SSC Economy Previous year questions set-9

81. The problem of Economics arises from:[SSC Combined Matric Level (PRE) 2001]
A. Plenty
B. Scarcity of goods
C. More wants and less goods
D. All of the above

Answer –C. More wants and less goods

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

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

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

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

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

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

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

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

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

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