Indian Economy for SSC CGL

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Indian Economy for SSC CGL

Indian Economy has its own special place in General Knowledge in SSC CGL Exam. The economy of India is a middle income developing market economy. It is the fifth largest economy in the world by nominal GDP and the third largest by purchasing power parity (PPP). So there is more possibility of questions coming in this Indian economy. For you we are giving very important question which is very important from the point of view of your examination.

Indian Economy

In this article Indian Economy for SSC CGL, we are providing the latest and most important Indian Economy Questions and Answers related to Tax, Budget, Financial Condition, Bank etc for those learners who are preparing for upcoming competitive exams.

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Indian Economy for SSC CGL

Q :  

Which of the following statements is correct?

(A) Most workers will work for less than their reservation wage

(B) The reservation wage is the maximum amount of any firm will pay for a worker

(C) Economic rent is the difference between the market wage and the reservation wage

(D) Economic rent is the amount one must pay to enter a desirable labour market

Correct Answer : C

Q :  

With which form of economy is the term ‘Laissez-Faire’ associated?

(A) Capitalist Economy

(B) Socialist Economy

(C) Mixed Economy

(D) Command Economy

Correct Answer : A

Q :  

Who among the following promotes social justice?

(A) Herald Laski

(B) John Keynes

(C) John Rowles

(D) All of the above

Correct Answer : C

Q :  

The Relationship between the rate of interest and consumption level was firstly estimated by–

(A) Amartya Sen

(B) Milton Freedman

(C) Irwing Fischer

(D) James Duezan Berry

Correct Answer : B

Q :  

The Surplus earned by a factor other thus land in the short period is referred as –

(A) Economic Rent

(B) Net Rent

(C) Quasi-Rent

(D) Super-Normal Rent

Correct Answer : C
Explanation :

Explain: -The Surplus earned by a factor other than land in the short period is referred as quasi-rent.

Q :  

Labour Intensive Technique would get chosen in a–

(A) Labour Surplus Economy

(B) Capital Surplus Economy

(C) Developed Economy

(D) Developing Economy

Correct Answer : A
Explanation :

Expl:- Labour Intensive Technique will be chosen in Labour Surplus Economy because in such economy labour cost is low.

Q :  

According to whom second chamber is unnecessary & bad?

(A) Monkahour

(B) Bentham

(C) Seale

(D) Loosky

Correct Answer : B

Q :  

Which among the following is not true about the work of Human Resource and Development (HRD)–

(A) Caste – System

(B) Youth and Sport

(C) Education

(D) Child Development

Correct Answer : A

Q :  

The Views of eminent economist Robert Malthus on Population is–

(A) Pessimistic

(B) Optimistic

(C) Both (a) and (b)

(D) None of the above

Correct Answer : A
Explanation :

The Malthusian theory explained that the human population grows more rapidly than the food supply until famines, war or disease reduces the population. He believed that the human population has risen over the past three centuries.

Q :  

Amartya Sen was awarded the Noble Prize for his contribution to–

(A) Monetary Economics

(B) Welfare Economics

(C) Econometrics

(D) Development Economics

Correct Answer : B
Explanation :

Explain: -For Welfare Economics and Social Choice Theory, Amartya Sen, in 1998 was awarded the Noble Prize. Welfare economics is a branch of economics that uses microeconomic techniques to evaluate well-being (welfare) at the aggregate (economy-wide) level. ... The field of welfare economics is associated with two fundamental theorems.

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    Vikram Singh

    Providing knowledgable questions of Reasoning and Aptitude for the competitive exams.

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