SSC CGL Exam  >  SSC CGL Tests  >  SSC CGL Previous Year Papers  >  SSC CGL Previous Year Questions: Economics - 1 - SSC CGL MCQ

SSC CGL Previous Year Questions: Economics - 1 - SSC CGL MCQ


Test Description

20 Questions MCQ Test SSC CGL Previous Year Papers - SSC CGL Previous Year Questions: Economics - 1

SSC CGL Previous Year Questions: Economics - 1 for SSC CGL 2024 is part of SSC CGL Previous Year Papers preparation. The SSC CGL Previous Year Questions: Economics - 1 questions and answers have been prepared according to the SSC CGL exam syllabus.The SSC CGL Previous Year Questions: Economics - 1 MCQs are made for SSC CGL 2024 Exam. Find important definitions, questions, notes, meanings, examples, exercises, MCQs and online tests for SSC CGL Previous Year Questions: Economics - 1 below.
Solutions of SSC CGL Previous Year Questions: Economics - 1 questions in English are available as part of our SSC CGL Previous Year Papers for SSC CGL & SSC CGL Previous Year Questions: Economics - 1 solutions in Hindi for SSC CGL Previous Year Papers course. Download more important topics, notes, lectures and mock test series for SSC CGL Exam by signing up for free. Attempt SSC CGL Previous Year Questions: Economics - 1 | 20 questions in 20 minutes | Mock test for SSC CGL preparation | Free important questions MCQ to study SSC CGL Previous Year Papers for SSC CGL Exam | Download free PDF with solutions
SSC CGL Previous Year Questions: Economics - 1 - Question 1

An economic condition when there is one buyer and many sellers is called _________. (SSC CGL 2018)

Detailed Solution for SSC CGL Previous Year Questions: Economics - 1 - Question 1

An economic condition when there is one buyer and many sellers is called Monopsony. Monopsony refers to control of the market through which specific goods or services are purchased. The term was first introduced by Joan Robinson in her influential book, The Economics of Imperfect Competition, published in 1933.

SSC CGL Previous Year Questions: Economics - 1 - Question 2

What is the name given to the graph that shows all the combinations of two commodities that a consumer can afford at given market prices and within the particular income level in economic terms?    (SSC CGL 2018)

Detailed Solution for SSC CGL Previous Year Questions: Economics - 1 - Question 2

The Budget Line shows all the combinations of two commodities that a consumer can afford at given market prices and within the particular income level. It is also called as Budget Constraint.

1 Crore+ students have signed up on EduRev. Have you? Download the App
SSC CGL Previous Year Questions: Economics - 1 - Question 3

Which theory in economics proposes that countries export what they can most efficiently and plentifully produce?    (SSC CGL 2018)

Detailed Solution for SSC CGL Previous Year Questions: Economics - 1 - Question 3

The so-called Heckscher-Ohlin theory basically holds that a country will export those commodities that are produced by the factor that it has in relative abundance and that it will import products whose production requires factors of production where it has relatively less abundance.

SSC CGL Previous Year Questions: Economics - 1 - Question 4

Which theory is used to make long-run predictions about exchange rates in a flexible exchange rate system?     (SSC CGL 2018)

Detailed Solution for SSC CGL Previous Year Questions: Economics - 1 - Question 4

The Purchasing Power Parity (PPP) theory is used to make long-run predictions about exchange rates in a flexible exchange rate system. Its demand curve for foreign currency shifts faster than its supply curve.

SSC CGL Previous Year Questions: Economics - 1 - Question 5

Who among the following is also known as the founder of macroeconomics as a separate discipline?     (SSC CHSL 2018)

Detailed Solution for SSC CGL Previous Year Questions: Economics - 1 - Question 5

John Maynard Keynes (1883-1946) is known for an economic theory of total spending in the economy and its effects on output and inflation. Keynes stated for increased government expenditures and lower taxes to stimulate demand and pull the global economy out of the depression.

SSC CGL Previous Year Questions: Economics - 1 - Question 6

The Pradhan Mantri Kisan Samman Nidhi scheme, announced in the Interim Budget 2019, aims at :    (SSC CHSL 2018)

Detailed Solution for SSC CGL Previous Year Questions: Economics - 1 - Question 6

Under the scheme, Pradhan Mantri Kisan Samman Nidhi an income support of `. 6000/- per year in three equal instalments will be provided to small and marginal farmer families having combined land holding/ownership of upto 2 hectares

SSC CGL Previous Year Questions: Economics - 1 - Question 7

Which of the following best describe the nature of Indian economy?     (SSC Sub. Ins. 2018)

Detailed Solution for SSC CGL Previous Year Questions: Economics - 1 - Question 7

Since independence India has been a ‘Mixed Economy’. Indian economy is basically based on the contribution of service sector (currently provides 60% share of GDP) and near about 53% of its population is dependent on the Agriculture.

SSC CGL Previous Year Questions: Economics - 1 - Question 8

‘Red Tape’ in an economy refers to:    (SSC Sub. Ins. 2018)

Detailed Solution for SSC CGL Previous Year Questions: Economics - 1 - Question 8

Red tape is an idiom that refers to excessive regulation or rigid conformity to formal rules that is considered redundant or bureaucratic and hinders or prevents action or decision-making. Things often described as “red tape” include filling out paperwork, obtaining licenses, having multiple people or committees approve a decision and various low-level rules that make conducting one’s affairs slower, more difficult, or both.

