A. Plenty
B. Scarcity of goods
C. More wants and less goods
D. All of the above
Answer –C. More wants and less goods
Explanation-
82. According to modern thinking, the law of diminishing returns applies to:[SSC Section Officer (Commercial Audit 2006]
A. agriculture
B. industry
C. mining
D. all fields of production
Answer – D. all fields of production
Explanation-
83. A want becomes a demand only when it is backed by the…[SSC CGL Tier-I 2010]
A. Ability to purchase
B. Necessity to buy
C. Desire to buy
D. Utility of the product
Answer –A. Ability to purchase
Explanation-
84. Average Revenue means:[SSC CPO Sub-Inspector 2003]
A. the revenue per unit of commodity sold
B. the revenue from all commodities sold
C. the profit realised from the marginal unit sold
D. the profit realised by sale of all commodities
Answer – A. the revenue per unit of commodity sold
Explanation-
85. In Economics the ‘Utility’ and ‘Usefulness’ have….[SSC Tax Assistant (Income Tax & Central Excise) 2009]
A. same meaning
B. different meaning
C. opposite meaning
D. None of the above
Answer –B. different meaning
Explanation-
86. “Economics is what it ought to be” – This statement refers to:[SSC CGL Tier-I 2010]
A. Normative economics
B. Positive economics
C. Monetary economics
D. Fiscal economics
Answer –A. Normative economics
Explanation-
87. Why is rent earned by land even in the long run ?[SSC Combined Matric Level (PRE) 2001]
A. Land has original and indestructible power
B. Land is a man made factor
C. Its supply is inelastic in the short run
D. Its supply is inelastic in the long run
Answer –D. Its supply is inelastic in the long
run
Explanation-
88. As output increases, average fixed cost …..[SSC Combined Matric Level (PRE) 2000]
A. increases
B. falls
C. remains constant
D. first increases, then falls
Answer –B. falls
Explanation-
89. The concept that under a system of free enterprise, it is consumers who decide what goods and services shall be produced and in what quantities is known as:[SSC Section Officer (Commercial 2006]
A. Consumer Protection
B. Consumer’s Decision
C. Consumer Preference
D. Consumer’s Sovereignty
Answer –D. Consumer’s Sovereignty
Explanation-
90. Selling cost means:[SSC Combined Matric Level (PRE) 2002]
A. Cost of selling a product
B. Cost incurred in transportation
C. Cost Incurred in advertisement
D. Cost Incurred on factors of production
Answer –C. Cost Incurred in advertisement
Explanation-