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Consider the following statements regarding unemployment.
1. Unemployment tends to increase economic overload.
2. Increase in unemployment is an indicator of a depressed economy
3. In case of India, a large number of people represented with low income and productivity are counted as unemployed
Which of these statements are correct?
- a)1 and 2 Only
- b)2 and 3 Only
- c)1 and 3 Only
- d)All of them
Correct answer is option 'A'. Can you explain this answer?
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Most Upvoted Answer
Consider the following statements regarding unemployment.1. Unemploym...
The correct answer is option 'A', which states that statements 1 and 2 are correct.
1. Unemployment tends to increase economic overload:
Unemployment refers to the situation where individuals who are willing and able to work are unable to find suitable employment opportunities. When unemployment rates are high, it puts a strain on the economy. This is because unemployed individuals are not contributing to the production of goods and services, which leads to a decrease in overall economic output. Additionally, unemployed individuals may rely on government assistance or social welfare programs, which can put a burden on public finances. Therefore, unemployment tends to increase economic overload.
2. Increase in unemployment is an indicator of a depressed economy:
High levels of unemployment are often seen as a sign of a depressed or struggling economy. When unemployment rates increase, it indicates that there is a lack of demand for labor in the economy. This can be due to various factors such as a slowdown in economic growth, lack of investment, or structural issues within the labor market. As a result, an increase in unemployment is often seen as a negative indicator of the overall health of the economy.
3. In the case of India, a large number of people represented with low income and productivity are counted as unemployed:
This statement is incorrect. In India, the definition of unemployment is based on the status of individuals in the labor force. According to the International Labour Organization (ILO), individuals are considered unemployed if they are currently not working, actively seeking work, and available for work. The income and productivity levels of individuals are not taken into account when determining unemployment. However, it is worth noting that in India, there is a significant portion of the workforce engaged in the informal sector, where income and productivity levels may be low. These individuals are not counted as unemployed but are considered underemployed.
In conclusion, statements 1 and 2 are correct, while statement 3 is incorrect. Unemployment does increase economic overload and an increase in unemployment is often an indicator of a depressed economy. However, in the case of India, individuals with low income and productivity are not counted as unemployed but may be considered underemployed.
1. Unemployment tends to increase economic overload:
Unemployment refers to the situation where individuals who are willing and able to work are unable to find suitable employment opportunities. When unemployment rates are high, it puts a strain on the economy. This is because unemployed individuals are not contributing to the production of goods and services, which leads to a decrease in overall economic output. Additionally, unemployed individuals may rely on government assistance or social welfare programs, which can put a burden on public finances. Therefore, unemployment tends to increase economic overload.
2. Increase in unemployment is an indicator of a depressed economy:
High levels of unemployment are often seen as a sign of a depressed or struggling economy. When unemployment rates increase, it indicates that there is a lack of demand for labor in the economy. This can be due to various factors such as a slowdown in economic growth, lack of investment, or structural issues within the labor market. As a result, an increase in unemployment is often seen as a negative indicator of the overall health of the economy.
3. In the case of India, a large number of people represented with low income and productivity are counted as unemployed:
This statement is incorrect. In India, the definition of unemployment is based on the status of individuals in the labor force. According to the International Labour Organization (ILO), individuals are considered unemployed if they are currently not working, actively seeking work, and available for work. The income and productivity levels of individuals are not taken into account when determining unemployment. However, it is worth noting that in India, there is a significant portion of the workforce engaged in the informal sector, where income and productivity levels may be low. These individuals are not counted as unemployed but are considered underemployed.
In conclusion, statements 1 and 2 are correct, while statement 3 is incorrect. Unemployment does increase economic overload and an increase in unemployment is often an indicator of a depressed economy. However, in the case of India, individuals with low income and productivity are not counted as unemployed but may be considered underemployed.
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Community Answer
Consider the following statements regarding unemployment.1. Unemploym...
- Unemployment leads to wastage of manpower resources.
