Economic Capsule Set 8
Economic Questions are very important for SSC CGL 2017. We are here with Economic Capsule set 8 comprising of 15 questions to improve your preparedness for the exam. The more you achieve in General Knowledge section better chances you will have to attain your desired post.
Q1. Who among the following is not a classical economist?
(a) David Ricardo
(b) John Stuart Mill
(c) Thomas Malthus
(d) John Maynard Keynes
Q2. When Average Cost Production (ACP) falls, marginal cost of production must be
(a) Rising
(b) Falling
(c) Greater than the average cost
(d) Less than the average cost
Q3. The Law of Demand expresses
(a) Effect of change in price of a commodity on its demand
(b) Effect of change in demand of a commodity on its price
(c) Effect of change in demand of a commodity over the supply of its substitute
(d) None of the above
Q4. Disinvestments is
(a) Offloading of shares of privates companies to government
(b) Offloading of government shares to private companies
(c) Increase in investment
(d) Closing down of business concerns
Q5. The demand curve for a Giffen good is
(a) Upward rising
(b) Downward falling
(c) Parallel to the quantity axis
(d) Parallel to the price axis
Answers (1-5)
1. D 2. D 3. A 4.B 5. A
Q6. Imputed gross rent of owner occupied buildings is a part of
(a) Capital formation
(b) Final consumption
(c) Intermediate consumption
(d) Consumer durable
Q7. The national income consists of a collection of goods and services reduced to common basis by being measured in terms of money who says this?
(a) Samuelson
(b) Kuznets
(c) Hicks
(d) Pigou
Q8. The supply of agricultural products is generally
(a) Elastic
(b) Inelastic
(c) Perfectly elastic
(d) Perfectly inelastic
Q9. When the total product rises, at an increasing rate, the
(a) Marginal product is zero
(b) Marginal product is rising
(c) Marginal product is falling
(d) Marginal product remains constant
Q10. Economies of Scale means reduction in
(a) Unit cost of production
(b) Unit cost of distribution
(c) Total cost of production
(d) Total cost of distribution
Answers (6-10)
6. B 7. C 8. B 9. B 10. A
Q11. All of the goods which are scarce and limited in supply are called
(a) Luxury goods
(b) Expensive goods
(c) Capital goods
(d) Economic goods
Q12. Engel’s Law states the relationship between
(a) Quantity demanded and price of a commodity
(b) Quantity demanded and price of substitutes
(c) Quantity demanded and tastes of the consumers
(d) Quantity demanded and income of the consumers
Q13. Capital : Output Ratio of a measures
(a) Its per unit cost of production
(b) The amount of capital invested per unit of output
(c) The ratio of capital depreciation to quantity of output
(d) The ratio of working capital employed to quantity of output
Q14. Perfect competition means
(a) Large number of buyers and less sellers
(b) Large number of buyers and sellers
(c) Large number of sellers and less buyers
(d) None of the above
Q15. Core industries are
(a) Basic industries
(b) Consumer goods industries
(c) Capital goods industries
(d) Government industries
Answers (11-15)
11. D 12. D 13. B 14. B 15. A
Also Read
Economic Capsule 1
Economic Capsule 2
Economic Capsule 3
Economic Capsule 4
Economic Capsule 5
Economic Capsule 6
Economic Capsule 7
