A. decrease
B. increase
C. remain the same
D. contract
Answer – B. increase
Explanation-
52. Given the money wages, if the price level in an economy increases, then the real wages will:[SSC Tax Assistant (Income Tax & Central Excise 2006]
A. increase
B. decrease
C. remain constant
D. become flexible
Answer –B. decrease
Explanation-
53. Production function relates:[SSC Combined Matric Level (PRE) 2000]
A. Cost to output
B. Cost to input
C. Wages to profit
D. Inputs to output
Answer –D. Inputs to output
Explanation-
54. An expenditure that has been made and cannot be recovered is called:[SSC Section Officer (Audit) 2006]
A. Variable cost
B. Opportunity cost
C. Sunk cost
D. Operational cost
Answer – C. Sunk cost
Explanation-
55. The most distinguishing feature of oligopaly is:[SSC (South Zone) Investigator 2010]
A. number of firms
B. interdependence
C. negligible influence on price
D. price leadership
Answer –B. interdependence
Explanation-
56. Transfer earning or alternative cost is otherwise known as: [SSC Section Officer (Commercial Audit) 2003]
A. Variable cost
B. Implicit cost
C. Explicit cost
D. Opportunity cost (economic cost)
Answer –D. Opportunity cost (economic cost)
Explanation-
57. Tooth paste is a product sold under :[FCI Assistant Grade-III 2012]
A. Monopolistic Competition
B. Perfect Competition
C. Monopoly
D. Duopoly
Answer –A. Monopolistic Competition
Explanation-
58. Surplus earned by a factor other than land in the short period of referred to as:[SSC CPO Sub-Inspector 2009]
A. economic rent
B. net rent
C. quasi-rent
D. super-normal rent
Answer –C. quasi-rent
Explanation-
59. In Economics, production means:[SSC Section Officer (Commercial Audit 2006]
A. manufacturing
B. making
C. creating utility
D. farming
Answer –C. creating utility
Explanation-
60. Prime cost is equal to…[SSC Section Officer (Audit) 2006]
A. Variable cost plus administrative cost
B. Variable cost plus fixed costs
C. Variable cost only
D. Fixed cost only
Answer –A. Variable cost plus administrative cost
Explanation-