Economics Important Questions Set-5 for SSC CGL and SSC CHSL Exam

Economics Important Questions Set-5 for SSC CGL and SSC CHSL Exam 1

Economics Important Questions Set-5 for SSC CGL and SSC CHSL Exam

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Economics Important Questions Set-5 for SSC CGL and CHSL Exam. This is Set - 5 containing 20 Multiple Choice Questions with answer on Economics important for SSC CGL, SSC CHSL or 10+2 and other competitive exams.  We hope this will helpful for your comp. exams preparation.

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economics

1. The Removal of prohibitions and hindrance by government is called.
(a) Globalization
(b) Privatization
(c) Liberalization
(d) Bilateral understanding.
Ans.(c) Liberalization [S.S.C (FCI) Exam, 2012]
 
2. Which among of the following is not a ‘canon of taxation’ according to Adam Smith?
(a) Canon of certainty
(b) Canon of simplicity
(c) Canon of convenience
(d) Canon of economy inefficiency
Ans. (b) Canon of simplicity [SSC 10+2 Exam,2010]
 
3. VAT was firstly implemented in–
(a) Germany
(b) Spain
(c) France
(d) Russia
Ans. (c) France [SSC 10+2 Exam,2012]
 
4. CENVAT is related with–
(a) Service Tax
(b) Wealth Tax
(c) Excise duty
(d) Selling Tax
Ans. (c) Excise duty [SSC 10+2 Exam,2015]
 
5. ‘Value - added’ is equal to–
(a) Output Minus the Inputs
(b) Reconstruction profit
(c) Gross profit
(d) Investment profit
Ans. (a) Output Minus the Inputs [SSC 10+2 Exam,2013]
 
6. Finance Commission is organized.
(a) Every year.
(b) After every four year
(c) After every two year
(d)After every five year
Ans. (d) After every five year [SSC Tax Asst. Exam,2008]
 
7. Which of the statements is correct about India’s National Income?
(a) Percentage share of agriculture is higher than services.
(b) Percentage share of industry is higher than agriculture.
(c) Percentage share of services is higher than industry.
(d) Percentage share of services is higher than agriculture and industry put together.
Ans.(d) Percentage share of services is higher than agriculture and industry put together [SSC CPO Exam, 2007]
 
8. In Centre – State financial relation in India, Gadgil formula is used in–
(a) Division of tax revenue
(b) Formulation of the policy for fresh borrowings
(c) Writing off state’s indebtedness to the centre
(d) Allocating Central Plan assistance between States
Ans. (a) Division of tax revenue [SSC 10+2 Exam,2011]
 
9. Which authority decides about the states’ share in central taxes?
(a) Finance Commission
(b) Planning Commission
(c) Election Commission
(d) Finance Ministry
Ans. (a) Finance Commission [SSC SO Exam, 2006]
 
10. The Worldwide great depression happens in which year-
(a) 1936
(b) 1929
(c) 1928
(d) 1930
Ans. (b) 1929 [S.S.C Multitasking Exam, 2013]
 
11. Which among the following is not the investment of goods & services?
(a) Cost of machinery
(b) Increase in cost of raw goods
(c) Increasing department of company
(d) Cost of buying house.
Ans.(c) Increasing department of company [S.S.C (CGL) Exam, 2013]
 
12. Preparing butter and ghee for household consumption of own family is a part of –
(a) Household investment production
(b) Industrial production
(c) Consumption
(d) Own Account Production
Ans. (d) Own Account Production [S.S.C (CGL) Exam, 2014]
 
13. Multinational firm is–
(a)A company started by foreign governments
(b)A single company established in different countries
(c)A company in India started by U.S. government
(d)A company started jointly by India and U.S.
Ans.(b)A single company established in different countries [S.S.C Matric level Exam, 2006, S.S.C 10+2 Exam, 2011]
 
14. When there is affect on economic activity of an specific country due to import and export, then such economy are called-
(a)Closed economy
(b)Open economy
(c)Agricultural economy
(d)Industrial economy
Ans.(b)Open economy [S.S.C LDC Exam, 2015]
 
