Economics and Commerce –GK Quiz for SSC/FCI Exam Set-28

Economics and Commerce
Economics and Commerce –GK Quiz for SSC/FCI Exam Set-28:
List of Important GK questions from Economics and Commerce for SSC exam were given here. Candidates those who are all preparing for SSC, FCI Exam and all other competitive exams can use this material.

1).  A want can be satisfied by two or more goods which are ………..
a)    Substitute
b)    Complementary
c)    Competitive
d)    None of these

2).The present Indian monetary system is based on ………
a)    Minimum Reserve System
b)    Proportion Reserve System
c)    Convertible Currency System
d)    Gold Reserve System

3). Marshallian utility analysis is based on ……….
a)    Cardinal
b)    Ordinal
c)    Inductive
d)    None of these

4). Those goods and services which are not essential for living but which are required for happy living are called ………….
e)    Luxuries
f)     Comforts
g)    Necessaries
h)    None of these

5).The chief exponent of the cardinal utility approach was ……….
a)    J. R. Hicks
b)    R. G. D. Allen
c)    Alfred Marshall
d)    Adam Smith

6). MUn is equal to …………
a)    TUn – TUn-1
b)    TUn – TUn+1
c)    TUn + TUn+1
d)    TUn + TUn-1

7). ………..  law is known as Gossen’s first law.
a)    Law of equi_marginal utility
b)    Law of diminishing marginal utility
c)    Law of demand
d)    None of these

8). …………. is the foundation for various other economic laws
a)    Law of diminishing marginal utility
b)    Law of demand
c)    Law of supply
d)    Law of equi_marginal utility

9). …………. is the foundation for the law of demand
a)    Law of diminishing marginal utility
b)    Law of equi_marginal utility
c)    Law of supply
d)    None of these

10)…………. was the first economist to mention the law of equi-marginal utility
a)    Marshall
b)    Gossen
c)    Adam Smith
d)    None of these

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


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