SSC Economy Previous year questions set-10

91. Which is the most essential function of an entrepreneur ? [SSC Section Officer (Commercial Audit) 2007]
A. Supervision
B. Management
C. Marketing
D. Risk bearing

Answer –D. Risk bearing

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

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

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

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

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

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

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

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

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

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