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SSC CGL Previous Year Questions: Economics - 6 - SSC CGL MCQ


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30 Questions MCQ Test SSC CGL Previous Year Papers - SSC CGL Previous Year Questions: Economics - 6

SSC CGL Previous Year Questions: Economics - 6 for SSC CGL 2024 is part of SSC CGL Previous Year Papers preparation. The SSC CGL Previous Year Questions: Economics - 6 questions and answers have been prepared according to the SSC CGL exam syllabus.The SSC CGL Previous Year Questions: Economics - 6 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 - 6 below.
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SSC CGL Previous Year Questions: Economics - 6 - Question 1

Total demand for goods and services at various levels of employment is called as    (SSC Stenographer 2013)

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

Total demand for goods and services at various levels of employment is called as market demand. It is the sum of the individual demand for a product from buyers in the market. If more buyers enter the market and they have the ability to pay for items on sale, then market demand at each price level will rise.

SSC CGL Previous Year Questions: Economics - 6 - Question 2

Relationship between price of related goods and quantity of a particular commodity is called as (SSC Stenographer 2013)

Detailed Solution for SSC CGL Previous Year Questions: Economics - 6 - Question 2

Cross elasticity of demand is an economic concept that measures the responsiveness in the quantity demand of one good when a change in price takes place in another good.

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

Monopolist resorts to price discrimination depending upon the     (SSC CGL 1st Sit. 2012)

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

The act of selling the same article, product under a single control, at different prices to different buyers is known as price discrimination. Information on the price elasticity of demand can be used by business as part of a policy of price discrimination (also known as yield management).

SSC CGL Previous Year Questions: Economics - 6 - Question 4

Economic planning is an essential feature of    (SSC CGL 1st Sit. 2012)

Detailed Solution for SSC CGL Previous Year Questions: Economics - 6 - Question 4

Economic planning is an essential feature of socialism. The most prominent example of a planned economy was the economic system of the Soviet Union.

SSC CGL Previous Year Questions: Economics - 6 - Question 5

The Rashtriya Barh Ayog (RBA) is related with (SSC CGL 1st Sit. 2012)

Detailed Solution for SSC CGL Previous Year Questions: Economics - 6 - Question 5

The Government of India decide to set up the Rashtriya Barh Ayog (National Flood Commission) in 1976 to evolve a coordinated, integrated and scientific approach to the flood control problems in the country

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

Low cost housing is an example for:    (SSC CGL 2nd Sit. 2012)

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

According to Musgrave social wants are those wants which are satisfied by services that must be consumed in equal amounts by all. Low cost housing is an example for social wants.

SSC CGL Previous Year Questions: Economics - 6 - Question 7

Consumption for the sake of enjoying social acknowledgement is called: (SSC CGL 2nd Sit. 2012)

Detailed Solution for SSC CGL Previous Year Questions: Economics - 6 - Question 7

Conspicuous consumption is the purchase of goods or services for the specific purpose of displaying one's wealth. It is a means to show ones social status

SSC CGL Previous Year Questions: Economics - 6 - Question 8

Of the following economists, whom do you consider to be the Master of “Partial Analysis”?    (SSC CGL 2nd Sit. 2012)

Detailed Solution for SSC CGL Previous Year Questions: Economics - 6 - Question 8

Alfred Marshall was committed to partial equilibrium models over general equilibrium on the grounds that the inherently dynamical nature of economics made the former more practically useful.

SSC CGL Previous Year Questions: Economics - 6 - Question 9

India making ‘Double Taxation Avoidance Agreements’ (DTAA) with other countries for the promotion of:    (SSC CGL 2nd Sit. 2012)

Detailed Solution for SSC CGL Previous Year Questions: Economics - 6 - Question 9

These agreements give the right of taxation in respect of the income of the nature of interest, dividend, royalty and fees for technical services to the country of residence. It promotes bilateral trade and investment.

SSC CGL Previous Year Questions: Economics - 6 - Question 10

Brain drain has been caused by:    (SSC CGL 2nd Sit. 2012)

Detailed Solution for SSC CGL Previous Year Questions: Economics - 6 - Question 10

Brain drain can be described as the process in which a country loses its most educated and talented workers to other countries through migration. The main causes include seeking employment or higher paying jobs, political instability and to seek a better quality of life.

SSC CGL Previous Year Questions: Economics - 6 - Question 11

The study of population is known as.   (SSC CGL 2nd Sit. 2012)

Detailed Solution for SSC CGL Previous Year Questions: Economics - 6 - Question 11

Demography is the statistical study of human populations and sub-populations. It encompasses the study of the size, structure, and distribution of these populations, and spatial and/or temporal changes in them in response to birth, migration, aging and death.

