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Target SSC CGL | 10,000+ Questions | Economics Questions For SSC CGL: Day 144

Dear aspirants,

This is the new year with new goals, new experiences and lots of exams to be scheduled soon. SSC CGL has recently released the exam dates so now it is time to gear up your preparations and try hard to get success. ADDA247 never fails to deliver something new and fruitful for you all. This time also we are providing you the best study plan as well as a study material. We are here going to prepare your General Awareness section for the SSC CGL. In this article, we are providing you the details that how we are going to help you to clear the examination this year. We ADDA247 is going to provide you daily tests for all the subjects. The topic-wise quiz will be done from January till May. This will help you to get a deeper knowledge of all the topics and will prepare you thoroughly.

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Q1. Returns to scale is a?
(a) Timeless phenomenon.
(b) Directionless phenomenon.
(c) short run phenomenon.
(d) long run phenomenon.

Q2. The production function signifies?
(a) economical relation.
(b) social relation.
(c) industrial relation.
(d) cost relation.

Q3. In economics, production means?
(a) manufacturing.
(b) making.
(C)creating utility.
(d) forming.

Q4. The concept of Joint sector implies cooperation between?
(a) public sector and private sector industries.
(b) state government and central government.
(C) Domestic and foreign companies.
(d) None of these.

Q5. In an economy, the sectors are classified into public and private sector on the basis of?
(a) Employment conditions.
(b) Nature of economic activities.
(C) Ownership of enterprises.
(d) use of raw materials.

Q6. Quasi rent is a ____ phenomenon?
(a) Medium.
(b) long term.
(c) short term.
(d) no time.

Q7. Transferring earning or alternative cost is otherwise known as?
(a) variable cost.
(b) implicit cost.
(c) explicit cost.
(d) opportunity cost.

Q8. The addition to the total cost by producing an additional unit of output by a firm is called?
(a) variable cost.
(b) average cost.
(c) marginal cost.
(d) opportunity cost.

Q9. The production function relates to?
(a) costs to outputs.
(b) costs to inputs.
(c) inputs to outputs.
(d) wage level to profits.

Q10. GEF stands for?
(a) Global environment fund.
(b) Global economic fund.
(C) Global education fund.
(d) Global energy fund.

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Solutions
S1. (d)
Sol-
• Return to scale is rate at which production or output respond due to change in input or factors of production in long run.
S2. (C)
• Production function shows relationship between input and outputs.
• So it signifies industrial relation.
S3. (C)
• In economics, production means creating utility.
• Utility means satisfaction.
• Generated by consuming any unit of production.
S4. (a)
• Concept of Joint sector implies that public and private sector come together for establishment of new enterprise for a project.
S5. (C)
• Sectors which are owned by State are called as public sectors, which are owned by private entity are called as private sectors.
S6.(c)
• Quasi rent is a term in economics that describes certain types of returns to firm.
• It is a temporary phenomenon.
S7. (d)
• Opportunity cost is a cost measured for the value of the best next alternative that is not choosen.
• In other words opportunity cost is sacrificed value due to choosing second best alternative.
S8. (C)
• Marginal cost is addition to the total cost by producing an additional unit of the output by a firm.
S9. (C)
• Production function shows relationship between input and output so it signifies industrial relation.
S10. (a)
• GEF stands for global environment fund.
• It deals with the investments in the energy sector, environmental and natural resource sectors.

 

In the last month i.e. in May daily we will provide you with a test of the previous years’ question papers, this will increase your confidence of solving the real exam and will make you familiar with the real-time exam.

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