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SSC CGL Previous Year Questions: Economics - 3 - SSC CGL MCQ


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30 Questions MCQ Test SSC CGL Previous Year Papers - SSC CGL Previous Year Questions: Economics - 3

SSC CGL Previous Year Questions: Economics - 3 for SSC CGL 2024 is part of SSC CGL Previous Year Papers preparation. The SSC CGL Previous Year Questions: Economics - 3 questions and answers have been prepared according to the SSC CGL exam syllabus.The SSC CGL Previous Year Questions: Economics - 3 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 - 3 below.
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SSC CGL Previous Year Questions: Economics - 3 - Question 1

One of the following is NOT a component of foreign exchange reserves in India     (SSC Stenographer 2016)

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

Foreign exchange reserves are the foreign currencies held by Reserve Bank of India (RBI). They are also called foreign currency reserves or foreign reserves. Foreign exchange reserves assets can comprise banknotes, deposits, bonds, treasury bills and other government securities of the reserve currency.

SSC CGL Previous Year Questions: Economics - 3 - Question 2

The market system in which there are only two buyers facing a large number of sellers is called (SSC Stenographer 2016)

Detailed Solution for SSC CGL Previous Year Questions: Economics - 3 - Question 2

The market system in which there are only two buyers facing a large number of sellers is called duopoly

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SSC CGL Previous Year Questions: Economics - 3 - Question 3

'Investing opportunities model' was proposed by (SSC Stenographer 2016)

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

Theory of intervening opportunities attempts to describe the likelihood of migration. Its hypothesis is that this likelihood is influenced most by the opportunities to settle at the destination, less by distance or population pressure at the starting point. It was proposed by S. A. Stouffer.

SSC CGL Previous Year Questions: Economics - 3 - Question 4

Which among the following is not a Bretton Woods Institution ? (SSC CGL 1st Sit. 2015)

Detailed Solution for SSC CGL Previous Year Questions: Economics - 3 - Question 4

The Bretton Woods Institutions are the World Bank, and theInternational Monetary Fund (IMF). They were set up at a meeting of 43 countries in Bretton Woods, New Hampshire, USA in July 1944.

SSC CGL Previous Year Questions: Economics - 3 - Question 5

Equilibrium price in the market is determined by the     (SSC CGL 1st Sit. 2015)

Detailed Solution for SSC CGL Previous Year Questions: Economics - 3 - Question 5

The price and output under monopoly are determined by equality between marginal cost and marginal revenue and not by the intersection of demand and supply curves.

SSC CGL Previous Year Questions: Economics - 3 - Question 6

In the national context which of the following indicates Macro Approach ?    (SSC CGL 1st Sit. 2015)

Detailed Solution for SSC CGL Previous Year Questions: Economics - 3 - Question 6

Macroeconomics is a branch of economics dealing with the performance, structure, behavior, and decisionmaking of an economy as a whole, rather than individual markets. Macroeconomists develop models that explain the relationship between such factors as national income, output, consumption, unemployment, inflation etc

SSC CGL Previous Year Questions: Economics - 3 - Question 7

Internal economies (SSC CGL 1st Sit. 2015)

Detailed Solution for SSC CGL Previous Year Questions: Economics - 3 - Question 7

Internal economies arise within the firm because of the expansion of the size of a particular firm. They are called the economies of scale.

SSC CGL Previous Year Questions: Economics - 3 - Question 8

One of the features of a free market economy is    (SSC CGL 1st Sit. 2015)

Detailed Solution for SSC CGL Previous Year Questions: Economics - 3 - Question 8

In a free market economy there is a freedom of choice for the consumers to buy goods and services which suit their tastes and preferences. This is generally called the principle of consumer sovereignty. This means in a market economy the consumers are just like a king or sovereign who dictate what goods and services and what quantities of them are produced.

SSC CGL Previous Year Questions: Economics - 3 - Question 9

Gross National Product – Depreciation Allowance = ?    (SSC CGL 1st Sit. 2015)

Detailed Solution for SSC CGL Previous Year Questions: Economics - 3 - Question 9

Net national product (NNP) refers to gross national product (GNP), i.e. the total market value of all final goods and servicesproduced by the factors of production of a country or other polity during a given time period, minus depreciation.

