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SSC CGL Previous Year Questions: Economics - 7 - SSC CGL MCQ


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25 Questions MCQ Test SSC CGL Previous Year Papers - SSC CGL Previous Year Questions: Economics - 7

SSC CGL Previous Year Questions: Economics - 7 for SSC CGL 2024 is part of SSC CGL Previous Year Papers preparation. The SSC CGL Previous Year Questions: Economics - 7 questions and answers have been prepared according to the SSC CGL exam syllabus.The SSC CGL Previous Year Questions: Economics - 7 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 - 7 below.
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SSC CGL Previous Year Questions: Economics - 7 - Question 1

The Social Forestry Scheme was introduced during    (SSC Sub. Ins. 2012)

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

Social forestry means the management and protection of forests and afforestation on barren lands with the purpose of helping in the environmental, social and rural development. This scheme was introduced in Sixth Five Year Plan.

SSC CGL Previous Year Questions: Economics - 7 - Question 2

Which one of the following iron and steel works in India is not under public sector?    (SSC Sub. Ins. 2012)

Detailed Solution for SSC CGL Previous Year Questions: Economics - 7 - Question 2

At present all important steel plants except TISCO (Tata Iron and Steel co. Ltd) which is located in Jamshedpur are under public sector.

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

When there is an official change in the exchange rate of domestic currency, then it is called:     (SSC CGL 1st Sit. 2011)

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

When there is an official change in the exchange rate of domestic currency, than it is called revaluation.

SSC CGL Previous Year Questions: Economics - 7 - Question 4

Inflation redistributes income and wealth in favour of:    (SSC CGL 1st Sit. 2011)

Detailed Solution for SSC CGL Previous Year Questions: Economics - 7 - Question 4

Inflation redistributes income and wealth in favour of rich.

SSC CGL Previous Year Questions: Economics - 7 - Question 5

The fringe benefit tax was introduced in the budget of    (SSC CGL 1st Sit. 2011)

Detailed Solution for SSC CGL Previous Year Questions: Economics - 7 - Question 5

Fringe Benefit Tax (FBT) is fundamentally a tax that an employer has to pay in lieu of the benefits that are given to his/her employees. This is separate to income tax and is calculated on the taxable value of the fringe benefits provided. Fringe Benefit Tax was introduced in the budget of 2005-06.

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

The purchase of shares and bonds of Indian companies by Foreign Institutional Investors is called    (SSC CGL 2nd Sit. 2011)

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

Investment in securities, funds, by FII is Foreign Indirect Investment.

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

‘Gold’ is mainly related to    (SSC CGL 2nd Sit. 2011)

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

Gold is mainly related to the international market as of all the precious metals, it is the most popular as an investment. Gold has been used throughout history as money and has been a relative standard for currency equivalents specifc to economic regions or countries, until recent times. Gold price has shown a long term correlation with the price of crude oil.

SSC CGL Previous Year Questions: Economics - 7 - Question 8

Formalised system of trading agreements with groups of countries is known as      (SSC CGL 1st Sit. 2010)

Detailed Solution for SSC CGL Previous Year Questions: Economics - 7 - Question 8

A trade block is a type of intergovernmental agreement, often part of a regional intergovermental organization, where regional barriers to trade, (tariffs and non-tariff barriers) are reduced or eliminated among the participating states.

SSC CGL Previous Year Questions: Economics - 7 - Question 9

Which one of the following is not a method of estimating National Income ?     (SSC CGL 1st Sit. 2010)

Detailed Solution for SSC CGL Previous Year Questions: Economics - 7 - Question 9

The national income of a country can be measured by three alternative methods:

(i) Product Method: In this method, national income is measured as a flow of goods and services. We calculate money value of all final goods and services produced in an economy during a year.

(ii) Income Method: Under this method, national income is measured as a flow of factor incomes. There are generally four factors of production labour, capital, land and entrepreneurship.

(iii) Expenditure Method: In this method, national income is measured as a flow of expenditure. GDP is sum-total of private consumption expenditure. Government consumption expenditure, gross capital formation (Government and private) and net exports (Export-Import).

SSC CGL Previous Year Questions: Economics - 7 - Question 10

The monetary policy in India is formulated by     (SSC CGL 1st Sit. 2010)

Detailed Solution for SSC CGL Previous Year Questions: Economics - 7 - Question 10

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.

SSC CGL Previous Year Questions: Economics - 7 - Question 11

A short-term government security paper is called (SSC CGL 1st Sit. 2010)

Detailed Solution for SSC CGL Previous Year Questions: Economics - 7 - Question 11

T- bills are issued to meet short-term mismatches in receipts and expenditure. Bonds of longer maturity are called dated securities

SSC CGL Previous Year Questions: Economics - 7 - Question 12

WTO basically promotes    (SSC CGL 1st Sit. 2010)

Detailed Solution for SSC CGL Previous Year Questions: Economics - 7 - Question 12

The World Trade Organization (WTO) is the only global international organization dealing with the rules of trade between nations. The WTO has many roles: it operates a global system of trade rules, it acts as a forum for negotiating trade agreements, it settles trade disputes between its members and it supports the needs of developing countries.

