, which is 18 years in India under the Indian Majority Act, 1875) is considered void ab initio, meaning it is void from the very beginning.

Because a minor is considered legally incapable of giving informed consent or fully understanding the legal consequences of their actions, the law provides this protection to prevent them from being exploited or bound by unfavorable obligations.

Explanation

The correct answer is: Something of value exchanged between parties.

In contract law, consideration is a fundamental element that makes an agreement legally binding. It represents the "price" paid for the promise—it is the benefit received by one party and the burden or sacrifice undertaken by the other. Without valid consideration, a promise is generally considered a gift and is not enforceable as a contract.

Consideration does not necessarily have to be money; it can take many forms, including:

• Goods or services.

• A promise to do something (or to refrain from doing something).

• The relinquishing of a legal right.

Explanation

The correct answer is: Inversely related.

The Law of Demand states that, ceteris paribus (all other things remaining constant), there is an inverse relationship between the price of a good and the quantity demanded. This means:

• As the price increases, the quantity demanded decreases.

• As the price decreases, the quantity demanded increases.

This downward slope of the demand curve is primarily driven by the substitution effect (consumers switch to cheaper alternatives) and the income effect (a lower price increases the consumer's purchasing power).

Explanation

The correct answer is: Equilibrium point.

The Equilibrium point is the market price at which the quantity of a product that consumers are willing and able to buy (demand) is exactly equal to the quantity that producers are willing and able to sell (supply). At this price, the market is "cleared," meaning there is neither a shortage nor a surplus of the product.

Explanation

The correct answer is: A large change in demand.

When demand is highly elastic (price elasticity of demand > 1), consumers are very sensitive to price adjustments. Because of this sensitivity, even a relatively small percentage increase or decrease in price leads to a proportionately larger percentage change in the quantity demanded.

Explanation

The correct answer is: Number of employees reporting to a manager.

Span of control (also known as span of management) refers to the number of subordinates that a supervisor or manager can efficiently and effectively direct. It is a critical concept in organizational design because it directly impacts the shape of the organizational structure.

• Narrow Span of Control: A manager oversees a small number of subordinates. This often results in a "tall" organization with many hierarchical levels, allowing for closer supervision and more frequent communication.

• Wide Span of Control: A manager oversees a large number of subordinates. This typically results in a "flat" organization with fewer levels, which can promote faster decision-making and increased employee autonomy but may limit the amount of individual guidance a manager can provide.

Explanation

The correct answer is: Total value of goods and services produced within a country.

Gross Domestic Product (GDP) is the total monetary or market value of all the finished goods and services produced within a country's borders during a specific time period. It acts as a comprehensive scorecard of a country’s economic health.

Explanation

The correct answer is: Consumer Price Index (CPI).

The Consumer Price Index (CPI) measures the average change over time in the prices paid by urban consumers for a representative "basket" of consumer goods and services, such as food, clothing, shelter, fuel, and medical services. It is the most widely recognized indicator of the cost of living and the primary tool used by governments and central banks to track and manage inflation.

Explanation

The correct answer is: Government taxation and expenditure.

Fiscal Policy is the tool used by a government to influence the national economy by adjusting its levels of spending and tax revenue. It is the primary way the government manages aggregate demand to pursue goals like economic growth, full employment, and price stability.

Explanation

The correct answer is: High inflation and high unemployment.

Stagflation is a unique and challenging economic phenomenon characterized by a combination of stagnant economic growth (high unemployment) and rising prices (high inflation). The term is a portmanteau of "stagnation" and "inflation."

It is considered particularly difficult for policymakers to address because the traditional tools used to fight inflation (such as raising interest rates) often tend to worsen unemployment, while tools used to boost growth (such as lowering interest rates) often tend to worsen inflation.

Explanation

The correct answer is A) Structural unemployment.

Explanation

The main reason for introducing economic reforms in India in 1991 was:

D) Balance of Payments crisis

Explanation

The main technological innovation introduced during the Green Revolution was:

D) High Yielding Variety (HYV) seeds

Explanation

The excess of total expenditure over total receipts, excluding debt capital receipts, is called: C) Fiscal deficit

Explanation

In a market economy, supply and demand determine production and pricing, while in a planned economy, the government makes these decisions.

Explanation

Explanation

Explanation

The only true statement is C) In the managed floating exchange rate system, the central bank intervenes to moderate exchange rate fluctuations.

Explanation

The correct answer is D) None of the above.

Explanation

The correct answer is A) investment is greater than saving.

Explanation

The correct answer is A) 250 crores.

Explanation

The correct answer is A) 5,85,000.

Explanation

The key factor among the choices that has driven India's economic growth in recent decades is C) Improved business climate.

Explanation

The last decennial Census of India was conducted in 2011.

The Census of India is conducted every 10 years, making the 2021 Census the next scheduled one. However, the 2021 Census was postponed due to the COVID-19 pandemic and other administrative reasons, and it has not been conducted yet.

Explanation

The inequality of income is measured by the B) Gini coefficient.

Explanation

The correct match between List A and List B is:

• (I) Fall in general price level $\rightarrow$ 3) Deflation

• (II) Reduction in value of currency $\rightarrow$ 1) Devaluation

• (III) Increase in spending by the government $\rightarrow$ 2) Expansionary policy

• (IV) Increase in taxes on traded goods $\rightarrow$ 4) Tariff

Therefore, the correct option is C) (I)-(3), (II)-(1), (III)-(2), (IV)-(4).

Explanation

change in the firm's total revenue equals the price of the product multiplied by the change in quantity sold.