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

 
Q1. Under
perfect competition, the industry does not have any excess capacity because
each firm produces at the minimum point on its 
 
(a) Long-run
marginal cost curve
(b) Long-run
average cost curve
(c) Long-run
average variable cost curve
(d) Long-run
average revenue curve
Q2. Which
one of the following is not a method of measurement of National Income?  
(a) Value
Added Method
(b) Income
Method
(c) Investment
Method
(d)
Expenditure Method
Q3. In Economics the ‘Utility’ and
‘Usefulness’ have  
(a) Same
meaning
(b) Different
meaning
(c) Opposite
meaning
(d) None of
the above
Q4. Labour
intensive technique would get choosen in a  
(a) Labour
Surplus Economy
(b) Capital
Surplus Economy
(c) Developed
Economy
(d) Developing
Economy
Q5. Surplus earned by a factor other than
land in the short period is referred to as 
 
(a) Economic
rent
(b) Net rent
(c) Quasi-rent
(d) Super-normal
rent
Q6. If two commodities are complements, then
their cross-price elasticity is
(a) Zero
(b) Positive
(c) Negative
(d) Imaginary
number
Q7. An
exceptional demand curve is one that moves
(a) Upward
to the right  
(b) Downward
to the right
(c) Horizontally
(d) Vertically
Q8.
Opportunity cost of production of a commodity is
 
(a) The cost
that the firm could have incurred when a different technique was adopted
(b) The cost
that the firm could have incurred under a different method of production
(c) The
actual cost incurred
(d) The next
best alternative output
Q9. “Interest
is a reward for parting with liquidity” is according to
(a) Keynes
(b) Marshall
(c) Haberler
(d) Ohlin
Q10.
Extension or contraction of quantity demanded of a commodity is a result of a
change in the
(a) Unit
price of the commodity 
(b) Income
of the consumer
(c) Tests of
the consumer
(d) Climate
of the region
Q11. Who
said, “Economics is the Science of Wealth”?
(a)
Robbins 
(b) JS Mill
(c) Adam
Smith
(d) Keynes


Q12. A fall in demand or rise in supply of a commodity
(a)
Increases the price of that 
(b) Decreases
the price of that
(c) Neutralises
the changes in the price
(d) Determines
the price elasticity
Q13. Which
one of the following is a developmental expenditure?
(a)
Irrigation expenditure 
(b) Civil
administration
(c) Debt
Services
(d) Grant-in-aid
Q14. Supply
creates its own demand. This statement is related to
(a)
Professor JB Say 
(b) John
Robinson
(c) Adam
Smith
(d) JS Mill
 Q15. Cross
elasticity of demand between petrol and car is
(a)
Infinite 
(b) Positive
(c) Zero
(d) Negative
                            SOLUTIONS
S1. Ans.(b)
Sol.
S2. Ans.(c)
Sol.

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

S5. Ans.(c)
Sol.

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

S8. Ans.(d)
Sol.

S9. Ans.(a)
Sol.

S10. Ans.(a)
Sol.

S11. Ans.(c)
Sol.

S12. Ans.(b)
Sol.

S13. Ans.(a)
Sol.

S14. Ans.(a)
Sol.

S15. Ans.(d)
Sol.



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