SSC CGL Previous Year Questions: Economics - 6 - Question 12

The BSE Sensex is based on how many stocks ?  (SSC CGL 1st Sit. 2012)

Detailed Solution for SSC CGL Previous Year Questions: Economics - 6 - Question 12

The BSE SENSEX is a free-float market-weighted stock market index of 30 well-established and financially sound companies listed on Bombay Stock Exchange. The 30 component companies which are some of the largest and most actively traded stocks, are representative of various industrial sectors of the Indian economy.

SSC CGL Previous Year Questions: Economics - 6 - Question 13

The funds raised by the Government within the country is known as    (SSC CGL 1st Sit. 2012)

Detailed Solution for SSC CGL Previous Year Questions: Economics - 6 - Question 13

The funds raised by the government within the country is known as domestic budgetary source

SSC CGL Previous Year Questions: Economics - 6 - Question 14

Sick units are referred to (SSC CGL 1st Sit. 2012)

Detailed Solution for SSC CGL Previous Year Questions: Economics - 6 - Question 14

The Board for Industrial and Financial Reconstruction (BIFR) was an agency of the Government of India, part of the Department of Financial Services of the Ministry of Finance. It was set up in January 1987. Its objective was to determine sickness of industrial companies and to assist in reviving those that may be viable and shutting down the others.

SSC CGL Previous Year Questions: Economics - 6 - Question 15

The concept ‘Duopoly’ was introduced by (SSC CGL 1st Sit. 2012)

Detailed Solution for SSC CGL Previous Year Questions: Economics - 6 - Question 15

A duopoly is a form of oligopoly occurring when two companies (or countries) control all or most of the market for a product or service. It was introduced by Cournot.

SSC CGL Previous Year Questions: Economics - 6 - Question 16

Which of the following is the feature of monopolistic competition ?    (SSC CGL 1st Sit. 2012)

Detailed Solution for SSC CGL Previous Year Questions: Economics - 6 - Question 16

The model of monopolistic competition describes a common market structure in which firms have many competitors(group of firms), but each one sells a slightly different product.

SSC CGL Previous Year Questions: Economics - 6 - Question 17

Which one of the following is an example for a non-economic good? (SSC CGL 2nd Sit. 2012)

Detailed Solution for SSC CGL Previous Year Questions: Economics - 6 - Question 17

Mother’s service is an example for a non-economic good.

SSC CGL Previous Year Questions: Economics - 6 - Question 18

Which one of the following committee is associated with banking sector reforms in India? (SSC CGL 2nd Sit. 2012)

Detailed Solution for SSC CGL Previous Year Questions: Economics - 6 - Question 18

In order to raise the standards of the banks internationally, a number of committees were appointed by RBI. Among them Narasimham committee I (1991), Narasimham Committee II (1998) and Verma Committee (1999) were influential in improving international standards, and led to banking sector reforms, globally flexible to its deregulation, norms and conditions etc.

SSC CGL Previous Year Questions: Economics - 6 - Question 19

Which one of the following is not a qualitative credit control measure of the RBI?    (SSC CGL 2nd Sit. 2012)

Detailed Solution for SSC CGL Previous Year Questions: Economics - 6 - Question 19

An open market operation (OMO) is an activity by a central bank to give liquidity in its currency to a bank or a group of banks. The central bank can either buy or sell government bonds in the open market. A central bank uses OMO as the primary means of implementing monetary policy

SSC CGL Previous Year Questions: Economics - 6 - Question 20

The 13th Five Year Plan will be operative for the period. (SSC CGL 2nd Sit. 2012)

Detailed Solution for SSC CGL Previous Year Questions: Economics - 6 - Question 20

None of the above is correct, because the duration of five year plan was 2012-17.NitiAayog was gearing up to launch the three-year action plan from April 1 after the end of 12th Five Year Plan on March 31.

SSC CGL Previous Year Questions: Economics - 6 - Question 21

The national income of a nation is the (SSC CGL 2nd Sit. 2012)

Detailed Solution for SSC CGL Previous Year Questions: Economics - 6 - Question 21

National income is the total value a country's final output of all new goods and services produced in one year.

SSC CGL Previous Year Questions: Economics - 6 - Question 22

Open market operation refers to : (SSC CHSL 2012)

Detailed Solution for SSC CGL Previous Year Questions: Economics - 6 - Question 22

Open Market Operation is an activity by a central bank to give liquidity in its currency to a bank or a group of banks. Open market operation refers to purchase and sale of government securities by the RBI.

