Friday, August 12, 2016

Economics Quiz for SSC CGL along with answers and complete Explanation

G.S section in SSC CGL Exam is very much unpredictable. It means, they can ask questions from anywhere. However, In last few years, It has been noticed that they have increased the number of questions from Economics .

As you all know SSC CGL Tier-1 2016 is not too far away, We are providing you a quiz on Economics. It has some most important questions. We have also provided the explantion of the answers so that you can understand the concept. We are pretty sure that it will help you.

Important GK One-Liners for SSC CGL 2016  Tier-1

  1. Consumer gets maximum satisfaction at the point where
    (A) Marginal Utility = Price
    (B) Marginal Utility > Price
    (C) Marginal Utility < Price
    (D) Marginal Cost = Price
    View Answer
  2. Production function is the relationship between
    (A) Production and Profit
    (B) Production and Prices
    (C) Production and Production factors
    (D) Production and Income
    (E) None
    View Answer
  3. Any factor or production can earn economic rent, when its supply will be
    (A) Perfectly elastic
    (B) Perfectly inelastic
    (C) Elastic in nature
    (D) All of the above
    View Answer
  4. In the balance of payments account, unrequited receipts and payments are also regarded as
    (A) bilateral transfers
    (B) unilateral transfers
    (C) capital account transfer
    (D) invisible transfers
    View Answer
  5. Price and output are determinates in market structure other than
    (A) Monopoly
    (B) Perfect Competition
    (C) Oligopoly
    (D) Monopsony
    View Answer
  6. A philosophy that the worker should share in industrial decisions is termed as
    (A) Industrial Democracy
    (B) Worker Sovereignty
    (C) Industrial Socialism
    (D) Worker Dictatorship
    View Answer
  7. If average cost falls, marginal cost
    (A) Increases at a higher rate
    (B) Falls at the same rate
    (C) Increases at the lower rate
    (D) Falls at a higher rate
    View Answer
  8. Economies of a firm are:
    (A) An increase in its profits
    (B) A reduction in its selling expenses
    (C) Its dominance of the market
    (D) Saving in it's production costs
    View Answer
  9. The market equilibrium for a commodity is determined by:
    (A) The market supply of the commodity
    (B) The balancing of the forces of demand and supply for the commodity
    (C) The intervention of the Government
    (D) The market demand of the commodity
    View Answer
  10. Regarding money supply situation in India, it can be said that the:
    (A) Currency with the public is in convertible only.
    (B) Currency with the public is less than the deposits with the banks
    (C) Currency with the public is more than the deposits with the banks
    (D) Currency with the public is almost equal to the deposits with the banks.
    View Answer
Important GK One-Liners for SSC CGL 2016  Tier-1

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