SSC CGL Previous Year Questions: Economics - 1 - Question 9

________is a support scheme of Odisha whose primary targets are small farmers, cultivators and landless agricultural labourers. (SSC Sub. Ins. 2018)

Detailed Solution for SSC CGL Previous Year Questions: Economics - 1 - Question 9

The government of Odisha has launched the Krushak Assistance for Livelihood and Income Augmentation (KALIA) scheme, which would benefit about 92% of the farmers in the State.The scheme will provide financial, livelihood, cultivation support along with insurance support to small, marginal and the landless farmers.

SSC CGL Previous Year Questions: Economics - 1 - Question 10

What is India’s ranking in the World Bank’s Ease of Doing Business Index?    (SSC Stenographer 2018)

Detailed Solution for SSC CGL Previous Year Questions: Economics - 1 - Question 10

India's rank in the World Bank's Ease of Doing Business 2019 survey climbed 23 places to 77 among 190 countries surveyed, making it the only country to rank among the top 10 improvers for the second consecutive year.

SSC CGL Previous Year Questions: Economics - 1 - Question 11

To which Indian state has the New Development Bank of the BRICS countries approved a USD 525-million loan for infrastructure projects in September 2018? (SSC Stenographer 2018)

Detailed Solution for SSC CGL Previous Year Questions: Economics - 1 - Question 11

The New Development Bank (NDB) of the BRICS countries has approved a USD 525-million loan to Madhya Pradesh for infrastructure projects. The Board of Directors of the NDB on Wednesday approved a USD 350-million loan for the Major District Roads Project II of Madhya Pradesh and USD 175 million for building and upgrading 350 bridges. The loan will be used by the Indian government for on-lending to the Madhya Pradesh government

SSC CGL Previous Year Questions: Economics - 1 - Question 12

Which of the following is a sign used on products that have a specific geographical origin and possess qualities or a reputation that are due to that origin?     (SSC Stenographer 2018)

Detailed Solution for SSC CGL Previous Year Questions: Economics - 1 - Question 12

A geographical indication (GI) is a sign used on products that have a specific geographical origin and possess qualities or a reputation that are due to that origin. In order to function as a GI, a sign must identify a product as originating in a given place

SSC CGL Previous Year Questions: Economics - 1 - Question 13

At which rate, Reserve Bank of India borrows money from commercial banks?    (SSC CGL 2017)

Detailed Solution for SSC CGL Previous Year Questions: Economics - 1 - Question 13

The RBI borrows from the commercial banks as per the monetary demand & supply and to control the liquidity in the market. It borrows at an interest rate called the Reverse Repo Rate.

SSC CGL Previous Year Questions: Economics - 1 - Question 14

Movement along the supply curve is known as ________. (SSC CGL 2017)

Detailed Solution for SSC CGL Previous Year Questions: Economics - 1 - Question 14

The movement in supply curve can be of two types - extension and contraction. Extension in a supply curve is caused when there is increase in the price or quantity supplied of the commodity while contraction is caused due to decrease in the price or quantity supplied of the commodity

SSC CGL Previous Year Questions: Economics - 1 - Question 15

Which one of the following is a component of Food Security System?   (SSC CGL 2017)

Detailed Solution for SSC CGL Previous Year Questions: Economics - 1 - Question 15

There are three major components of food security; Availability (Buffer stock), Access and utilization/ consumption.

SSC CGL Previous Year Questions: Economics - 1 - Question 16

Who gave the 'General Equilibrium Theory'?    (SSC CGL 2017)

Detailed Solution for SSC CGL Previous Year Questions: Economics - 1 - Question 16

Leon Walras developed general equilibrium theory to solve a much-debated problem in economics

SSC CGL Previous Year Questions: Economics - 1 - Question 17

Which one of the following is not an instrument of credit control in India?     (SSC CGL 2017)

Detailed Solution for SSC CGL Previous Year Questions: Economics - 1 - Question 17

Credit Control Instruments used by RBI are rationing of credit, Open Market operations, Variable cost reserve ratios, Bank rate policy, Statutory Liquidity Ratio (SLR), and Selective Credit Control (SCC). Direct action is not the credit control instrument used by RBI.

SSC CGL Previous Year Questions: Economics - 1 - Question 18

An increase of 1% per annum in the rate of growth of the money supply will increase inflation in the long run by ________.    (SSC CHSL 2017)

Detailed Solution for SSC CGL Previous Year Questions: Economics - 1 - Question 18

An increase of 1% per annum in the rate of growth of the money supply will increase inflation in the long run by 1 %.

SSC CGL Previous Year Questions: Economics - 1 - Question 19

In which situation, wages and prices chase each other at a very quick speed?    (SSC Sub. Ins. 2017)

Detailed Solution for SSC CGL Previous Year Questions: Economics - 1 - Question 19

Hyper-Inflation is a situation in which the price increases at a very high rate.

SSC CGL Previous Year Questions: Economics - 1 - Question 20

Which of the following is a basic characteristic of 'Oligopoly'? (SSC Sub. Ins. 2017)

Detailed Solution for SSC CGL Previous Year Questions: Economics - 1 - Question 20

Oligopoly is a market structure in which a small number of firms has the large majority of market share.

280 docs|268 tests
Information about SSC CGL Previous Year Questions: Economics - 1 Page
In this test you can find the Exam questions for SSC CGL Previous Year Questions: Economics - 1 solved & explained in the simplest way possible. Besides giving Questions and answers for SSC CGL Previous Year Questions: Economics - 1, EduRev gives you an ample number of Online tests for practice

Top Courses for SSC CGL

Download as PDF

Top Courses for SSC CGL