SSC CGL Previous Year Questions: Economics - 2 - SSC CGL MCQ

Rajasthan is the state with largest gap in male and female literacy.

Export Basin is the area which supports the economy and export trade of a sea port.

Rate of Interest may be zero is true regarding rate of interest.

The Petroleum Industry is not a small scale Industry. Small scale Enterprise is one in which the investment in plant and macniroy is between ₹ 25 Lakhs to ₹10 crores.

The accepted average calorie requirement in India is 2400 calories per person per day in rural areas and 2100 calories per person per day in rural area.

The Demand Draft is a pre-paid Negotiable Instrument, wherein the drawee bank undertakes to make payment in full when the instrument is presented by the payee for payment. So it may not be dishonored for lack of funds.

Microeconomics is the study of the behaviour of the individual units (like an individual firm or an individual consumer) of the economy. Consumer’s Equilibrium is the example of microeconomic variable.

FDI full form is Foreign Direct Investment

Banking sector is a services sector. Therefore, it comes under Tertiary sector.

The Fifth Five–year Plan (1974–1978) laid emphasis on employment, poverty and achievement of self reliance.

In microeconomics, the law of demand states that, “Other things being equal, as the price of a good increases its demand decreases and vice versa.”

In an inflationary Situation, country’s export’s declines as the goods which were cheaply available earlier now becomes expensive.

Goods and Services Tax is an indirect tax which was introduced in India on 1 July 2017 and was applicaple throughout India, which replaced multiple cascading taxes levied by the central and state governments.

Equilibrium Price is the market price where the quanti by of goods supplied is equal to the quantity of goods demanded. It is also known as market clearing Price.

CENVAT or Central Value Added Tax is a modification of the previously functioning MODVAT (Modified Value Added Tax), and is a part of the central excise framework of the country

The Malthusian theory explained that the population grows. The theory was proposed by Thomas Robert Malthus. He believed that a balance between population growth and food supply can be established through preventive and positive checks

National Income is the parameter for the economic development. National Income refers to the money value of all the goods and services produced in a country during a financial year.

A market economy is an economic system in which economic decisions and the pricing of goods and services are guided solely by the aggregate interactions of a country's individual citizens and businesses.

Regional Rural Banks are sponsored by Nationalized Rural Banks. They have been created with a view of serving primarily the rural areas of India with basic banking and financial services.

Arvind Subramanian is the current Chief Economic Adviser to the Government of India, having taken charge of the position on 16 October 2014 succeeding RaghuramRajan.

The Foreign Direct Investment (FDI) refers to the direct investment into the production and management. Any investment in India which has its source any other country than India is Foreign Investment. FDI is a type of Foreign Investment which is considered as unsafe

The major instruments of fiscal policy are as follows: A. Budget B. Taxation C. Public Expenditure D. Public Works E. Public Debt.

Perfect competition is a market structure that leads to the Pareto-efficient allocation of economic resources. Perfect competition also referred to as a pure competition, exists when there is no direct competition between the rivals and all sell identically the same products at a single price.

The Reserve Bank of India (RBI) Governor, RaghuramRajan, on 4 August 2016 launched Sachet portal, sachet.rbi.org.in, tocheck illegal money collection

In India, Fiscal Policy is formulated by the Ministry of Finance. Fiscal policy is the use of government revenue collection (taxes or tax cuts) and expenditure (spending) to influence a country's economy. Fiscal policy also feeds into economic trends and influences monetary policy. When the government receives more than it spends, it has a surplus. Some of the major instruments of fiscal policy are as follows: Budget, Taxation, Public Expenditure, public revenue, Public Debt.

Basic problems of an economy is/are decide as to what, how and for whom to produce.

Oligopoly is the market organization in which there are a few or small number of firms in an industry and they produce the major share of the market. Demand curve is indeterminate under oligopoly. Under oligopoly, every organization keeps an eye on the actions of rivals and makes strategies accordingly

Marginal revenue (MR) is the additional revenue that will be generated by increasing product sales by one unit. Marginal revenue is calculated by dividing the change in total revenue by the change in production output quantity or the change in quantity sold

Repo rate is the rate at which the central bank of a country (Reserve Bank of India in case of India) lends money to commercial banks in the event of any shortfall of funds. Repo rate is used by monetary authorities to control inflation. Reserve Bank of India fixes the REPO rate in India.

The indirect instruments of monetary policy generally operate through repurchase (repos) and outright transactions in government securities (open market operations).