A. Complicated work
B. excessive pressure
C. excess supply of labour
D. specialisation
Answer –D. specialisation
Explanation-
42. Engel’s Law states the relationship between:[SSC CGL Prelims 2007]
A. quantity demanded and price of a commodity
B. quantity demanded and price of substitutes
C. quantity demanded and tastes of the consumers
D. quantity demanded and income of the consumers
Answer –D. quantity demanded and income of the consumers
Explanation-
43. Enterpreneurial ability is a special kind of labour that….. [SSC Section Officer (Commercial Audit) 2003]
A. is hired out to firms at high wages
B. organizes the process of production
C. produces new capital goods to earn interest
D. manages to avoid losses by continual innovation
Answer –B. organizes the process of production
Explanation-
44. If two commodities are complements, then their cross-price elasticity is____[SSC CPO Sub-Inspector 2009]
A. zero
B. positive
C. negative
D. imaginary number
Answer –C. negative
Explanation-
45. A firm is in equilibrium when its…. [SSC Tax Assistant (Income Tax & Central Excise 2006]
A. marginal cost equals the marginal revenue
B. total cost is minimum
C. total revenue is maximum
D. average revenue and marginal revenue are equal
Answer – A. marginal cost equals the marginal revenue
Explanation-
46. Knowledge, technical skill, education etc. in economics, are regarded as: [SSC Section Officer (Commercial Audit) 2007]
A. social-overhead capital
B. human capital
C. tangible physical capital
D. working capital
Answer –B. human capital
Explanation-
47. The main determinant of real wage is___[SSC Combined CGL 2008]
A. extra earning
B. nature of work
C. promotion prospect
D. purchasing power of money
Answer – D. purchasing power of money
Explanation-
48. Gross Profit means:[SSC Combined Matric Level (PRE) 2002]
A. Total investment over total saving
B. Changes in methods of production
C. Changes in the form of business organisation
D. Total receipts over total expenditure
Answer – D. Total receipts over total expenditure
Explanation-
49. In a Capitalistic Economy, the prices are determined by :[FCI Assistant Grade-III 2012]
A. Demand and Supply
B. Government Authorities
C. Buyers in the Market
D. Sellers in the Market
Answer –A. Demand and Supply
Explanation-
50. Opportunity cost of production of a commodity is: [SSC CPO Sub-Inspector 2009]
A. the cost that the firm could have incurred when a different technique was adopted
B. the cost that the firm could have incurred under a different method of production
C. the actual cost incurred
D. the next best alternative output
Answer –D. the next best alternative output
Explanation-