Important Economy Questions for SSC & Railway Exam 2018: 5 December

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 Economy 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 term Economic rent refers to- आर्थिक किराया शब्द का अर्थ है?

(a) Profit/लाभ
(b) Payment made for the use of land/ भूमि के उपयोग के लिए किया गया भुगतान
(c) Producer’s surplus / निर्माता का अधिशेष
(d) None of these/इनमें से कोई नहीं

The classical economists used the term economic rent as that part of the total payment which is made for the use of land only as distinguished from the payment made for the capital invested therein.

Q2. Operating Surplus arises in the – ऑपरेटिंग अधिशेष किस में आता है?

(a) Government Sector/ सरकारी क्षेत्र
(b) Production for self-consumption/ स्वयं उपभोग के लिए उत्पादन
(c) Subsistence farming / उपउत्पाद कृषि
(d) Enterprise Sector/ उद्यम क्षेत्र

The operating surplus of an enterprise measures the difference between revenue and expenditure - i.e. the surplus or deficit - accruing from production.

Q3. Who among the following pro-pounded Wage fund theory? निम्नलिखित में से किसने मजदूरी फंड सिद्धांत प्रस्तावित किया था?

(a) J.S. Mill/जे. एस. मिल
(b) J.B. Say/जे. बी. से
(c) J.R. Hicks /जे. आर. हिक्स
(d) J.M. Keynes/जे. एम. कीन्स

Wage fund theory of wage is developed by classical economist named J.S Mill. According to Mill, wage level is determined by wage fund and the number of worker's employed. To pay the laborer, a wage fund is raised.

Q4. Cost of production of the producer is given by- निर्माता के उत्पादन की लागत किसके द्वारा दी जाती है?

(a) Sum of wages paid to labourers/ मजदूरों को उनके वेतन के योग का भुगतान
(b) Sum of wages and interest paid on capital/ पूंजी पर मजदूरी और ब्याज के योग का भुगतान
(c) Sum of wages, interest rent and supernormal profit/ मजदूरी, ब्याज किराया और असाधारण लाभ का योग
(d) Sum of wages, interest, rent and normal profit/ मजदूरी, ब्याज, किराया और सामान्य लाभ का योग

The concept of cost of production is very significant in economics because it influences the production, supply, sales and the determination of price in the market.

Q5. Minimum payment to factor of production is called- उत्पादन के साधन के लिए न्यूनतम भुगतान को क्या कहा जाता है?

(a) Transfer payment/ अंतरण अदायगी
(b) Rent/किराया
(c) Wages /वेतन
(d) Quasi Rent/ अर्ध किराया

In economics, a transfer payment (or government transfer or simply transfer) is a redistribution of income and wealth (payment) made without goods or services being received in return. These payments are considered to be non-exhaustive because they do not directly absorb resources or create output.

Q6. Production refers to- उत्पादन का अर्थ है?

(a) Destruction of utility / उपयोगिता का विनाश
(b) Creation of utilities/ उपयोगिता का निर्माण
(c) Exchange value / विनिमय मूल्य
(d) Use of a product/ उत्पाद का उपयोग

Production is a process of combining various material inputs and immaterial inputs (plans, know-how) in order to make something for consumption (the output). It is the act of creating output, a good or service which has value and contributes to the utility of individuals.

Q7. Surplus earned by a factor other than land in the short period is referred to as- छोटी अवधि में जमीन के अलावा किसी अन्य कारक द्वारा अर्जित अधिशेष को संदर्भित किया जाता है

(a) Economic rent / किफ़ायती किराया
(b) Net rent/ नेट किराया
(c) Quasi-rent/ अर्ध किराया
(d) None of these/इनमें से कोई नहीं

The earnings from machines and instruments are termed as quasi-rent. The quasi-rent refers to the income produced when the demand for products increases suddenly.

Q8. Selling cost means- बिक्री लागत का अर्थ है?