NNP = GNP – Depreciation

SSC CGL Previous Year Questions: Economics - 3 - Question 10

The Panchayat Samiti remains accountable for its functions to     (SSC CGL 1st Sit. 2015)

Detailed Solution for SSC CGL Previous Year Questions: Economics - 3 - Question 10

Zilla Parishad is the apex body of the PR(Panchayati Raj) system located at the district level. Chairpersons/ Presidents of Panchayat Samitis come within its jurisdiction.

SSC CGL Previous Year Questions: Economics - 3 - Question 11

The one rupee note bears the signature of :    (SSC CGL 1st Sit. 2015)

Detailed Solution for SSC CGL Previous Year Questions: Economics - 3 - Question 11

The one rupee note bears the signature of secretary Ministry of Finance

SSC CGL Previous Year Questions: Economics - 3 - Question 12

NABARD stands for    (SSC CGL 1st Sit. 2015)

Detailed Solution for SSC CGL Previous Year Questions: Economics - 3 - Question 12

NABARD is set up as an apex Development Bank with a mandate for facilitating credit flow for promotion and development of agriculture, small-scale industries, cottage and village industries, handicrafts and other rural crafts. It was established on 12 July 1982 by a special act by the parliament

SSC CGL Previous Year Questions: Economics - 3 - Question 13

Surplus budget is recommended during : (SSC CGL 1st Sit. 2015)

Detailed Solution for SSC CGL Previous Year Questions: Economics - 3 - Question 13

Surplus budget is the order of the economies in boom time.

SSC CGL Previous Year Questions: Economics - 3 - Question 14

Economic profit or normal profit is the same as :     (SSC CGL 1st Sit. 2015)

Detailed Solution for SSC CGL Previous Year Questions: Economics - 3 - Question 14

Normal profit or Economic profit is an economic condition occurring when the difference between a firm's total revenue and total cost is equal to zero.

SSC CGL Previous Year Questions: Economics - 3 - Question 15

Lender of the Last Resort is : (SSC CHSL 2015)

Detailed Solution for SSC CGL Previous Year Questions: Economics - 3 - Question 15

As a Banker to Banks, the Reserve Bank of India acts as the “lender of the last resort”.

SSC CGL Previous Year Questions: Economics - 3 - Question 16

Perfectly inelastic demand is equal to : (SSC CHSL 2015)

Detailed Solution for SSC CGL Previous Year Questions: Economics - 3 - Question 16

When the price elasticity of demand for a good is perfectly inelastic i.e. Ed = 0.

SSC CGL Previous Year Questions: Economics - 3 - Question 17

When price of a substitute of commodity 'x' falls, the demand for 'x'    (SSC CHSL 2015)

Detailed Solution for SSC CGL Previous Year Questions: Economics - 3 - Question 17

It is because demand for goods which have substitutes is more elastic because when price of a substitute falls in relation to its commodity, the demand for the commodity also falls.

SSC CGL Previous Year Questions: Economics - 3 - Question 18

Mixed Economy means :     (SSC CHSL 2015)

Detailed Solution for SSC CGL Previous Year Questions: Economics - 3 - Question 18

Mixed economy means an economic system in which both the private enterprise and a degree of state monopoly (usually in public services, defense, infrastructure, and basic industries) coexist

SSC CGL Previous Year Questions: Economics - 3 - Question 19

By whom was the autonomous investment separated from induced investment ? (SSC CHSL 2015)

Detailed Solution for SSC CGL Previous Year Questions: Economics - 3 - Question 19

Schumpeter's Theory of Innovation is in line with the other investment theories of the business cycle, which asserts that the change in investment accompanied by monetary expansion are the major factors behind the business fluctuations.

SSC CGL Previous Year Questions: Economics - 3 - Question 20

A demand curve will not shift: (SSC CHSL 2015)

Detailed Solution for SSC CGL Previous Year Questions: Economics - 3 - Question 20

A demand curve is a graph depicting the relationship between the price of a certain commodity and the quantity of that commodity that is demanded at that price. A demand curve will not shift when there is a change in advertisement expenditure.

