Important Economy Questions for SSC & Railway Exam 2018: 19 December

Dear Readers, GA section is taken on the light note but plays a vital role in achieving the score required to cross the cut off marks.We are providing Important Economy Questions for this, it will help you to score good in GA section if you regularly follow the contents provided on scaffold website and adda247 app regarding general knowledge important questions.We wish you the best wishes for all the upcoming exams.

Q1. The tragedy of the commons is a term coined by? ‘कॉमन्स की त्रासदी’ पद किसके द्वारा दिया गया है?

(a) Garett Hardin / गैरेट हार्डिन

(b) Seligman/ सेलिग्मन

(d) A.P Lernier/ ए.पी. लर्नर

Solution:

The tragedy of the commons is a term coined by scientist Garrett Hardin in 1968 describing what can happen in groups when individuals act in their own best self-interests and ignore what's best for the whole group.

Q2. Input goods for further production which are sold in industries for resale or production of other goods are known as? अधिक उत्पादन के लिए आगत वस्तुएं जो अन्य वस्तुओं के पुनर्विक्रय या निर्माण के लिए उद्योगों में बेचीं जाती है, वे क्या कहलाती हैं?

(a) Essential goods/ आवश्यक वस्तुएं

(b) Capital goods/ पूँजीगत वस्तुएं

(d) None of these/ इनमें से कोई नहीं

Solution:

An intermediate good is a product used to produce a final good or finished product. These goods are sold between industries for resale or the production of other goods.

Q3. In Economics the capital mainly owned by the government that is the basic infrastructure facilities and services needed for the functioning of a community or society is known as- अर्थशास्त्र में, सरकार के मुख्य रूप से स्वामित्व वाली वह पूंजी, जो आधारभूत बुनियादी सुविधाएं और सेवाएं किसी समुदाय या समाज के कामकाज के लिए आवश्यक हो, क्या कहलाते है?

(a) Human capital / मानव पूंजी

(b) Physical capital/ भौतिक पूँजी

(d) Working capital/ कार्यशील पूंजी

Solution:

A Social Overhead Capital (SOC) is the social capital mainly owned by the government that is the basic facilities and services needed for the functioning of a community or society, such as transportation (roads), education and health (schools, public libraries, and hospitals), communications and utilities (telephones, water, electricity), etc. The SOC term can be used as the economic overhead facilities and economic infrastructure.

Q4. Which of the following is not an agro-based industry? निम्नलिखित में से कौन सा कृषि-आधारित उद्योग नहीं है?

(a) Food processing/ खाद्य प्रसंस्करण

(b) Cotton textile/ कॉटन टेक्सटाइल

(d) Dairy products/ दुग्ध उत्पाद

Solution:

Agro based industries use plant and animal based products as their raw materials.

Q5. The economies which occur to the firm itself when it expands its output are called as? जो अर्थव्यवस्थाएं स्वयं व्यवसाय के रूप में अस्तित्व में आती हैं और इनका उत्पादन विकसित होता है, क्या कहलाती हैं?

(a) Internal Economies/ आंतरिक अर्थव्यवस्थाएं

(b) External Economies / बाह्य अर्थव्यवस्थाएं

(d) None of these/ इनमें से कोई नहीं

Solution:

Internal economies are those economies in production which occur to the firm itself when it expands its output or enlarge its scale of production.

Q6. A closed economy is one which- बंद अर्थव्यवस्था वह होती है -

(a) Does not trade with other countries/ जो अन्य देशों के साथ व्यापार नहीं करती है

(b) Does not possess any means of international transport/ जिनके पास अंतर्राष्ट्रीय परिवहन का कोई साधन नहीं होता है

(d) None of these/ इनमें से कोई नहीं

Solution:

A closed economy is self-sufficient, which means no imports come into the country and no exports leave the country.

Q7. The situation to make someone better-off without making someone worse-off in terms of economics is called? अर्थशास्त्र के संदर्भ में, किसी को खराब किए बिना बेहतर बनाने की स्थिति को क्या कहा जाता है?

(a) Pareto efficiency / पारेटो दक्षता

(b) Efficient/ दक्षता

(d) Inefficient/ अयोग्यता

Solution:

In economics there may exist a state of the system where we cannot improve the utility of each user without decreasing the utility of some other user. This is called a Pareto efficiency state.