- People who are an asset for the economy turn into a liability. There is a feeling of hopelessness and despair among the youth. People do not have enough money to support their family.
- Inability of educated people who are willing to work to find gainful employment implies a great social waste. Unemployment tends to increase economic overload. The dependence of the unemployed on the working population increases.
- The quality of life of an individual as well as of society is adversely affected. When a family has to live on a bare subsistence level there is a general decline in its health status and rising withdrawal from the school system.
- Hence, unemployment has a detrimental impact on the overall growth of an economy. Increase in unemployment is an indicator of a depressed economy. It also wastes the resource, which could have been gainfully employed. If people cannot be used as a resource they naturally appear as a liability to the economy. In the case of India, statistically, the unemployment rate is low.
- A large number of people represented with low income and productivity are counted as employed. They appear to work throughout the year but in terms of their potential and income, it is not adequate for them.
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Consider the following statements regarding unemployment.1. Unemployment tends to increase economic overload.2. Increase in unemployment is an indicator of a depressed economy3. In case of India, a large number of people represented with low income and productivity are counted as unemployedWhich of these statements are correct?a) 1 and 2 Onlyb) 2 and 3 Onlyc) 1 and 3 Onlyd) All of themCorrect answer is option 'A'. Can you explain this answer?
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Consider the following statements regarding unemployment.1. Unemployment tends to increase economic overload.2. Increase in unemployment is an indicator of a depressed economy3. In case of India, a large number of people represented with low income and productivity are counted as unemployedWhich of these statements are correct?a) 1 and 2 Onlyb) 2 and 3 Onlyc) 1 and 3 Onlyd) All of themCorrect answer is option 'A'. Can you explain this answer? for UPSC 2024 is part of UPSC preparation. The Question and answers have been prepared according to the UPSC exam syllabus. Information about Consider the following statements regarding unemployment.1. Unemployment tends to increase economic overload.2. Increase in unemployment is an indicator of a depressed economy3. In case of India, a large number of people represented with low income and productivity are counted as unemployedWhich of these statements are correct?a) 1 and 2 Onlyb) 2 and 3 Onlyc) 1 and 3 Onlyd) All of themCorrect answer is option 'A'. Can you explain this answer? covers all topics & solutions for UPSC 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Consider the following statements regarding unemployment.1. Unemployment tends to increase economic overload.2. Increase in unemployment is an indicator of a depressed economy3. In case of India, a large number of people represented with low income and productivity are counted as unemployedWhich of these statements are correct?a) 1 and 2 Onlyb) 2 and 3 Onlyc) 1 and 3 Onlyd) All of themCorrect answer is option 'A'. Can you explain this answer?.
Consider the following statements regarding unemployment.1. Unemployment tends to increase economic overload.2. Increase in unemployment is an indicator of a depressed economy3. In case of India, a large number of people represented with low income and productivity are counted as unemployedWhich of these statements are correct?a) 1 and 2 Onlyb) 2 and 3 Onlyc) 1 and 3 Onlyd) All of themCorrect answer is option 'A'. Can you explain this answer? for UPSC 2024 is part of UPSC preparation. The Question and answers have been prepared according to the UPSC exam syllabus. Information about Consider the following statements regarding unemployment.1. Unemployment tends to increase economic overload.2. Increase in unemployment is an indicator of a depressed economy3. In case of India, a large number of people represented with low income and productivity are counted as unemployedWhich of these statements are correct?a) 1 and 2 Onlyb) 2 and 3 Onlyc) 1 and 3 Onlyd) All of themCorrect answer is option 'A'. Can you explain this answer? covers all topics & solutions for UPSC 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Consider the following statements regarding unemployment.1. Unemployment tends to increase economic overload.2. Increase in unemployment is an indicator of a depressed economy3. In case of India, a large number of people represented with low income and productivity are counted as unemployedWhich of these statements are correct?a) 1 and 2 Onlyb) 2 and 3 Onlyc) 1 and 3 Onlyd) All of themCorrect answer is option 'A'. Can you explain this answer?.
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