SSC CGL Previous Year Questions: Economics - 4 - SSC CGL MCQ

The Securities and Exchange Board of India (SEBI) is the regulator for the securities market in India. It was established in the year 1988 and given statutory powers on 12 April 1992 through the SEBI Act, 1992.

Infosys Ltd is an Indian multinational corporation that provides business consulting, information technology, software engineering and outsourcing services. It is headquartered in Bangalore, Karnataka.

Regional rural Banks (RRB) were established under the provisions of an ordinance passed on 26th September, 1975 and RRB Act1976, to provide sufficient banking and credit facility for agriculture and other rural sectors. The RRBs were owned by the Central Govt., the State Government and the Sponsor Banks.

The Reserve Bank of India is India's Central Banking Institution, which controls the Monetary Policy of the Indian Rupee. It commenced its operations on 1 April 1935 during the British Rule in accordance with the provisions of the Reserve Bank of India Act, 1934.

The national income of a country can be measured by three alternative methods: (i) Product Method (ii) Income Method, and (iii) Expenditure Method.

Deciding between different ways of spending leisure time is not an economic problem.

For many people, electronic banking means 24-hour access to cash through an automated teller machine (ATM) or Direct Deposit of paychecks into checking or savings accounts. But electronic banking involves many different types of transactions, rights, responsibilities - and sometimes, fees. A method of banking in which the customer conducts transactions electronically via the Internet.

When labour productivity rises, the labour demand curve shifts to the right. As the productivity increases, the production function shifts up and simultaneously the labour demand curve shifts out and right. At a given real wage, more workers are hired and output increases.

Semi durable consumer goods are products with durability of about one year. E.g., food grains and food products.

Economic rent is the difference between the market wage and the reservation wage.

Other things being equal, a decrease in quantity demanded of a commodity can be caused by a rise in the price of the commodity.

If a portion of individuals income is spent on consumption, the remaining portion will be saving. Since whatever is not consumed must be saved, as soon as we specify a consumption function we have necessarily specified a savings function. "Function" just means that one thing depends on another thing or things.

Phase of increasing returns is otherwise called decreasing revenue. If output increases by more than that proportional change in inputs, there are increasing returns to scale (IRS).

A monopoly exists when a specific person or enterprise is the only supplier of a particular commodity. Monopolies are thus characterized by a lack of economic competition to produce the good or service and a lack of viable substitute goods.

The primary sector of the economy is the sector of an economy making direct use of natural resources. This includes agriculture, forestry, fishing and mining. This is contrasted with the secondary sector, producing manufactured goods, and the tertiary sector, producing services.

J.M. Keynes propounded what has come to be known as the liquidity preference theory of interest. According to this theory, the rate of interest is determined by the demand for and supply of money.

In the balance of payment accounts, unrequited payments or receipts (gifts) are regarded as unilateral transfers. In the balance-of-payments statement of a country, the accounts that show the amount of money sent or received as gifts.

Price, output and perfect competition are the determinants of market structure. The demand curve of an individual firm under a purely competitive industry is perfectly elastic. This is the increase or decrease of the output of a single seller has no effect on the total supply and market place

Marginal cost and average cost curves are related. If average costs falls, marginal cost falls at the same rate.

Land development bank (LDB) disburses long term loans to private industry in India.The main objective of the LDB is to promote the development of land, agriculture and increase the agricultural production. The LDB provides long-term finance to members directly through its branches

Devaluation is an official lowering of the value of a country's currency within a fixed exchange-rate system, in which a monetary authority formally sets a lower exchange rate of the national currency in relation to a foreign reference currency or currency basket.

Disguised unemployment refers to a situation where labour that is employed in a job is not actually utilised for the production of goods and services. Sometimes disguised unemployment could simply be a form of underemployment wherein the skills of a labour force are not utilised to their full capacity.

The "3B's"- brokers, Bankers and businessmen were responsible for the great depression

An automated teller machine (ATM) is an electronic banking outlet, which allows customers to complete basic transactions without the aid of a branch representative or teller.

Market structure or Market form describes the state of a market with respect to competition. There are five forms of market structure and they are as follows: Perfect Competition, Monopoly Market, Duopoly, Oligopoly, and Monopolistic Competition.

GNP differs from NNP due to Depreciation

joint supply is an economic term referring to a product or process that can yield two or more outputs. Common examples occur within the livestock industry: cows can be utilized for milk, beef and hide; sheep can be utilized for meat, wool and sheepskin. If the supply of cows increases, so will the supply of dairy and beef products

Industrial democracy is an arrangement which involves workers making decisions, sharing responsibility and authority in the workplace

An externality is a consequence of an economic activity experienced by unrelated third parties; it can be either positive or negative. Pollution emitted by a factory that spoils the surrounding environment and affects the health of nearby residents is an example of a negative externality. The effect of a well-educated labor force on the productivity of a company is an example of a positive externality

Diamonds is priced higher than water because their marginal utility to buyers is higher than that of water.