(a) Cost of selling a product/ एक उत्पाद को बेचने की लागत
(b) Cost incurred in transportation/ परिवहन में किया गया खर्च
(c) Cost Incurred in advertisement/ विज्ञापन में खर्च लागत
(d) Cost Incurred on factors of production/ उत्पादन के साधन पर खर्च लागत

Selling costs: Expenses incurred in the marketing and distribution of a product.

Q9. The break-even point (BEP) in economics is the point at which – अर्थशास्त्र में ब्रेक-इवन पॉइंट (BEP) वह बिंदु है जिस पर-

(a) Marginal revenue equals marginal cost/ सीमांत राजस्व सीमांत लागत के बराबर है
(b) Average revenue equals average cost/ औसत राजस्व औसत लागत के बराबर है
(c) Total revenue equals total cost/ कुल राजस्व कुल लागत के बराबर है
(d) None of the above/इनमें से कोई नहीं

The break-even point (BEP) in economics, business—and specifically cost accounting—is the point at which total cost and total revenue are equal, i.e. "even".

Q10. Prime cost is equal to- मूल लागत किस के बराबर है?

(a) Variable cost plus administrative cost/ परिवर्तनीय लागत और प्रशासनिक लागत
(b) Variable cost plus fixed cost/ परिवर्तनीय लागत और निश्चित लागत
(c) Variable cost only/ केवल परिवर्तनीय लागत
(d) Fixed cost only/ केवल निश्चित लागत

A variable cost is a corporate expense that changes in proportion with production output.Prime costs are all of the costs that are directly attributed to the production of each product.

Q11. When average cost production (AC) falls, marginal cost of production must be- जब औसत लागत उत्पादन (AC) गिरता है, तो उत्पादन की सीमांत लागत क्या होगी?

(a) Rising /बढ़ेगी
(b) Falling/गिरेगी
(c) Greater than the average cost/ औसत लागत से ज्यादा
(d) Less than the average cost/ औसत लागत से कम

When due to the operation of the law of increasing returns, average cost falls, marginal cost also falls. The fall in marginal cost is much more than the average cost, so the marginal cost remains below the average cost.

Q12. Average Revenue means- औसत राजस्व का अर्थ है-

(a) the revenue per unit of commodity sold/ बेची गई वस्तु का प्रति इकाई राजस्व
(b) the revenue from all commodites sold/ बेची गई सभी वस्तुओं से राजस्व
(c) the profit realised all commdoities unit sold/ सभी बेची गई वस्तुओं का लाभ
(d) the profit realised by sale of all commodities/ सभी वस्तुओं की बिक्री से हुआ लाभ

Average revenue is the revenue generated per unit of output sold.

Q13. Who propounded Dynamic Theory of profit? लाभ के प्रावैगिक सिद्धान्त का प्रस्ताव किसने किया?

(a) J. B Clark / जे बी क्लार्क
(b) J.A. Schumpeter/ जे.ए. शुम्पीटर
(c) Alfred Marshall/ अल्फ्रेड मार्शल
(d) None of these/इनमें से कोई नहीं

The Dynamic Theory of Profits was introduced by J. B Clark. According to him profits come only in dynamic economy but not in static economy.

Q14. Who propounded the Innovation theory of profit? लाभ के अभिनव सिद्धांत का प्रस्ताव किसने किया?

(a) Alfred Marshall/ अल्फ्रेड मार्शल
(b) P.A. Samuelson/पी. ए. सैमुएलसन
(c) J.A. Schumpeter / जे. ए. शुम्पीटर
(d) David Ricardo/ डेविड रिकार्डो

J.A. Schumpeter formulated the Innovation Theory of Profits.

Q15. The market price is related to- बाजार मूल्य किस से संबंधित है?

(a) Very short period / बहुत कम अवधि
(b) Short period/ अल्प अवधि
(c) Long period / दीर्घ अवधि
(d) Very long period/ बहुत लंबी अवधि

In economics, market price is the economic price for which a good or service is offered in the marketplace. In very short period, supply is fixed as suppliers cannot increase the supply of a commodity. Since, in a very short period price is determined by demand only (supply being constant), thus the price that prevails in the very short period is called market price.


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