SSC CGL Previous Year Questions: Economics - 6 - Question 23

Who are the price-takers under Perfect Competition ? (SSC CHSL 2012)

Detailed Solution for SSC CGL Previous Year Questions: Economics - 6 - Question 23
  • Perfect competition is a market structure characterized by a large number of small firms producing identical products, with no barriers to entry or exit, and perfect knowledge of market conditions.
  • In this scenario, firms are considered as price-takers because they have no control over the market price of their product. This is due to the following reasons:
  • Homogeneous products: All firms produce identical products, making it impossible for individual firms to differentiate their product and set their own prices.
  • Large number of firms: There are a large number of firms in the market, each producing a small portion of the overall supply. This means that no single firm has the ability to influence the market price.
  • Perfect information: All market participants have perfect knowledge of market conditions, including the prices of all goods in the market. This means that firms cannot charge higher prices than their competitors, as buyers will simply purchase from the cheaper alternative.
  • Free entry and exit: New firms can enter the market easily, and existing firms can exit without significant costs. This ensures that there is constant competition, preventing any individual firm from gaining market power and influencing the market price.

As a result, under perfect competition, individual firms must accept the market price as given and adjust their production accordingly, making them price-takers.symmetric information, no transaction costs, where there are a large number of producers and consumers competing with one another.

SSC CGL Previous Year Questions: Economics - 6 - Question 24

An employment situation where the marginal productivity of agricultural labour is zero is known as : (SSC CHSL 2012)

Detailed Solution for SSC CGL Previous Year Questions: Economics - 6 - Question 24

An employment situation where the marginal productivity of agricultural labour is zero is known as disguised unemployment. It is also known as hidden unemployment, this refers to a situation where labour that is employed in a job is not actually utilized for the production of goods and services.

SSC CGL Previous Year Questions: Economics - 6 - Question 25

Which one of the following is a raw material oriented industry ? (SSC CHSL 2012)

Detailed Solution for SSC CGL Previous Year Questions: Economics - 6 - Question 25

Sugar industry is a raw material oriented industry

SSC CGL Previous Year Questions: Economics - 6 - Question 26

Which one of the following statements is correct? (SSC Sub. Ins. 2012)

Detailed Solution for SSC CGL Previous Year Questions: Economics - 6 - Question 26

A commodity will have value only if it is scarce relative to demand.

SSC CGL Previous Year Questions: Economics - 6 - Question 27

Which of the following formulae could be used for calculating the per capita income of a country?     (SSC Sub. Ins. 2012)

Detailed Solution for SSC CGL Previous Year Questions: Economics - 6 - Question 27

Per capita income, more simply known as income per person, is the mean income within an economic aggregate such as a country or city. It is calculated by taking a measure of all sources of income in the aggregate (such as GDP or Gross national income) and dividing it by the total population

SSC CGL Previous Year Questions: Economics - 6 - Question 28

For controlling inflation, the central bank should     (SSC Sub. Ins. 2012)

Detailed Solution for SSC CGL Previous Year Questions: Economics - 6 - Question 28

The Central Bank can use various different methods for reducing inflation. To control inflation, central bank sells the government securities to the public through the banks. This results in transfer of a part of bank deposits to central bank account and reduces credit creation capacity of the commercial banks.

SSC CGL Previous Year Questions: Economics - 6 - Question 29

There is no selling cost under     (SSC Sub. Ins. 2012)

Detailed Solution for SSC CGL Previous Year Questions: Economics - 6 - Question 29

In perfect competition, there must be large number of buyers and sellers. According to Scitovsky buyers and sellers are price takers in the purely competitive market. Each seller (or firm) sells its products at the price determined by the market. Similarly, each buyer buys the commodity at the price determined by the market.

SSC CGL Previous Year Questions: Economics - 6 - Question 30

Which of the following is not a function of the Exim Bank of India?     (SSC Sub. Ins. 2012)

Detailed Solution for SSC CGL Previous Year Questions: Economics - 6 - Question 30

Export–Import Bank of India is a finance institution in India. Exim Bank of India has been both a catalyst and a key player in the promotion of cross border trade and investment. The important functions of the EXIM Bank are as follows: Financing of export and import of goods and services both of India and of outside India, Providing finance for joint ventures in foreign countries, Undertaking merchant banking functions of companies engaged in foreign trade, Providing technical and administrative assistance to the parties engaged in export and import business.

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