Target SSC CGL | 10,000+ Questions | Economics Questions For SSC CGL : Day 4

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 the 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 April. This will help you to get a deeper knowledge of all the topics and will prepare you thoroughly.

Q1. Micro economics deals with?
(a) The circular flow of income.
(b) The decision making of a single economic variable like demand.
(c) understanding unemployment.
(d) Economic growth.

Q2. For a goods negative income elasticity and positive price elasticity of demand , then the good is?
(a) An inferior goods.
(b) Normal goods.
(c) superior goods.
(d) Giffen goods.

Q3. Which one of the following pairs of goods is an example for joint supply?
(a) coffee and tea.
(b) ink and pen.
(c) tooth brush and paste.
(d) wool and mutton.

Q4. When there is a change in demand leading to a shift of the demand curve to the right at the same price as before, the quantity demanded will?
(a) Decreases.
(b) increases.
(C) Remain the same.
(d) contract.

Q5. If the change in demand for a commodity is at a Faster rate than change in the price of the commodity, the demand is?
(a) Perfectly inelastic.
(b) Elastic.
(C) Perfectly elastic.
(d) Inelastic.

Q6. Income and consumption are?
(a) inversely related.
(b) directly related.
(c) partially related.
(d) unrelated.

Q7. The law of diminishing returns applies to?
(a) All sectors.
(b) Industrial sector.
(c) Agriculture sector.
(d) service sector.

Q8. Insure payment of minimum wages for tea leave pickers?
(a) will improve quality of tea.
(b) will reduce unemployment of tea leave pickers.
(c) Decreases unemployment.
(d) will increase picking cost for all tea companies.

Q9. Quasi rent is a phenomenon?
(a) Medium.
(b) Long term.
(c) short term.
(d) No time.

Q10. In the short run , when the output of a firm increases , it’s average fixed cost?
(a) Remains constant.
(b) Decreases.
(C) Increases.
(d) First decreases and the rises.

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S1.Ans(b)
Sol.
• Micro- Economic’s is the branch of Economic’s which study Economic’s at individual level like demand, supply price etc.
S2. Ans(d)
Sol.
• Giffen goods are those goods whose consumption increases as the price rises.

S3. Ans(d)
Sol.
• Joint supply is when a product that yield more than one output. Best suitable example for this is livestock industry like sheep giving meat as well as wool.

S4. Ans(b)
Sol.
• When there is change in demand leading to shifting of demand curve to right keeping price at same , quantity demanded will increase.

S5.Ans(b)
Sol.
• Elasticity is responsiveness to the change in demand of commodity due to change in it’s price.

S6.Ans(c)
Sol.
• Consumption and income are directly related as the income rises consumption rises and as it decreases consumption also decreases.

S7.Ans(a)
Sol.
• Law of diminishing returns State that in all the process of production adding one more unit’s of factors of production will at some point yield lower per unit returns.

S8.Ans(d)
Sol.
Insuring minimum floor wage directly impacts current wages usually by increase in wages.

S9.Ans(c)
Sol.
• Quasi rent is a term in Economics’ that describes certain types of returns to firm. It is a temporary phenomenon.

S10.Ans(a)
Sol.
• When the output increases , being fixed cost constant average fixed cost decreases.

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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