SSC CGL Tier II Economics(Micro) Quiz for the post of AAO

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Q1. Which
one of the following Five year plans of Indian Economy was terminated by the
Janata Government?
(a) Fourth
Five Year Plan
(b) Fifth
Five Year Plan
(c) Seventh
Five Year Plan
(d) Eighth
Five Year Plan
Q2. Consider
the following statements :
(1) In the
history of Indian planning, the actual growth rate of the GDP has never been
higher than the targeted growth rate.
(2) In the
first five year plan, the actual GDP growth rate was more than the targeted growth
rate.
Which of the
statements given above is/are correct?
(a) 1 only
(b) 2 only
(c) Both 1
and 2
(d) Neither
1 nor 2
Q3. Which of
the following is not a characteristic of a “price taker”?
(a) TR = P x
Q  
(b) AR =
Price
(c) Negatively
– sloped demand curve
(d) Marginal
Revenue = Price
Q4. Which of
the following statements is false?
(a) Economic
costs include the opportunity costs of the resources owned by the firm.
(b) Accounting
costs include only explicit costs.
(c) Economic
profit will always be less than accounting profit if resources owned and used
by the firm have any opportunity costs.
(d) Accounting
profit is equal to total revenue less implicit costs.
Q5. With a
given supply curve, a decrease in demand causes
(a) an
overall decrease in price but an increase in equilibrium quantity.
(b) an
overall increase in price but a decrease in equilibrium quantity.
(c) an
overall decrease in price and a decrease in equilibrium quantity.
(d) no
charge in overall price but a reduction in equilibrium quantity.
Q6. It is assumed in economic
theory that
(a) decision
making within the firm is usually undertaken by managers, but never by the
owners.
(b) the
ultimate goal of the firm is to maximize profits, regardless of firm size or
type of business organization.
(c) as the
firm’s size increases, so do its goals.
(d) the
basic decision making unit of any firm is its owners.
Q7. Assume
that consumers’ incomes and the number of sellers in the market for good A both
decrease. Based upon this information, we can conclude, with certainty, that
the equilibrium:
(a) price will
increase.
(b) price
will decrease.
(c) quantity
will increase.
(d) quantity
will decrease.
Q8. Suppose
that the supply of cameras increases due to an increase in imports. Which of
the following will most likely occur?
(a) the
equilibrium price of cameras will increase.
(b) the
equilibrium quantity of cameras exchanged will decrease.
(c) the
equilibrium price of camera film will decrease.
(d) the
equilibrium quantity of camera film exchanged will increase.
Q9. Assume
that in the market for good Z there is a simultaneous increase in demand and
the quantity supplied. The result will be:
(a) an
increase in equilibrium price and quantity.
(b) a
decrease in equilibrium price and quantity.
(c) an
increase in equilibrium quantity and uncertain effect on equilibrium price.
(d) a
decrease in equilibrium price and increase in equilibrium quantity.
Q10. Marginal
cost changes due to changes in __________
(a) Total
cost
(b) Average
cost
(c) Variable
cost
(d) Quantity
of output
Q11. Which
of the following statement is correct?
(a) Fixed
costs vary with change in output
(b) If we
add total variable cost and total fixed cost we get the average cost.
(c) Marginal
cost is the result of total cost divided by number of units produced
(d) Total
cost is obtained by adding up the fixed cost and total variable cost
Q12. Which
of the following statements is incorrect?
(a) The LAC
curve is also called the planning curve of a firm
(b) Total
revenue = price per unit
× number of units sold
(c) Opportunity
cost is also called alternative cost
(d) If total
revenue is dived by the number of units sold we get marginal revenue.
Q13. Who was the first
administrator-statesman to attempt planning as a means for economic
development?
(a) Sir CP Ramaswami Aiyyar
(b) M Viswesvarayya
(c) VT Krishnamachari
(d) C Rajagopalachari
Q14. Consider
the following statements :
(1) The
Fourth Five Year Plan period is from 1966-71.
(2) The
Fourth Five Year Plan sought to raise the standard of living through programmes
designed to promote equality and social justice.
Which of
the statements given above is/are correct?
(a) 1
only
(b) 2
only
(c) Both
1 and 2
(d)
Neither 1 nor 2
Q15. The term “Hindu rate of
growth” refers to the 3.70% per annum growth rate achieved by the Indian
economy over the first six Five -Year Plans” The term was coined by:
(a) J.N. Bhagwati
(b) K.N. Raj
(c) Raj Krishna
(d) Sukhamoy Chakravarty
                            Solutions
S1. Ans.(b)
Sol.
S2. Ans.(b)
Sol.

S3. Ans.(c)
Sol.
S4. Ans.(d)
Sol.

S5. Ans.(c)
Sol.

S6. Ans.(b)
Sol.
S7. Ans.(d)
Sol.

S8. Ans.(d)
Sol.

S9. Ans.(c)
Sol.

S10. Ans.(c)
Sol.

S11. Ans.(d)
Sol.

S12. Ans.(d)
Sol.

S13. Ans.(b)
Sol. 

S14. Ans.(b)
Sol.

S15. Ans.(c)
Sol.
                                          


 

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