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SSC CGL Exam  >  SSC CGL Tests  >  SSC CGL Tier 2 - Study Material, Online Tests, Previous Year  >  Test: Price and Inflation - SSC CGL MCQ

Test: Price and Inflation - SSC CGL MCQ


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10 Questions MCQ Test SSC CGL Tier 2 - Study Material, Online Tests, Previous Year - Test: Price and Inflation

Test: Price and Inflation for SSC CGL 2024 is part of SSC CGL Tier 2 - Study Material, Online Tests, Previous Year preparation. The Test: Price and Inflation questions and answers have been prepared according to the SSC CGL exam syllabus.The Test: Price and Inflation MCQs are made for SSC CGL 2024 Exam. Find important definitions, questions, notes, meanings, examples, exercises, MCQs and online tests for Test: Price and Inflation below.
Solutions of Test: Price and Inflation questions in English are available as part of our SSC CGL Tier 2 - Study Material, Online Tests, Previous Year for SSC CGL & Test: Price and Inflation solutions in Hindi for SSC CGL Tier 2 - Study Material, Online Tests, Previous Year course. Download more important topics, notes, lectures and mock test series for SSC CGL Exam by signing up for free. Attempt Test: Price and Inflation | 10 questions in 10 minutes | Mock test for SSC CGL preparation | Free important questions MCQ to study SSC CGL Tier 2 - Study Material, Online Tests, Previous Year for SSC CGL Exam | Download free PDF with solutions
Test: Price and Inflation - Question 1
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What is a major objective of economic planning in India?

Detailed Solution for Test: Price and Inflation - Question 1
Economic planning in India primarily aims at price stability. Stable prices are considered essential for economic growth and the well-being of the population. Fluctuating prices can create uncertainty, influence income distribution, and disrupt production and investment planning.
Test: Price and Inflation - Question 2
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What is the term for a persistent rise in the general level of prices measured over time?

Detailed Solution for Test: Price and Inflation - Question 2
A persistent rise in the general level of prices is known as inflation. It is measured as a percentage over a specific unit of time, such as a year or a month.
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Test: Price and Inflation - Question 3
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In the initial stage of inflation with a slow rate of price rise, what is it commonly referred to as?

Detailed Solution for Test: Price and Inflation - Question 3
The initial stage of inflation, characterized by a slow rate of price rise, is referred to as crawling or creeping inflation. This phase is considered manageable, especially when emerging after a period of depression.
Test: Price and Inflation - Question 4
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What factor on the demand side contributes to inflation when it increases at a rate faster than desired by increasing transactions?
Detailed Solution for Test: Price and Inflation - Question 4
An increase in the supply of money, especially when it outpaces the growth of transactions, can lead to inflation. In India, the continuous increase in the money supply has proven to be inflationary.
Test: Price and Inflation - Question 5
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What is a consequence of inflation that adversely affects long-term savings and has an extremely adverse effect on wage earners?
Detailed Solution for Test: Price and Inflation - Question 5
Inflation negatively impacts long-term savings and disproportionately affects wage earners as their wages may not rise in tandem with rising prices, leading to a decline in real income.
Test: Price and Inflation - Question 6
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What factor on the supply side contributes to cost-push inflation when the government frequently raises prices to cover losses in the public sector?
Detailed Solution for Test: Price and Inflation - Question 6
Cost-push inflation occurs when prices, particularly in the public sector, are frequently raised by the government to cover losses, leading to an increase in overall price levels.
Test: Price and Inflation - Question 7
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What is the term for the last stage of inflation where prices rise at a thousand million or trillion percent annually?
Detailed Solution for Test: Price and Inflation - Question 7
The last stage of inflation, characterized by an extremely high speed of the general rise in the price level, is known as hyperinflation. This stage can lead to the collapse of the monetary and financial structure.
Test: Price and Inflation - Question 8
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What structural element contributes to the rise in prices due to the inelasticity of supply?
Detailed Solution for Test: Price and Inflation - Question 8
The inelasticity of supply, a structural rigidity, is notably influenced by a high degree of concentration of ownership of land. This factor contributes to rising prices.
Test: Price and Inflation - Question 9
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What type of inflation is characterized by acceleration in the rate of inflation over time and high rate of unemployment, termed as stagflation and slumpfation?
Detailed Solution for Test: Price and Inflation - Question 9
Inflation characterized by acceleration in the rate of inflation over time and high unemployment is termed as stagflation and slumpfation. This phenomenon poses a serious challenge to the economy.
Test: Price and Inflation - Question 10
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What is a remedy suggested for stabilizing the general price level in underdeveloped countries like India?
Detailed Solution for Test: Price and Inflation - Question 10
Restricting the supply of money is suggested as a remedy to stabilize the general price level in underdeveloped countries like India. Controlling money supply can help manage aggregate demand and curb inflation.
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Price and Inflation MCQs with Answers

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