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

Q1. Which of
the following statements is correct?    
(a) Most
workers will work for less than their reservation wage
(b) The
reservation wage is the maximum amount any firm will pay for a worker
(c) Economic
rent is the difference between the market wage and the reservation wage
(d) Economic
rent is the amount one must pay to enter a desirable labour market
Q2. Other
things being equal, a decrease in quantity demanded of a commodity can be
caused by
(a) A rise
in the price of commodity
(b) A rise
in the income of the consumer
(c) A fall
in the price of a commodity
(d) A fall
in the income of the consumer
Q3. Which of
the following are consumer semi-durable goods?  
(a) Cars and
television sets
(b) Milk and
milk products
(c) Food
grains and other food products  
(d) Electrical
appliance like fans and electric irons


Q4. Which market forms allow free entry and exit of firms?  
(a) Perfect
and Monopolistic
(b) Perfect
and Oligopoly
(c) Oligopoly
and Monopoly
(d) Monopoly
and Monopolistic
Q5. The
Psychological law of consumption states that  
(a) Proportionate
increase in consumption is less than proportionate increase in income
(b) Increase
in incomes is equal to increase in consumption
(c) Increase
in consumption is greater than increase in income
(d) Consumption
does not change with a change in income 
Q6.
Collective consumption means  
(a) Household
consumption
(b) Individual
consumption
(c) Self-consumption
(d) Consumption
by the citizens of the country
Q7. Who
defined ‘Rent’ as that portion or produce of the Earth, which is paid to the
landlord for the use of original and indestructible power of the soil?  
(a) Ricardo
(b) Marshall
(c) Keynes
(d) Pigou
Q8. The word
‘Oikonomia’ means  
(a)
Household management  
(b) Individual
management
(c) Political
management
(d) Fiscal
management
Q9. In the
long-run the fixed costs become
  
(a) Money
costs
(b) Real
costs
(c) Opportunity
costs
(d) Variable
costs
                                                                                                                                                                                          Q10. Increase
in cash reserve ratio leads to
 
(a) Increase
in bank credit
(b) Decrease
in bank credit
(c) Constant
bank credit
(d) Excess
bank credit
Q11. The
Phillip’s curve is the schedule showing the relationship between  
(a) Aggregate
supply and demand
(b) Total
saving and investment
(c) The rate
of unemployment and rate of inflation
(d) Demand
for and supply of loanable funds
Q12. A firm
practicing price discrimination will be  
(a) Charging
different prices for different qualities of a product 
(b) Buying
in the cheapest and selling in the dearest markets
(c) Charging
different prices in different markets for a product
(d) Buying
only from firms selling in bulk at a distance
Q13. Minimum payment of factor of production
is called
 
(a) Quasi
Rent
(b) Rent
(c) Wages
(d) Transfer
Payment
Q14. Private
investment is otherwise called as  
(a) Autonomous
investment
(b) Foreign
institutional investment
(c) Foreign
direct investment 
(d) Induced
investment
Q15. Economics is a  
(a) Computer
science
(b) Physical
science
(c) Social
science
(d) Natural
science
SOLUTIONS
S1. Ans.(c)
Sol.
S2. Ans.(a)
Sol.

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

S5. Ans.(a)
Sol.

S6. Ans.(a)
Sol.
S7. Ans.(a)
Sol.

S8. Ans.(a)
Sol.

S9. Ans.(d)
Sol.

S10. Ans.(b)
Sol.

S11. Ans.(c)
Sol.

S12. Ans.(c)
Sol.

S13. Ans.(c)
Sol.

S14. Ans.(d)
Sol.

S15. Ans.(c)
Sol.




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