SSC CGL 2017 Special : Economics Quiz from Previous Papers

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1. Which of the following most closely approximates our definition of oligopoly ?
   1. the cigarette industry
   2. the barber shops
   3. the gasoline stations 
   4. wheat farmers

• One of the essential conditions of perfect competition is :
• 1. product differentiation
     
  2. multiplicity of prices for identical products at any one time
  3. many sellers and a few buyers
  4. only one price for identical goods at any one time
• The theory of distribution relates to which of the following ?
• 1. the distribution of assets
  2. the distribution of income
  3. the distribution of factor payments
  4. equality in the distribution of the income and wealth
• If an industry is characterized by economies of scale then
• 1. barriers to entry are not very large
  2. long run unit costs of production decreases as the quantity the firm produces increases
  3. capital requirement are small due to the efficiency of the large scale operation 
  4. the costs of entry into the market are likely to be substantial 
• Movement along the same demand curve is known as
• 1. extension and contraction of demand  
  2. increase and decrease of demand
  3. contraction of supply 
  4. increase of supply
• 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 
• 1. decrease
  2. increase
  3. remain the same
  4. contract
• The income elasticity of demand being greater than one, the commodity must be
• 1. a necessity
  2. a luxury
  3. an inferior good
  4. none of these
• When there is one buyer and many sellers then that situation is called
• 1. monopoly
  2. single buyer right
  3. down right
  4. double buyers right
• The measure of a worker's real wage is 
• 1. the change in his productivity over a given time
  2. his earnings after deduction at source
  3. his daily earnings
  4. the purchasing power of his earnings
• Average Revenue means
• 1. the revenue per unit of commodity sold
  2. the revenue from all commodities sold
  3. the profit realized from the marginal unit sold 
  4. the profit realized by sale of all commodities 
• Economic rent refers to 
• 1. payment made for the use of labour
  2. payment made for the use of capital
  3. payment made for the use of organization 
  4. payment made for the use of land
• If the price of an inferior good falls, its demand
• 1. rises
  2. falls
  3. remains constant 
  4. can be any of the above
• The Marginal Utility Curve slopes downward from left to right indicating
• 1. a direct relationship between marginal utility and the stock of commodity
  2. a constant relationship between marginal utility and the stock of commodithy 
  3. a proportionate relationship between marginal utility and the stock of commodity
  4. an inverse relationship between marginal utility and the stock of commodity
• In equilibrium, a perfectly competitive firm will equate 
• 1. marginal social cost with marginal social benefit
  2. market supply with market demand
  3. marginal profit with marginal cost
  4. marginal revenue with marginal cost
• Equilibrium is a condition that can
• 1. never change
  2. change only if some outside factor changes
  3. change only if some internal factor changes
  4. change only if government policies change
• Entrepreneurial ability is a special kind of labour that
• 1. is hired out to firms at high wages
  2. organizes the process of production
  3. produces new capital goods to earn interest
  4. manages to avoid losses by continual innovation
• Transfer earning or alternative cost is otherwise known as
• 1. variable cost
  2. implicit cost
  3. explicit cost
  4. opportunity cost (economic cost)
• Demand of commodity mainly depends upon ____________
• 1. purchasing will
  2. purchasing power
  3. tax policy
  4. advertisement
• Equilibrium price means
• 1. price determined by demand and supply
  2. price determined by cost and profit
  3. price determined by cost of production
  4. price determined to maximize profit 
• When marginal utility is zero, the total utility is 
• 1. minimum
  2. increasing
  3. maximum
  4. decreasing
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