Economics and Commerce –GK Quiz for SSC/FCI Exam

Economics and Commerce –
Economics and Commerce –GK Quiz for SSC/FCI Exam Set-29:
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).The principle of ‘Maximum social advantage’ was given by ………….
a)    Dalton
b)    Alfred Marshall
c)    Adam Smith
d)    None of these
2).Consumer surplus was first mentioned by …………..
a)    J.R. Hicks
b)    Ricando
c)    Adam Smith
d)    J.A. Dupuit
3).Consumer surplus was mentioned by J.A. dupuit in the year ……………
a)    1644
b)    1744
c)    1844
d)    1944
4).When a consumer consumes more than one commodity, his behavior is explained by the law of …………..
a)    demand
b)    supply
c)    equi – marginal utility
d)    None of these
5).The concept of consumer’s surplus is developed by
a)    Adam Smith
b)    Marshall
c)    Robbins
d)    None of these
6).If the potential price is Rs. 300 and the actual price is Rs.250, then the consumer surplus is …………..
a)    Rs.550
b)    Rs.300
c)    Rs.250
d)    Rs.50
7).Indifference curve approach is based on …………….
a)    Cardinal
b)    Ordinal
c)    Inductive
d)    None of these
8).Utility cannot be measured, but can be ranked according to level of satisfaction.
a)    Marshall
b)    J.R Hicks
c)    Samuelson
d)    Adam Smith
9).The Union Government in July, 2014 raised FDI Ceiling in insurance sector from 26% to …………
a)    49%
b)    36%
c)    65%
d)    100%
10).Demand for a commodity depends on ……………
a)    Price of that commodity
b)    Price of related goods
c)    income
d)    all the above

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

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