Important Economics Questions for SSC Exam 2018: 16th January

Dear Readers, GA section is taken on the light note but plays a vital role in achieving the score required to cross the cut off marks.We are providing important Economics Questions for this, it will help you to score good in GA section if you regularly follow the contents provided on scaffold website and adda247 app regarding general knowledge important questions.We wish you the best wishes for all the upcoming exams.

Q1. The Secretariat of SAARC is set up at ____________. SAARC का सचिवालय ____________ में स्थापित किया गया है।

(a) Washington / वाशिंगटन
(b) Kathmandu / काठमांडू
(c) Hague / हेग
(d) New Delhi / नई दिल्ली

Solution:

The SAARC Secretariat is based in Kathmandu, Nepal. It coordinates and monitors implementation of activities, prepares for and services meetings, and serves as a channel of communication between the Association and its Member States as well as other regional organisations. SAARC was founded in Dhaka on 8 December 1985.

Q2. Which curve shows the inverse relationship between unemployment and inflation rates- कौन सा वक्र बेरोजगारी और मुद्रास्फीति दर के बीच विपरीत संबंध दिखाता है-

(a) Supply curve/ आपूर्ति वक्र
(b) Indifference curve/उदासीन वक्र
(c) IS curve/IS वक्र
(d) Phillips curve/ फिलिप्स वक्र

Solution:

Phillips curve shows the inverse relationship between unemployment and inflation rate.

Q3. When the demand for a good increase with an increase in income, such a good is called___________ जब आय की वृद्धि के साथ उत्पाद की मांग में वृद्धि होती है, ऐसे उत्पाद को _______ कहा जाता है.

(a) Superior good/ सुपीरियर वस्तुएँ
(b) Giffin good/ गिफ़न वस्तुएँ
(c) Inferior good/ इन्फीरियर वस्तुएँ
(d) Normal good/ सामान्य वस्तुएँ

Solution:

When the demand for a good increases with an increase in income, such a good is called Superior good. A Superior good also may be a luxury good.

Q4. Which of the following is not a method of estimating national income? निम्नलिखित में से कौन सा राष्ट्रीय आय आंकने का तरीका नहीं है?

(a) Expenditure method/ व्यय विधि
(b) Output method/ आउटपुट विधि
(c) Matrix method/ मैट्रिक्स विधि
(d) Income method/ आय विधि

Solution:

Three strategies have been used to obtain the market values of all the goods and services produced and calculating national income: the product (or output) method, the expenditure method, and the income method. Matrix method is not method used for calculating National Income.

Q5. What is an octroi? ओक्ट्रोई क्या है?

(a) Tax/ कर
(b) Tax collection centre/ कर संग्रह केंद्र
(c) Tax processing centre/ कर प्रसंस्करण केंद्र
(d) Tax information centre/ कर सूचना केंद्र

Solution:

Octroi is a tax levied on various goods entering a town or city.

Q6. The supply-side economics lays greater emphasis on ______. आपूर्ति-पक्ष अर्थशास्त्र ______ पर अधिक जोर देता है.

(a) Producer/ उत्पादक
(b) Global economy/ वैश्विक अर्थव्यवस्था
(c) Consumer/ उपभोक्ता
(d) Middle Man/ मध्यस्त

Solution:

Supply-side economics is the theory that says increased production drives economic growth. So, the supply-side economics lays greater emphasis on Producer.The factor of production are capital, labour, entrepreneurship, and land.

Q7. “World Economic Outlook” report is published by which of the following? “विश्व आर्थिक आउटलुक” रिपोर्ट निम्नलिखित में से किसके द्वारा प्रकाशित की गई है?

(a) IMF
(b) World Bank/विश्व बैंक
(c) RBI

Solution:

World Economic Outlook” report by the International Monetary Fund (IMF) contains analysis and projections of the integral elements of the IMF’s surveillance of economic developments and policies in its member countries, and of the developments in the global financial markets and economic system

Q8. Lorenz curve shows लोरेन्ज वक्र क्या दर्शाता है?

(a) Inflation/ मुद्रास्फीति
(b) Unemployment/ बेरोजगारी
(c) Income distribution/ आय वितरण
(d) Poverty/गरीबी

Solution:

The Lorenz curve is a graphical representation of income inequality or wealth inequality developed by American economist Max Lorenz in 1905.

Q9. Which one of the following is not a scheme or project? निम्नलिखित में से कौन सा योजना या परियोजना नहीं है?

