SSC Economy Previous year questions set-6

51. When there is a change in demand leading to a shift of the Demand Curve to the right, at the same price as before, the quantity demanded will……. [SSC Section Officer (Audit) 2001]
A. decrease
B. increase
C. remain the same
D. contract

Answer – B. increase

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

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

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

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

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)

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

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

59. In Economics, production means:[SSC Section Officer (Commercial Audit 2006]
A. manufacturing
B. making
C. creating utility
D. farming

Answer –C. creating utility

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

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