Explore Exams
Login Signup
Sign in Open App
SSC CGL Exam  >  SSC CGL Test  >   Tier 2 - Study Material, Online Tests, Previous Year  >  Test: Introduction to Economics - SSC CGL MCQ

Introduction to Economics - Free MCQ Practice Test with solutions, SSC


MCQ Practice Test & Solutions: Test: Introduction to Economics (10 Questions)

You can prepare effectively for SSC CGL SSC CGL Tier 2 - Study Material, Online Tests, Previous Year with this dedicated MCQ Practice Test (available with solutions) on the important topic of "Test: Introduction to Economics". These 10 questions have been designed by the experts with the latest curriculum of SSC CGL 2026, to help you master the concept.

Test Highlights:

  • - Format: Multiple Choice Questions (MCQ)
  • - Duration: 10 minutes
  • - Number of Questions: 10

Sign up on EduRev for free to attempt this test and track your preparation progress.

Test: Introduction to Economics - Question 1
Save

What is Gross Domestic Product (GDP)?

Detailed Solution: Question 1

Gross Domestic Product (GDP) is the total market value of all finished goods and services produced in a country in a given year.

Test: Introduction to Economics - Question 2
Save

What does Industrial Production report on?

Detailed Solution: Question 2

Industrial Production reports on changes in the production of factories, mines, and utilities. It indicates potential price increases, supply shortages, and overall economic slack or tightening.

Clear all your doubts with EduRev
Test: Introduction to Economics - Question 3
Save

What does Employment Data suggest when there are sharp increases?

Detailed Solution: Question 3

Sharp increases in Employment Data suggest economic growth, while significant decreases may indicate potential contractions.

Test: Introduction to Economics - Question 4
Save

What does Consumer Price Index (CPI) measure?

Detailed Solution: Question 4

Consumer Price Index (CPI) measures retail price changes and consumer costs, serving as a benchmark for inflation. Releases can impact volatility in equity, fixed income, and forex markets.

Test: Introduction to Economics - Question 5
Save

During which economic system do individuals produce necessities at the household or tribal level?

Detailed Solution: Question 5

Primitivism is an economic system where individuals produce necessities at the household or tribal level. Activities include building dwellings, growing crops, and hunting game.

Test: Introduction to Economics - Question 6
Save

Which economic system emerged with the industrial revolution and involves business owners organizing resources to produce goods for market consumption?

Detailed Solution: Question 6

Capitalism emerged with the industrial revolution. In this system, business owners organize resources to produce goods for market consumption, and prices are determined by supply and demand in markets.

Test: Introduction to Economics - Question 7
Save

What does the term "Arbitrage" mean?

Detailed Solution: Question 7

Arbitrage means buying an asset in one market and simultaneously selling an identical asset in another market at a higher price.

Test: Introduction to Economics - Question 8
Save

In Feudalism, what do lords provide to peasants in return for leasing land to them?

Detailed Solution: Question 8

In Feudalism, lords hold land and lease it to peasants for production. Peasants receive safety and security from the lord in return.

Test: Introduction to Economics - Question 9
Save

What does "Deflation" refer to?

Detailed Solution: Question 9

Deflation refers to a persistent fall in the general price level of goods and services.

Test: Introduction to Economics - Question 10
Save

What is "Laissez-faire"?

Detailed Solution: Question 10

Laissez-faire is the belief that an economy functions best when there is no interference by the government.

1336 videos|1438 docs|835 tests
Join Course
Information about Test: Introduction to Economics Page
In this test you can find the Exam questions for Test: Introduction to Economics solved & explained in the simplest way possible. Besides giving Questions and answers for Test: Introduction to Economics, EduRev gives you an ample number of Online tests for practice
Download as PDF

About this SSC CGL Practice Test

This test contains 10 MCQs on Introduction to Economics with detailed solutions for each question. It is part of the SSC CGL Tier 2 - Study Material, Online Tests, Previous Year course on EduRev, designed to align with the current SSC CGL syllabus. Each solution explains not just the correct answer but also gives you an understanding of the topic — not just to attempt the question but also help you prepare for the exam with practice.

Explore more SSC CGL Study Resources

If you found this Introduction to Economics MCQ Test helpful, you can further enhance your SSC CGL preparation with in-depth courses on EduRev, for all the subjects and topics available in SSC CGL Tier 2 - Study Material, Online Tests, Previous Year course. The course offers:
  • Video Lectures: covering all the topics of SSC CGL Tier 2 - Study Material, Online Tests, Previous Year
  • Notes for Revision: offering revision notes, important questions, summaries, flashcards, cheatsheets & more for SSC CGL preparation
  • MCQ Test: variety of questions as per the pattern of SSC CGL exam
Signup to see your scores go up within 7 days!
Access 1000+ FREE Docs, Videos and Tests
Takes less than 10 seconds to signup