SSC CGL Previous Year Questions: Economics - 3 - Question 21

The time element in price analysis was introduced by (SSC CHSL 2015)

Detailed Solution for SSC CGL Previous Year Questions: Economics - 3 - Question 21

Alfred Marshall Propounded the theory that price is determined by both demand and supply and also gave great importance to the time element in the determination of price.

SSC CGL Previous Year Questions: Economics - 3 - Question 22

A low interest policy is also known as : (SSC Sub. Ins. 2015)

Detailed Solution for SSC CGL Previous Year Questions: Economics - 3 - Question 22

Cheap Money policy is a monetary policy through which a bank sets low interest rates so that credit is easily achievable.

SSC CGL Previous Year Questions: Economics - 3 - Question 23

The market equilibrium for a commodity is determined by:    (SSC Sub. Ins. 2015)

Detailed Solution for SSC CGL Previous Year Questions: Economics - 3 - Question 23

Market equilibrium is a market state where the supply in the market is equal to the demand in the market.

SSC CGL Previous Year Questions: Economics - 3 - Question 24

“Economies” of a firm are:    (SSC Sub. Ins. 2015)

Detailed Solution for SSC CGL Previous Year Questions: Economics - 3 - Question 24

Economies of a firm are a reduction in its selling expenses.

SSC CGL Previous Year Questions: Economics - 3 - Question 25

Regarding money supply situation in India it can be said that the: (SSC Sub. Ins. 2015)

Detailed Solution for SSC CGL Previous Year Questions: Economics - 3 - Question 25

Regarding money supply situation in India it can be said that the currency with the public is less than the deposits with the banks

SSC CGL Previous Year Questions: Economics - 3 - Question 26

The equilibrium price of a commodity will definitely rise of there is a/an: (SSC Sub. Ins. 2015)

Detailed Solution for SSC CGL Previous Year Questions: Economics - 3 - Question 26

An equilibrium market price is the price at which there is no tendency for it to change. When price is lower than the equilibrium price, quantity demanded will be greater than quantity supplied. There will be tendency for the price to increase when price is higher than the equilibrium price, quantity supplied will be greater than quantity demanded. There will be a tendency for the price to decrease.

SSC CGL Previous Year Questions: Economics - 3 - Question 27

Prof. Milton Friedman was the leader of    (SSC CGL 1st Sit. 2014)

Detailed Solution for SSC CGL Previous Year Questions: Economics - 3 - Question 27

Milton Friedman (July 31, 1912 - November 16, 2006) was an American economist, statistician, and writer who taught at the University of Chicago for more than three decades. He was a recipient of the 1976 Nobel Prize in Economic Sciences, and is known for his research on consumption analysis, monetary history and theory, and the complexity of stabilization policy

SSC CGL Previous Year Questions: Economics - 3 - Question 28

Which one of the following is not a qualitative control of credit by the Central Bank of a country?     (SSC CGL 1st Sit. 2014)

Detailed Solution for SSC CGL Previous Year Questions: Economics - 3 - Question 28

The qualitative or selective methods of credit control are adopted by the Reserve Bank in its pursuit of economic stabilization and as part of credit management. The four important methods are Margin Requirements, Credit Rationing, Regulation of Consumer Credit, Moral Suasion.

SSC CGL Previous Year Questions: Economics - 3 - Question 29

The market in whcih loans of money can be obtained is called    (SSC CGL 1st Sit. 2014)

Detailed Solution for SSC CGL Previous Year Questions: Economics - 3 - Question 29

A segment of the financial market in which financial instruments with high liquidity and very short maturities are traded. The money market is used by participants as a means for borrowing and lending in the short term, from several days to just under a year.

SSC CGL Previous Year Questions: Economics - 3 - Question 30

If the marginal return increases at a diminishing rate, the total return     (SSC CGL 1st Sit. 2014)

Detailed Solution for SSC CGL Previous Year Questions: Economics - 3 - Question 30

In economics, diminishing returns is the decrease in the marginal (incremental) output of a production process as the amount of a single factor of production is incrementally increased, while the amounts of all other factors of production stay constant.

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