A. Supervision
B. Management
C. Marketing
D. Risk bearing
Answer –D. Risk bearing
Explanation-
92. Fixed cost is known as: [SSC Combined Matric Level (PRE) 2000]
A. Special cost
B. Direct cost
C. Prime cost
D. Overhead cost
Answer –D. Overhead cost
Explanation-
93. Who is called the Father of Economics?[SSC Combined Matric Level (PRE) 2001]
A. J.M. Keynes
B. Malthus
C. Ricardo
D. Adam Smith
Answer –D. Adam Smith
Explanation-
94. The excess of price a person is to pay rather than forego the consumption of the commodity is called:[SSC CGL Tier-I 2010]
A. Price
B. Profit
C. Producers’ surplus
D. Consumer’s surplus
Answer –C. Producers’ surplus
Explanation-
95. When average cost production (AC) falls, marginal cost of production must be…..[SSC CPO Sub-Inspector 2008]
A. rising
B. Falling
C. Greater than the average cost
D. Less than the average cost
Answer –D. Less than the average cost
Explanation-
96. The demand for which of the following commodity will not rise in spite of a fall in its price?[SSC Combined Matric Level (PRE) 2000]
A. Television
B. Refrigerator
C. Salt
D. Meat
Answer –C. Salt
Explanation-
97. A situation of large number of firms producing similar goods is termed as :[SSC Combined Matric Level (PRE) 2002]
A. Perfect competition
B. Monopolistic competition
C. Pure competition
D. Oligopoly
Answer –A. Perfect competition
Explanation-
98. In the long-run equilibrium, a competitive firm earns:[SSC Combined Matric Level (PRE) 2000]
A. Super-normal profit
B. Profits equal to other firms
C. Normal profit
D. No profit
Answer –C. Normal profit
Explanation-
99. When the price of a commodity falls, we can expect:[SSC SAS 2010]
A. the supply of it to increase
B. the demand for it to fall
C. the demand for it to stay constant
D. the demand for it to increase
Answer –D. the demand for it to increase
Explanation-
100. The term “market” in Economics means:[SSC Combined Matric Level (PRE) 2001]
A. A central place
B. Presence of competition
C. Place where goods are stored
D. Shops and super bazars
Answer – A. A central place
Explanation-