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

Q1. Goods which are meant either for consumption or for investment are called  
(a) Inferior goods
(b) Intermediate goods
(c) Final goods
(d) Giffen goods

Q2. Marginal Cost equals 
(a) Total cost divided by quantity
(b) the cost added by producing one extra item of a product.
(c) Total cost minus total benefit for the last unit produced
(d) Total cost divided by total benefit for the last unit produced

Q3. Extreme forms of market are  
(a) Perfect competition, monopolistic
(b) Perfect competition, monopoly competition
(c) Perfect competition oligopoly
(d) Oligopoly monopoly

Q4. A supply function expresses the relationship between 
(a) Price and demand
(b) Price and consumption
(c) Price and output
(d) Price and selling cost

Q5. The supply of labour in the economy depends for 
(a) Population
(b) National income
(c) Per capita income
(d) Natural resources

Q6. Demand for complementary goods is known as 
(a) Joint demand
(b) Derived demand
(c) Direct demand
(d) Cross demand

Q7. Name the curve which shows the quantity of products a seller wishes to sell at a given price level.
(a) Demand curve
(b) Cost curve
(c) Supply curve
(d) None of the above

Q8. Wage fund theory was propounded by 
(a) JB Say
(b) JS Mill
(c) JR Hicks
(d) KM Keynes

Q9. Tooth paste is a product sold under 
(a) Monopolistic competition
(b) Perfect Competition
(c) Monopoly
(d) Duopoly


Q10. The expenses on advertising is called 
(a) Implicit cost
(b) Surplus cost
(c) Fixed cost
(d) Selling cost

Q11. In a capitalistic economy the prices are determined by 
(a) Demand and supply
(b) Government authorities
(c) Buyers in the market
(d) Sellers in the market

Q12. The main feature of a capitalist economy is
(a) Administered prices
(b) Public ownership
(c) Economic planning
(d) Private ownership

Q13. Kinked demand curve is a feature of 
(a) Monopoly
(b) Oligopoly
(c) Monopsony
(d) Duopoly

Q14. Consumer’s surplus is the highest in the case of  
(a) Durable goods
(b) Luxuries
(c) Comforts
(d) Necessities

Q15. Which of the following cost curve is never ‘U’ shaped?
(a) Marginal cost curve
(b) Average variable cost curve
(c) Average fixed cost curve
(d) Average cost curve

                                                            SOLUTIONS 


S1. Ans.(c)
Sol.


S2. Ans.(b)
Sol.


S3. Ans.(a)
Sol.


S4. Ans.(c)
Sol.


S5. Ans.(a)
Sol.


S6. Ans.(a)
Sol.


S7. Ans.(c)
Sol.


S8. Ans.(b)
Sol.


S9. Ans.(a)
Sol.


S10. Ans.(d)
Sol.


S11. Ans.(a)
Sol.


S12. Ans.(d)
Sol.


S13. Ans.(b)
Sol.


S14. Ans.(d)
Sol.


S15. Ans.(c)
Sol.



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