16. The Worldwide great depression happens in which year-
(a) 1936
(b) 1929
(c) 1928
(d) 1930
Ans. (b) 1929 [S.S.C Multitasking Exam, 2013]
 
17. Which among the following is not the investment of goods & services?
(a) Cost of machinery
(b) Increase in cost of raw goods
(c) Increasing department of company
(d) Cost of buying house.
Ans. (c)  [S.S.C (CGL) Exam, 2013]
 
18. Preparing butter and ghee for household consumption of own family is a part of –
(a) Household investment production
(b) Industrial production
(c) Consumption
(d) Own Account Production
Ans.(d) Own Account Production [S.S.C (CGL) Exam, 2014]
 
19.  Multinational firm is–
(a) A company started by foreign governments
(b) A single company established in different countries
(c) A company in India started by U.S. government
(d) A company started jointly by India and U.S
 Ans.(b) A single company established in different countries [S.S.C (CGL) Exam, 2014]
 
20. The tree like structure of records in a database in-
(a) Network Model
(b) Hierarchical Model
(c) Relational Model
(d) Multi-Dimenmoral Model
Ans. (b) Hierarchical Model [S.S.C Steno Exam, 2011]
 
21. According to Kenz, consumption function shows relation between.
(a) Total Consumption and Total Population
(b) Total Consumption and Normal Price Rate
(c) Total Consumption and Total Income
(d)Total Consumption and Rate of Interest
Ans. (c) Total Consumption and Total Income [S.S.C (CGL) Exam, 2014]
 
22. Forced saving refers to-
(a) Compulsory deposits imposed on income tax payers
(b) Provident fund contribution of private sector employees
(c) Reduction of consumption consequent to a rise in price
(d) Taxes on individual income and wealth
Ans. (c) Reduction of consumption consequent to a rise in price [S.S.C (CGL)-2013]
 
23. The Expenditure on advertisement and public relation by an enterprise is a part of its-
(a) Consumption of fined capital
(b) Final consumption Expenditure
(c) Intermediate Consumption
(d) Fined Capital
Ans. (c) Intermediate Consumption [S.S.C (CGL) Exam, 2013]
 
24. If a country produces consumer goods only and nothing else, then-
(a) Standard of living will be highest
(b) The country have certain amount of good
(c) The country will soon become poor if external trade
will not happen
(d) The country will gradually become rich if external trade will not happen
Ans. (c) The country will soon become poor if external trade will not happen [S.S.C Matric level Exam, 2006]
 
25. Which of the following represents the saving of the Private Corporate Sector?
(a) Undistributed profits
(b) Excess of income over expenditure
(c) Dividends paid to shareholders
(d) Total profit of a company
Ans. (a) Undistributed profits [S.S.C (CGL) Exam, 2013]
 
26. The Income of Indians working abroad is-
(a) Domestic Income of India
(b) Income earned from abroad
(c) Net domestic product of India
(d) Grave domestic product of India.
Ans. (b) Income earned from abroad [S.S.C 10+2 Exam,2013]
 
27. When increase in income the increase in ratio between income & expenditure changes–
(a) In same ratio
(b) Ratio less than 1
(c) Ratio more than one
(d) None
Ans. (b) Income earned from abroad [S.S.C CGL Exam, 2015]
 
28. GDP is what percent of Fiscal deficit?
(a) 7
(b) 4
(c) 8
(d) 1
Ans. (b) 4 [S.S.C Multitasking Exam, 2013]
 
29. The Census of Indian agriculture is done by–
(a) Production Method
(b) Income Method
(c) Expenditure Method
(d) Consumption Method
Ans.(a) Production Method [SSC CGL Exam, 2006]
 
30. The First Income Committee was established in–
(a) 1948
(b) 1949
(c) 1950
(d) 1951
Ans. (b) 1949  [SSC Metric level Exam, 2008]

Economics Important Questions Set-5 for SSC CGL and CHSL Exam

 

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