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

 
Q1. In which
form of the market structure is the degree of control over the price of its
product by a firm very large?
(a) Monopoly
(b) Imperfect
Competition
(c) Oligopoly
(d) Perfect
competition
Q2. Average
revenue curve is also known as:
(a) Profit
Curve
(b) Demand
Curve
(c) Average
Cost Curve
(d) Indifference
Curve
Q3. Disguised
unemployment in India exists in
(a)
Transport sector
(b)
Agricultural sector
(c)
Banking
(d) Service
sector
Q4.
Intensive Agriculture District Programme (IADP) was started in
(a)
1959-60
(b)
1960-61
(c)
1961-62
(d)
1962-63
Q5. Suppose
that the demand curve for the ABC Co. slopes downward and to the right. We can
conclude that
(a) the firm
operates in a perfectly competitive market.
(b) the firm
can sell all that it wants to at the established market price.
(c) the XYZ
Co. is not a price taker in the market because it must lower price to sell
additional units of output.
(d) the XYZ
Co. will not be able to maximize profits because price and revenue are subject
to change.
Q6. If firms
in the shoes  industry have the following
market shares, which market structure would best describe the industry?
Market share                                     (% of
market)
Adidas                                                          18.7
Puma                                                            14.3
Rebook                                                        11.6
sparx                                                             9.4
bata                                                               8.8
nike                                                               7.4
Others                                                          29.8
(a) Perfect
competition
(b) Monopolistic
competition
(c) Oligopoly
(d) Monopoly
Q7. Which
sector is the backbone of Indian economy?
(a)
Service Sector
(b)
Financial Sector
(c)
Tourism Sector
(d)
Agriculture Sector
Q8. The
kinked demand curve model of oligopoly assumes that
(a) the
response to a price increase is less than the response to a price decrease.
(b) the
response to a price increase is more than the response to a price decrease.
(c) the
elasticity of demand is constant regardless of whether price increases or
decreases.
(d) the
elasticity of demand is perfectly elastic if price increases and perfectly
inelastic if price decreases.
Q9. In
terms of economics, the total value of the output (goods and services) produced
and income received in a year by a domestic resident of a country put together
is called
(a) Net
National Product
(b)
Gross National Product
(c)
Gross National Income
(d)
National income
Q10. A firm
encounters its “shutdown point” when:
(a) average
total cost equals price at the profit-maximising level of output.
(b) average
variable cost equals price at the profit-maximising level of output.
(c) average
fixed cost equals price at the profit-maximising level of output.
(d) marginal
cost equals price at the profit-maximising level of output.
Q11. Suppose
that, at the profit-maximizing level of output, a firm finds that market price
is less than average total cost, but greater than average variable cost. Which
of the following statements is correct?
(a) The firm
should shutdown in order to minimize its losses.
(b) The firm
should raise its price enough to cover its losses.
(c) The firm
should move its resources to another industry.
(d) The firm
should continue to operate in the short run in order to minimize its losses
Q12. Which
of the following is definitely a major indication of the state of the economy
of a country?
(a) Rate
of GDP growth
(b) Rate
of inflation
(c)
Number of banks in a country
(d) None
of these
Q13. When
price is less than average variable cost at the profit-maximising level of
output, a firm should:
(a) produce
where marginal revenue equals marginal cost if it is operating in the short
run.
(b) produce
where marginal revenue equals marginal cost if it is operating is the long run.
(c) shutdown,
since it will lose nothing in that case.
(d) shutdown,
since it cannot even cover its variable costs if it stays in business.
Q14. In which year ‘Bombay plan’ was launched by some
industrialists?
(a) 1942
(b) 1943
(c) 1944
(d) 1945
Q15. The Economic Planning Committee was established in the
chairmanship of
(a) J.L. Nehru
(b) Dr. Rajendra Prasad
(c) Ramkrishna Mudaliyar
(d) K.C. Niyogi
                            Solutions
S1. Ans.(a)
Sol.
S2. Ans.(b)
Sol.

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

S5. Ans.(c)
Sol.

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

S8. Ans.(a)
Sol.

S9. Ans.(b)
Sol.

S10. Ans.(b)
Sol.

S11. Ans.(d)
Sol.

S12. Ans.(a)
Sol.

S13. Ans.(d)
Sol.

S14. Ans.(c)
Sol.

S15. Ans.(a)
Sol.

   


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