RRB NTPC Economics quiz for Stage-I
Railway/SSC JE Civics quiz for (Phase I), RRB NTPC, SSC various exams and other competitive exams.
Q1. Commercial banks lend to which of the following Priority sectors?
(a) Heavy Industries
(b) Agriculture, Small scale industries
(c) Foreign Companies
(d) State government in emergency situation
Q2. What is the accounting year of the Reserve Bank of India?
(a) April-March
(b) July-June
(c) October-September
(d) January-December
Q3. Which institution is known as ‘Soft Loan Window’ of World Bank?
(a) IDBI
(b) IDA
(c) IMF
(d) RBI
Q4. When the demand for a good increases with an increase in income, such a good is called___________
(a) Superior good
(b) Giffin good
(c) Inferior good
(d) Normal good
Q5.Swarna Jayanti Gram Swarojgar Yojna has now been restructured as
(a) Prime Minister’s Rojgar Yojna
(b) National Rural Livelihoods Mission
(c) Jawahar Gram Samriddhi Yojana
(d) Sampoorna Gramin Rojgar Yojana
Q6. Which of the following is not a commercial source of energy?
(a) Coal
(b) Petroleum
(c) Natural Gas
(d) Firewood
Q7. The supply-side economics lays greater emphasis on ______.
(a) Producer
(b) Global economy
(c) Consumer
(d) Middle Man
Q8. The founding father of “Theory of bureaucracy” was?
(a) F. W. Taylor
(b) Max Weber
(c) Elton Mayo
(d) Herbert Simon
Q9.The main effect of Direct Taxes is on
(a) Food prices
(b) Consumer goods
(c) Capital goods
(d) Income
Q10. If price of an article decreases from P1 to Rs 25, quantity demanded increases from 900 units to 1200 units. If point elasticity of demand is 2 find P1?
(a) Rs. 20
(b) Rs. 30
(c) Rs. 35
(d) Rs. 15
Answer Key
Ans.1.(a)
Exp. At Equilibrium, Demand=Supply
Thus, 67500-18P=22500+12P
P=45000/30
Equilibrium Price P =1500.
Ans.2.(d)
Exp.
Ans.3.(b)
Exp. Marginal cost is the change in the opportunity cost that arises when the quantity produced is incremented by one unit, that is, it is the cost of producing one more unit of a good.
Total amount paid to 8 craftsman before demand of 9th craftsman = 8 ×400
=3200
Total amount paid to 9 craftsman after demand of 9th craftsman =9×450
=4050
Marginal cost=4050-3200
=850
Ans.4.(a)
Exp. Unemployment resulting from industrial reorganization, typically due to technological change, rather than fluctuations in supply or demand is called Structural unemployment.
Ans.5.(c)
Exp. Elasticity =% Change in quantity/%Change in price
1.25 =X/6.4
X = 6.4*1.25
=8%
Ans.6.(d)
Exp. Economic Profit=Accounting Profit- Implicit Cost
60= Accounting Profit – 18.5
Accounting Profit = 78.5 Crores.
Ans.7.(d)
Exp.If tea companies start using mechanised tea leave pickers then wages for manual tea leave pickers will fall.
Ans.8.(c)
Exp.
Ans.9.(c)
Exp.A minimum wage is creates a price ceiling below which the wage cannot legally go.
Ans.10.(d)
Exp.The arc elasticity of demand can be calculated as:
Arc Elasticity = [(Qd2 – Qd1) / midpoint Qd] ÷ [(P2 – P1) / midpoint P]
Midpoint Qd = (Qd1 + Qd2)/2 = (4000 + 5000)/2 = 4500
Midpoint Price = (P1 + P2)/2 = (75 + 90)/2 = 82.5
% change in quantity demanded = (5000 – 4000)/4500 = 0.23
% change in price = (90-75)/82.5 = 0.18
Arc Elasticity of demand = 0.23/0.18 = 1.28.
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