SSC Economy Previous year questions set-1

1. The situation in which total revenue is equal to total cost, is known as:[SSC Combined Matric Level (PRE) 2000]
A. monopolistic competition
B. equilibrium level of output
C. break-even point
D. perfect competition

Answer – C. break-even point
Explanation-



2. ‘Law of demand’ implies that when there is excess demand for a commodity, then:[SSC (South Zone) Investigator 2010]
A. price of the commodity falls
B. price of the commodity remains same
C. price of the commodity rises
D. quantity demanded of the commodity falls

Answer –C. price of the commodity rises
Explanation-



3. Product differentiation is the most important feature of:[SSC Combined Matric Level (PRE) 2002]
A. pure competition
B. monopolistic competition
C. monopoly
D. oligopoly

Answer – B. monopolistic competition
Explanation-



4. “Interest is a reward for parting with liquidity” is according to [SSC Tax Assistant (Income Tax & Central Excise) 2008]
A. Keynes
B. Marshall
C. Haberler
D. Ohlin

Answer –A. Keynes
Explanation-



5. All of the goods which are scarce and limited in supply are called ….[SSC Section Officer (Commercial Audit) 2007]
A. Luxury goods
B. Expensive goods
C. Capital goods
D. Economic goods

Answer – A. Tricalcium phosphate
Explanation-



6. If the change in demand for a commodity is at a faster rate than change in the price of the commodity, the demand is:[SSC Combined Matric Level (PRE) 2001]
A. perfectly inelastic
B. elastic
C. perlectly elastic
D. inelastic

Answer –C. perlectly elastic
Explanation-



7. Economic rent refers to___ [SSC CPO Sub-Inspector 2003]
A. Payment made for the use of labour
B. Payment made for the use of capital
C. Payment made for the use of organisation
D. Payment made for the use of land

Answer – D. Payment made for the use of land
Explanation-



8. Operating Surplus arises in the….[SSC CPO Sub-Inspector 2005]
A. Government Sector
B. Production for self-consumption
C. Subsistence farming
D. Enterprise Sector

Answer –A. Government Sector
Explanation-



9. Economic problem arises mainly due to:[SSC Combined Matric Level (PRE) 2001]
A. overpopulation
B. unemployment
C. scarcity of resources
D. lack of industries

Answer –C. scarcity of resources
Explanation-



10. Production function expresses[SSC Tax Assistant (Income Tax & Central Excise) 2008]
A. technological relationship between physical inputs and output
B. financial relationship between physical inputs and output
C. relationship between finance and technology
D. relationship between factors of production

Answer –A. technological relationship between physical inputs and output
Explanation-




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