Economy Quiz for SSC CGL 2016, SSC CHSL And Railways

1.The term utility means— 

(A) Usefulness of a commodity 

(B) The satisfaction which a commodity yields 

(C) The service which a commodity is capable of rendering 

(D) None of these 

2.Under flexible exchange rate system, the exchang rate is determined by— 

(A) The Central Bank of the country 

(B) The forces of demand and supply in the foreign exchange market 

(C) The price of gold 

(D) The purchasing power of currencies 

3.The size of the market for a product refers to— 

(A) The number of people in the given area 

(B) The geographical area served by the producers 

(C) The volume of potential sales of the product 

(D) The number of potential buyers of the product 

4.Economic problem arises mainly due to— 

(A) Overpopulation 

(B) Unemployment 

(C) Scarcity of resources 

(D) Lack of small industries 

5.If the change in demand for a commodity is at a faster rate than change in the price of the commodity then the demand is— 

(A) Perfectly inelastic 

(B) Elastic 

(C) Perfectly elastic 

(D) Inelastic 

6.Which of the following is/are not fixed costs ? 

(A) Rent on land 

(B) Municipal taxes 

(C) Wages paid to workers 

(D) Insurance charges 

7.The Reserve Bank of India issues currency notes under the— 

(A) Fixed fiduciary system 

(B) Maximum fiduciary system 

(C) Fixed minimum reserve system 

(D) Proportional reserve system 

8.The concept of mixed economy means— 

(A) To have balanced development in the agricultural and industrial sector 

(B) Simultaneous development of the rural and urban sector 

(C) To have equal distribution of wealth among the rural and the urban poor 

(D) Simultaneous existence of the private and public sector 

9.'Equilibrium Price' is that price which— 

(A) Maximizes producers profit 

(B) Equates consumers and producers surplus 

(C) Maximize consumers satisfaction 

(D) Equates supply and demand 

10. Which is not the characteristic of socialist or planned economy ?

(A) Government is the owner of resources

(B) Production decisions are determined by the government

(C) Profit motive

(D) None of the above

Answers will be provided soon