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Home General Awareness SSC CGL Economy Quiz: 24th April

SSC CGL Economy Quiz: 24th April

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 well 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 से क्या तात्पर्य 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

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Show Answer
S1. Ans.(b)
Sol. 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. Who among the following pro-pounded Wage fund theory?
निम्नलिखित में से किसने वेतन निधि सिद्धांत प्रतिपादित किया है?
(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

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S2. Ans.(a)
Sol. 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.

Q3. 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

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S3. Ans.(a)
Sol. 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.

Q4. 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

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S4. Ans.(c)
Sol. 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.
Q5. 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
Show Answer
S5. Ans.(c)
Sol. 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”.

Q6. In which type of economy property and businesses are owned and controlled by individuals?
किस प्रकार की अर्थव्यवस्था में, संपत्ति और व्यवसायों का स्वामित्व और व्यक्तियों द्वारा नियंत्रित किया जाता है?
(a) Capitalist economy / पूंजीवादी अर्थव्यवस्था
(b) Socialist economy/ समाजवादी अर्थव्यवस्था
(c) Mixed economy / मिश्रित अर्थव्यवस्था
(d) Command economy/ निर्देशित अर्थव्यवस्था

Show Answer
S6. Ans.(a)
Sol. In a capitalist economy, property and businesses are owned and controlled by individuals.

Q7. The existence of a parallel economy or Black Money-
समांतर अर्थव्यवस्था या ब्लैक मनी की मौजूदगी –
(a) Makes the economy more competitive/ अर्थव्यवस्था को अधिक प्रतिस्पर्धी बनाता है
(b) Makes the monetary policies less effective/ मौद्रिक नीतियों को कम प्रभावी बनाता है
(c) Ensures a better distribution of income and wealth/ आय और धन का बेहतर वितरण सुनिश्चित करता है
(d) Ensures increasing productive investment/ उत्पादक निवेश में वृद्धि सुनिश्चित करता है

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S7. Ans.(b)
Sol. Black money is funds earned on the black market, on which income and other taxes have not been paid. Also, the unaccounted money that is concealed from the tax administrator is called black money.

Q8. Barter transactions means-
बार्टर लेनदेन का मतलब है
(a) Money acts as a medium/ पैसा एक माध्यम के रूप में कार्य करता है
(b) Coins are exchanged for goods/ सिक्के के लिए सामान का आदान-प्रदान किया जाता है
(c) Goods are exchanged with goods/ सामान के साथ सामान का आदान-प्रदान किया जाता है
(d) Private ownership/ निजी स्वामित्व

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S8. Ans.(c)
Sol. Bartering occurs when two or more parties – such as individuals, businesses and nations – exchange goods or services evenly without the use of a monetary medium.

Q9. Fluctuation of economy including economic expansion and recession over a period of time is called ____.
आर्थिक विस्तार और समय की अवधि में मंदी सहित अर्थव्यवस्था में उतार-चढ़ाव को ____ कहा जाता है।
(a) Expansion / विस्तार
(b) Recession/ मंदी
(c) Business cycle/ व्यवसाय चक्र
(d) Deficits/ घाटे

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S9. Ans.(c)
Sol. Business cycle can be referred to as fluctuation of economy over a period of time. This fluctuation includes economic expansion and recession. One example to explain this would be my stock portfolio. During the economic expansion, technology and banking stocks tend to outperform.

Q10. ________ is a good that is in greater demand as its price increases.
________ एक सामान है जो कीमत बढ़ने के साथ अधिक मांग में है.
(a) Essential goods / आवश्यक वस्तुएं
(b) Capital goods/ पूंजीगत वस्तुएं
(c) Veblen goods / वेबलेन वस्तुएं
(d) Giffen goods/ गिफ़न वस्तुएँ

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S10. Ans.(d)
Sol. A Giffen good, in economic theory, is a good that is in greater demand as its price increases. For example, if the price of an essential food staple, such as rice, rises it may mean that consumers have less money to buy more expensive foods, so they will actually be forced to buy more rice.

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