Economics and Commerce –GK Quiz for SSC CHSL/FCI Exam Set-27

Economics and Commerce –
Economics and Commerce –GK Quiz for SSC CHSL/FCI Exam Set-27:
List of Important GK questions from Economics and Commerce for SSC exam were given here. Candidates those who are all preparing for SSC CHSL, FCI Exam and all other competitive exams can use this material.

1). In a mixed economy, the prices of goods which are scarce goods are administered by the ________.
a)    Private sector
b)    Producers
c)    Ministers
d)    Government

2).Opportunity cost is the cost of something in terms of an opportunity _________.
a)    Gained
b)    Foregone
c)    Received    
d)    None of these

3). Our choice is always constrained or limited by the ________ of resources.
a)    Scarcity    
b)    Income
c)    Wants
d)    Abundance

4). Utility is a ___________.
a)    Social concept
b)    Subjective / psychological concept
c)    Political concept
d)    Scientific concept

5). Single commodity consumption mode is _________.
a)    Production possibility curve  
b)    Law of equi marginal utility
c)    Law of supply
d)    Law of diminishing marginal utility

6). Consumer surplus is __________.
a)    Potential price – Actual Price
b)    MVn = TVn – TVn-1
c)    Demand = Supply
d)    None of these

7). Necessaries, comforts and luxuries are ________.
a)    Classification of goods and services
b)    Classification of wants
c)    Classification of utility
d)    None of these

8). The indifference curve approach was introduced by _______.
a)    Alfred Marshall
b)    Lionel Robbins
c)    J.R. Hicks and R.G.D. Allen
d)    Adam Smith

9). Using up of goods and services in the satisfaction of human wants is termed as _______.
a)    Consumption
b)    Exchange
c)    Distribution   
d)    Production

10). Wants vary with ________.
a)    Person
b)    Time
c)    Place
d)    All the above

1). d) 2). b) 3). a) 4). b) 5). d) 6). a) 7). b) 8). c) 9). a) 10). d)

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