Q8. The goods which people consume more, when their price rises are called___. जिन वस्तुओं का उपभोग लोगो द्वारा अधिक किया जाता है, जब उनकी कीमत में वृद्धि होती है तो उन्हें ____ कहा जाता है।

(a) Essential goods / आवश्यक वस्तुएं

(b) Capital goods/ पूँजीगत वस्तुएं

(d) Normal goods/ इनमें से कोई नहीं

Solution:

A Giffen good, in economic theory, is a good that is in greater demand as its price increases.

Q9. In economics, a good whose demand decreases when consumer income rises is called? अर्थशास्त्र में, उपभोक्ता आय बढ़ने पर जिस वस्तु की मांग की कमी होती है, उसे क्या कहा जाता है ?

(a) Veblen good / वेबलेन वस्तु

(b) Normal good/ सामान्य वस्तु

(d) Inferior good/ निचली वस्तु

Solution:

In economics, an inferior good is a good whose demand decreases when consumer income rises (or demand increases when consumer income decreases), unlike normal goods, for which the opposite is observed.

Q10. Goods whose demand is proportional to price are called- जिन वस्तुओं की मांग मूल्य के अनुपात में होती है, उन्हें क्या कहा जाता है?

(a) Inferior goods / निचली वस्तु

(b) Normal goods/ सामान्य वस्तु

(d) Exclusive goods/ विशिष्ट वस्तु

Solution:

Goods whose demand is proportional to price are called Veblen good . Veblen goods are a type of luxury goods for which the quantity demanded increases as the demand for that product increases the price too increases it can be said as an apparent contradiction of the law of demand.

Q11. Which of the following will cause an increase in the demand for coffee? निम्नलिखित में से कौन सा कॉफी की मांग में वृद्धि का कारण होगा?

(a) Price of coffee falling in foreign markets/ विदेशी बाजारों में कॉफी की कीमत गिरना

(b) Coffee prices are expected to fall rapidly in domestic markets/ घरेलू बाजारों में कॉफी की कीमतों में तेजी से गिरावट की आशा

(d) Increase in price of tea/ चाय की कीमत में वृद्धि होना

Solution:

Coffee and tea are substitutes. A substitute good, in contrast to a complementary good, is a good with a positive cross elasticity of demand. This means a good's demand is increased when the price of another good is increased; both in the same direction.

Q12. Inflation is caused by- मुद्रास्फीति(महंगाई) होने का कारण होता है-

(a) Increase in money supply/ धन आपूर्ति में वृद्धि

(b) Increase in cash with the government/ सरकार के पास नकद में वृद्धि

(d) Increase in supply of goods/ माल की आपूर्ति में वृद्धि

Solution:

Basically when the government increases the money supply faster than the quantity of goods increases we have inflation.

Q13. When the overall price levels go up due to increases in the cost of wages and raw materials this situation is called- मजदूरी और कच्चे माल के मूल्य में वृद्धि के कारण कुल मूल्य स्तर में वृद्धि होने की स्थिति को क्या कहा जाता है-

(a) Cost-push inflation/ मूल्य - बढ़ोत्तरी मुद्रास्फ़ीति

(b) Demand pull inflation/ मुद्रास्फीति की मांग

(d) None of the above/ इनमें से कोई नहीं

Solution:

Cost-push inflation is a situation in which the overall price levels go up (inflation) due to increases in the cost of wages and raw materials.

Q14. What is the base year of the Central Statistical Organization (CSO) for tabulating the Gross Domestic Product or size of economy? सकल घरेलू उत्पाद या अर्थव्यवस्था के आकार को सारणीबद्ध करने के लिए केंद्रीय सांख्यिकीय संगठन (सीएसओ) का आधार वर्ष क्या है?

(a) 1960–61

(b) 2004–05

(d) 1990–91

Solution:

Earlier in 2015, the Central Statistics Office (CSO) under the Statistics Ministry had changed the base year for tabulating the Gross Domestic Product or size of economy to 2011-12 from 2004-05.

Q15. Which is NOT a measure undertaken by government to check inflation? इनमें से कौन से पैमाने का सरकार द्वारा मुद्रास्फीति की जांच करने के लिए उपयोग नहीं किया गया है?

(a) Increase in consumption/ खपत में वृद्धि

(b) Increase in production/ उत्पादन में वृद्धि

(d) Taxation measures/ कराधान पैमाना

Solution:

The main aim of every measure is to reduce the inflow of cash in the economy or reduce the liquidity in the market.There are three main measures used for controlling inflation, those are Monetary Measures, Fiscal Measures and Price Control.

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