SSC Economy Previous year questions set-7

61. The income elasticity of demand being greater than one, the commodity must be:[SSC Section Officer (Audit) 2001]
A. a necessity
B. a luxury
C. an inferior good
D. None of these

Answer –B. a luxury
Explanation-



62. Which from the following is not true when the interest rate in the economy goes up ?[SSC CPO Sub-Inspector 2009]
A. Saving increases
B. Lending decreases
C. Cost of production increases
D. Return on capital increases

Answer –D. Return on capital increases
Explanation-



63. Payment of water charges by the farmers to the government represents…..[SSC Combined Matric Level (PRE) 2000]
A. intermediate consumption
B. final consumption
C. fixed investment
D. inventory investment

Answer –A. intermediate consumption
Explanation-



64. Demand of commodity mainly depends upon–[SSC Section Officer (Audit) 2003]
A. Purchasing will
B. Purchasing power
C. Tax policy
D. Advertisement

Answer –B. Purchasing power
Explanation-



65. The Law of Demand expresses: [SSC Tax Assistant (Income Tax & Central Excise) 2008]
A. effect of change in price of a commodity on its demand
B. effect of change in demand of a commodity on its price
C. effect of change in demand of a commodity over the supply of its substitute
D. None of the above

Answer –A. effect of change in price of a commodity on its demand
Explanation-



66. When there is one buyer and many sellers then that situation is called:[SSC Combined CGL Prelim 2002]
A. Monopoly
B. Single buyer right
C. Down right
D. Double buyers right

Answer –B. Single buyer right
Explanation-



67. Labour Intensive Technique would get chosen in a…[SSC CPO Sub-Inspector 2009]
A. Labour Surplus Economy
B. Capital Surplus Economy
C. Developed Economy
D. Developing Economy

Answer –A. Labour Surplus Economy
Explanation-



68. Same price prevails throughout the market under….[SSC Combined Matric Level (PRE) 2002]
A. perfect competition
B. monopoly
C. monopolistic competition
D. oligopoly

Answer –A. perfect competition
Explanation-



69. Which of the following does not determine supply of labour ?[SSC Section Officer (Commercial Audit 2006]
A. Size and age-structure of population
B. Nature of work
C. Marginal productivity of labour
D. Work-leisure ratio

Answer –C. Marginal productivity of labour
Explanation-



70. A refrigerator operating in a chemist’s shop is an example of….[SSC CPO Sub-Inspector 2008]
A. free good
B. final good
C. producers good
D. consumer’s good

Answer –B. final good
Explanation-




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