Test: Social Science - 4


20 Questions MCQ Test CTET ( Central Teacher Eligibility Test ) Mock Test Series | Test: Social Science - 4


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QUESTION: 1

If demand curve for trekking boots is D = 67500 - 18P and supply curve is S = 22500 + 12P, find the equilibrium Price? 

Solution:

At Equilibrium, Demand=Supply Thus, 67500-18P=22500+12P P=45000/30 Equilibrium Price P =1500. 

QUESTION: 2

As per the National Manufacturing Policy, the land area of a National Investment and Manufacturing Zone is to be minimum ____? 

Solution:
QUESTION: 3

A hand made paper workshop can hire 8 craftsmen by paying them Rs 400 per person per day. The 9th craftsman demands Rs 450 per day. If this craftsman is hired then all other craftsmen must be paid Rs 450. The marginal resource (labour) cost of the 9th craftsman is - 

Solution:

Marginal cost is the change in the opportunity cost that arises when the quantity produced is incremented by one unit, that is, it is the cost of producing one more unit of a good. 
Total amount paid to 8 craftsman before demand of 9th craftsman = 8 ×400 
=3200 
Total amount paid to 9 craftsman after demand of 9th craftsman =9×450 
=4050 
Marginal cost=4050-3200 
=850 

QUESTION: 4

Unemployment resulting from industrial reorganization, typically due to technological change, rather than fluctuations in supply or demand is called 

Solution:

​Unemployment resulting from industrial reorganization, typically due to technological change, rather than fluctuations in supply or demand is called Structural unemployment. 

QUESTION: 5

A manufacturer faces price elasticity of demand of a 1.25 for its product. If it lowers its price by 6.4%, the increase in quantity sold will be _____. 

Solution:

Elasticity =% Change in quantity/%Change in price 
1.25 =X/6.4 
X = 6.4*1.25 
=8% 

QUESTION: 6

Calculate the accounting profits for a firm, if its economic profits for the year are Rs 60 crores, total implicit costs are Rs 18.5 crores and total explicit costs are Rs 35 crores? 

Solution:

Economic Profit=Accounting Profit- Implicit Cost 
60= Accounting Profit - 18.5 
Accounting Profit = 78.5 Crores.  

QUESTION: 7

If tea companies start using mechanised tea leave pickers - 

Solution:

​If tea companies start using mechanised tea leave pickers then wages for manual tea leave pickers will fall. 

QUESTION: 8

If for a perfectly competitive firm, price is Rs 7.2, output is 4500 units, average variable costs are Rs 1.2, and average total costs are Rs 4. The firm's profits are equal to 

Solution:
QUESTION: 9

A minimum wage _____. 

Solution:

A minimum wage is creates a price ceiling below which the wage cannot legally go. 

QUESTION: 10

If quantity of good X demanded increases from 4000 units to 5000 units when price of good Y increases from Rs 75 to Rs 90, find Arc Cross elasticity of demand? 

Solution:

The arc elasticity of demand can be calculated as: 
Arc Elasticity = [(Qd2 – Qd1) / midpoint Qd] ÷ [(P2 – P1) / midpoint P] 
Midpoint Qd = (Qd1 + Qd2)/2 = (4000 + 5000)/2 = 4500 
Midpoint Price = (P1 + P2)/2 = (75 + 90)/2 = 82.5 
% change in quantity demanded = (5000 – 4000)/4500 = 0.23 
% change in price = (90-75)/82.5 = 0.18 
Arc Elasticity of demand = 0.23/0.18 = 1.28. 

QUESTION: 11

Which among the following is the Biggest Borrower in India? 

Solution:

​Indian government is the biggest borrower in India and its prime lender is RBI. 

QUESTION: 12

The existence of a parallel economy (black money) ___________. 

Solution:

​The Parallel Economy (black money) will ruin the entire economic development of the country and adversely affect the monetary policy. 

QUESTION: 13

What does GDP mean ? 

Solution:

National Income is one of the basic concepts in macro economics. National Income means the total income of the nation.The aggregate economic performance of the whole economy is measured by the National Income data. National Income refers to the total value of all final goods and services produced in the country during a period of 1 year. 

QUESTION: 14

Subsidies are payment by government to 

Solution:

​A subsidy is an amount of money given directly to firms by the government to encourage production and consumption. 

QUESTION: 15

Special Economic Zone (SEZ) concept was first introduced in 

Solution:

Special Economic Zone (SEZ) concept was first introduced in China in the 1980s. The most successful SEZ in China, Sherizhen, has developed from a small village into a city with a population over 10 million within 20 years. Commerce Minister Mr Maran Had introduced SEZ concept in year 1997 for first times in India. 

QUESTION: 16

“Interest is a reward for parting with liquidity” is according to 

Solution:

​This theory has been given by JM Keynes. 

QUESTION: 17

According to the Classical System, saving is a function of 

Solution:

​Saving function is a mathematical relation between saving and income by the household sector, according to classical theory, saving is a function of the level of income. 

QUESTION: 18

Who propounded the market law? 

Solution:

​The JB Say’s law of market has been given J B Say. Which stated as “supply creates its own demand.” 

QUESTION: 19

How many key infrastructure sectors are known as Core sector in Indian Economy,used for Index of Industrial Production (IIP) data ? 

Solution:

​The Index of Industrial Production (IIP) is an index for India which details out the growth of various sectors in an economy such as mineral mining, electricity and manufacturing. The Eight Core Industries comprise nearly 40.27% of the weight of items included in the Index of Industrial Production (IIP). 

QUESTION: 20

Who gave the 'General Equilibrium Theory'? 

Solution:

French economist Leon Walras in his pioneering work Elements of Pure Economics in 1874 gave General Equilibrium theory. It attempts to explain the behavior of supply, demand, and prices in a whole economy with several or many interacting markets, by seeking to prove that the interaction of demand and supply will result in an overall general equilibrium. 

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