SSC CGL Previous Year Questions: Economics - 7 - Question 13

Under which market condition do firms have excess capacity?    (SSC CGL 1st Sit. 2010)

Detailed Solution for SSC CGL Previous Year Questions: Economics - 7 - Question 13

Under the Monopolistic Competition, there are a large number of firms that produce differentiated products which are close substitutes for each other. In the presence of coercive government, monopolistic competition will fall into government-granted monopoly

SSC CGL Previous Year Questions: Economics - 7 - Question 14

Price theory is also known as    (SSC CGL 1st Sit. 2010)

Detailed Solution for SSC CGL Previous Year Questions: Economics - 7 - Question 14

Price theory is also known as Micro Economics. Microeconomics is the study of individuals, households and firms' behavior in decision making and allocation of resources. It generally applies to markets of goods and services and deals with individual and economic issues.

SSC CGL Previous Year Questions: Economics - 7 - Question 15

At present, India is following    (SSC CGL 1st Sit. 2010)

Detailed Solution for SSC CGL Previous Year Questions: Economics - 7 - Question 15

A floating exchange rate is a regime where the currency price of a nation is set by the forex market based on supply and demand relative to other currencies. A currency that uses a floating exchange rate is known as a floating currency.

SSC CGL Previous Year Questions: Economics - 7 - Question 16

National Income is the   (SSC CGL 1st Sit. 2010)

Detailed Solution for SSC CGL Previous Year Questions: Economics - 7 - Question 16

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 - 7 - Question 17

Which among the following agencies released the report, Economic Outlook for 2009–10 ?   (SSC CGL 2nd Sit. 2010)

Detailed Solution for SSC CGL Previous Year Questions: Economics - 7 - Question 17

Economic Advisory Council to the Prime Minister (PMEAC) is a non–constitutional, non–permanent and independent body constituted to give economic advice to the Government of India, specifically the Prime Minister. The council serves to highlight key economic issues facing the country to the government of India from a neutral viewpoint.

SSC CGL Previous Year Questions: Economics - 7 - Question 18

India and U.S. have decided to finalise agreements related to which of the following ?    (SSC CGL 2nd Sit. 2010)

Detailed Solution for SSC CGL Previous Year Questions: Economics - 7 - Question 18

India and U.S. have decided to finalise agreements related to trade and investment, intellectual property, traditional knowledge.

SSC CGL Previous Year Questions: Economics - 7 - Question 19

The exchange of commodities between two countries is referred as     (SSC CGL 2nd Sit. 2010)

Detailed Solution for SSC CGL Previous Year Questions: Economics - 7 - Question 19

A bilateral trade is the exchange of goods between two countries that facilitates trade and investment by reducing or eliminating tariffs, import quotas, export restraints and other trade barriers

SSC CGL Previous Year Questions: Economics - 7 - Question 20

A want becomes a demand only when it is backed by the    (SSC CGL 2nd Sit. 2010)

Detailed Solution for SSC CGL Previous Year Questions: Economics - 7 - Question 20

A want becomes a demand only when it is backed by the utility of the product.

SSC CGL Previous Year Questions: Economics - 7 - Question 21

The terms 'Micro Economics' and "Macro Economics" were coined by    (SSC CGL 2nd Sit. 2010)

Detailed Solution for SSC CGL Previous Year Questions: Economics - 7 - Question 21

Ragnar Anton Kittil Frisch was a Norwegian economist and the co-recipient of the first Nobel Memorial Prize in Economic Sciences in 1969 (with Jan Tinbergen). He is known for having founded the discipline of econometrics, and for coining the widely used term pair macroeconomics /microeconomics in 1933.

SSC CGL Previous Year Questions: Economics - 7 - Question 22

During periods of inflation, tax rates should (SSC CGL 2nd Sit. 2010)

Detailed Solution for SSC CGL Previous Year Questions: Economics - 7 - Question 22

Inflation refers to an increase in the price level that goes on for a long period of time months or even years on end. Inflation increases your cost of living. Inflation reduces the purchasing power of each unit of currency.

SSC CGL Previous Year Questions: Economics - 7 - Question 23

Which is the biggest tax paying sector in India ? (SSC CGL 2nd Sit. 2010)

Detailed Solution for SSC CGL Previous Year Questions: Economics - 7 - Question 23

Industrial Sector is the biggest tax paying sector in India.

SSC CGL Previous Year Questions: Economics - 7 - Question 24

"Economics is what it ought to be" – This statement refers to    (SSC CGL 2nd Sit. 2010)

Detailed Solution for SSC CGL Previous Year Questions: Economics - 7 - Question 24

Normative economics (as opposed to positive economics) is a part of economics that expresses value or normative judgments about economic fairness or what the outcome of the economy or goals of public policy ought to be.

SSC CGL Previous Year Questions: Economics - 7 - Question 25

The excess of price a person is to pay rather than forego the consumption of the commodity is called     (SSC CGL 2nd Sit. 2010)

Detailed Solution for SSC CGL Previous Year Questions: Economics - 7 - Question 25

The excess of price a person is to pay rather than forego the consumption of the commodity is called producer’s surplus.

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