SSC Economy Previous year questions set-8

71. Equilibrium price means:[SSC CPO Sub-Inspector 2004]
A. Price determined by demand and supply
B. Price determined by Cost and Profit
C. Price determined by Cost of production
D. Price determined to maximise profit

Answer –A. Price determined by demand and supply
Explanation-



72. Under which market condition do firms have excess capacity?[SSC CGL Tier-I 2010]
A. Perfect competition
B. Monopolistic competition
C. Duopoly
D. Oligopoly

Answer –B. Monopolistic competition
Explanation-



73. The measure of a worker’s real wage is:[SSC CPO Sub-Inspector 2003]
A. The change in his productivity over a given time
B. His earnings after deduction at source
C. His daily earnings
D. The purchasing power of his earnings

Answer – D. The purchasing power of his earnings
Explanation-



74. An exceptional demand curve is one that moves:[SSC Tax Assistant (Income Tax & Central Excise) 2009]
A. upward to the right
B. downward to the right
C. horizontally
D. vertically

Answer –B. downward to the right
Explanation-



75. Seawater, fresh air, etc., are regarded in Economics as:[SSC Section Officer (Commercial Audit 2006]
A. Giffen goods
B. inferior goods
C. free goods
D. normal goods

Answer –D. normal goods
Explanation-



76. Price theory is also known as:[SSC CGL Tier-I 2010]
A. Macro Economics
B. Development Economics
C. Public Economics
D. Micro Economics

Answer –D. Micro Economics
Explanation-



77. If the price of Pepsi decreases relative to the price of Coke and 7-Up, the demand for:[SSC Combined Matric Level (PRE) 2000]
A. Coke will decrease
B. 7-Up will decrease
C. Coke and 7-Up will increase
D. Coke and 7-Up will decrease

Answer –D. Coke and 7-Up will decrease
Explanation-



78. When marginal utility is zero, the total utility is:[SSC CPO Sub-Inspector 2004]
A. Minimum
B. Increasing
C. Maximum
D. Decreasing

Answer – C. Maximum
Explanation-



79. Production function explains the relationship between…[SSC Tax Assistant (Income Tax & Central Excise) 2009]
A. initial inputs and ultimate output
B. inputs and ultimate consumption
C. output and consumption
D. output and exports

Answer –A. initial inputs and ultimate output
Explanation-



80. The demand curve shows that price and quantity demanded are…….[SSC Combined Matric Level (PRE) 2000]
A. directly related only
B. directly proportional and also directly related
C. inversely proportional and also inversely related
D. inversely related only

Answer –C. inversely proportional and also inversely related
Explanation-




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