(a) AMRUT/ अमृत
(b) Swachh Bharat/ स्वच्छ भारत
(c) AYUSH/ आयुष
(d) Jan Dhan Yojana/ जन धन योजना

Solution:

Department of Indian Systems of Medicine and Homoeopathy (ISM&H) was established in 1995 and renamed as Department of Ayurveda, Yoga & Naturopathy, Siddha, Unani and Homoeopathy (AYUSH) in November, 2003. It is not a scheme/project of present Government.

Q10. An economy in which activities are organized through market force of demand and supply is called : एक अर्थव्यवस्था जिसमें गतिविधियों का आयोजन मांग और आपूर्ति के बाजार बल के माध्यम से किया जाता है क्या कहलाता है ?

(a) Socialistic Economy/ समाजवादी अर्थव्यवस्था
(b) Self-reliant economy/ आत्मनिर्भर अर्थव्यवस्था
(c) Market Economy/ बाजार अर्थव्यवस्था
(d) None of these/ इनमें से कोई नहीं

Solution:

Market Economy is the economy in which the market forces namely demand supply decide the path of faction.

Q11. Fiscal policy in India is formulated by – भारत में राजकोषीय नीति किस के द्वारा तैयार की जाती है-

(a) Reserve Bank of India / भारतीय रिजर्व बैंक
(b) Planning Commission/ योजना आयोग
(c) Finance Ministry / वित्त मंत्रालय
(d) SEBI/ सेबी

Solution:

Fiscal policy in India is formulated by Finance Ministry.

Q12. If demand curve for camping tents is D = 100000 – 17P and supply curve is S = 50000 + 8P, find the equilibrium Price? यदि शिविर टेंट के लिए मांग वक्र D = 100000 – 17P है और आपूर्ति वक्र S = 50000 + 8P है, समतोल मूल्य बताएं?

(a) Rs. 1000
(b) Rs. 2000
(c) Rs. 4000
(d) Rs. 500

Solution:

At equilibrium demand is equal to supply.

Q13. A manufacturer faces price elasticity of demand of a -2 for its product. If it lowers its price by 5%, the increase in quantity sold will be – एक निर्माता को अपने उत्पाद के लिए -2 की मांग की कीमत लोच का सामना करना पड़ता है. यदि वह 5% तक कीमत कम करता है, बेची गई मात्रा में कितनी वृद्धि होगी?

(a) 3%
(b) 10%
(c) 2.50%
(d) 7%

Solution:

Elasticity = (% Change in Quantity) / ( % Change in Price).

Q14. A beedi making workshop can hire 5 women by paying them Rs. 300 per day. The 6th woman demands Rs. 350 per day. If this woman is hired then all other women must be paid Rs. 350. The marginal resource (labour) cost of the 6th woman is एक बीडी बनाने की कार्यशाला 5 महिलाओं को 300 रुपये प्रति दिन भुगतान के साथ कार्यरत करती है. छठी महिला 350 रुपये प्रति दिन की मांग करती है. अगर यह महिला कार्यरत होती है तो अन्य सभी महिलाओं को 350 रुपये का भुगतान करना होगा. छठी महिला की मामूली संसाधन (श्रम) लागत क्या है?

(a) Rs. 600
(b) Rs. 50
(c) Rs. 300
(d) Rs. 100

Solution:

Marginal cost is the change in the opportunity cost that arises when the quantity produced is incremented by one unit, that is, it is the cost of producing one more unit of a good. Total amount paid to 5 women before demand of 6th women = 5 ×300 =1500 Total amount paid to 6 women after demand of 6th women =350×6 = 2100 Marginal cost=2100-1500 =600.

Q15. Bilateral monopoly situation is द्विपक्षीय एकाधिकार स्थिति है-

(a) when there are only two sellers of a product/ जब एक उत्पाद के केवल दो विक्रेता हैं
(b) when there are only two buyers of a product/ जब एक उत्पाद के केवल दो खरीदार हैं
(c) when there is only one buyer and one seller of a product/ जब केवल एक खरीदार और एक उत्पाद के एक विक्रेता है
(d) when there are two buyers and two sellers of a product/ जब दो खरीदार और एक उत्पाद के दो विक्रेता हैं

Solution:

‘Bilateral Monopoly’ A market that has only one supplier and one buyer. The one supplier will tend to act as a monopoly power, and look to charge high prices to the one buyer. The lone buyer will look towards paying a price that is as low as possible.

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