SSC CGL Tier II Economics Quiz for the post of AAO

Q1. In an economy people have the freedom to buy or not to buy the goods offered in the market place, and this freedom to choose what they buy dictates what producers will ultimately produce. The key term defining this condition is
(a) economic power of choice.
(b) consumer sovereignty.
(c) positive economy.
(d) producer sovereignty.


Q2. The term ‘Economics’ owes its origin to the Greek word
(a) Aikonomia
(b) Wikonomia
(c) Oikonomia
(d) None of the above

Q3. In which year was the 20 point economic programme was announced for the very first time?
(a) 1975
 (b) 2006
(c) 1986 
(d) 1982
Q4. How many Ex-officio members can be selected from the Union Council of Ministers to be nominated by the Prime Minister in Niti Aayog?
(a) 4 
(b) 5
(c) 7 
(d) 8

Q5. Oikonomia means
(a) industry
(b) Management of house hold
(c) services
(d) None of these

Q6. Who among the following is not made a special invitee to the Niti Aayog?
(a) Arun Jaitley
(b) Nitin Gadkari
(c) Smriti Irani
(d) Thawar Chand Gehlot

Q7. Adam smith published his masterpiece “An Enquiry into the Nature and Causes of Wealth of Nations” in the year
(a) 1776
(b) 1786
(c) 1756
(d) 1766

Q8. According to __________ Economics is the “the study of how in a civilized society one obtains the share of what other people have produced and of how the total product of society changes and is determined”
(a) Jacob Viner
(b) Henry Smith
(c) Pigou
(d) Paul A. Samuelson

Q9. Indian economy has witnessed highest growth rate in GDP in the year
(a) 2003 – 04 
(b) 2004 – 05
(c) 2005 – 06 
(d) 2006 – 07

Q10. Who was the author of the book ‘Planned Economy for India’?
(a) Vishveswaraiyya 
(b) J.L. Nehru
(c) P.C. Mahalnobis 
(d) None of these

Q11. “Economics is what Economists do’ is given by
(a) Jacob Viner
(b) Henry Smith
(c) Pigou
(d) Paul a Samuelson

Q12. The economic system in which all the means of production are owned and controlled by private individuals for profit.
(a) socialism
(b) capitalism
(c) mixed economy
(d) communism

Q13. The concept of sustainable development relates to
(a) Consumption levels
(b) Exhaustible resources
(c) Intergenerational equity
(d) Social Equity

Q14. The Rural infrastructure fund set up in 1995 – 96, is maintained by the
(a) Reserve Bank of India
(b) State Bank of India
(c) NABARD
(d) Regional Rural Bank

Q15. Economics may be defined as the science that explains __________.
(a) the choices that we make as we cope with scarcity
(b) the decisions made by politicians
(c) the decisions made by households
(d) all human behavior