RRB NTPC Economics quiz for Stage-I 09/05/2019

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. Average Revenue means:

औसत राजस्व का अर्थ है

(a) the profit realised from the marginal unit sold/ बेची गयी सीमांत इकाई से अर्जित लाभ

(b) the profit realised by sale of all commodities/ सभी वस्तुओं की बिक्री से हुआ लाभ

(c) the revenue per unit of commodity sold/ बेची गई वस्तु का प्रति इकाई राजस्व

(d) the revenue generated per month / प्रति माह अर्जित राजस्व

Answer & Explanation

Exp. Average revenue is the revenue generated per unit of output sold. It plays a role in the determination of a firm’s profit. Per unit profit is average revenue minus average (total) cost.

Q2. Which of the following is one of the essential conditions of perfect competition market :

निम्नलिखित में से कौन सा योग्य प्रतिदवंद्दी बाजार की आवश्यक शर्तों में से एक है:

(a) product differentiation/उत्पाद विभेदीकरण

(b) multiplicity of prices for identical products at any one time./ किसी एक समय में समान उत्पादों के लिए कीमतों की बहुलता

(c) many sellers and a few buyers./ कई विक्रेता और कुछ खरीदार

(d) Only one price for identical goods at any one time./ किसी एक समय में समान वस्तुओं के लिए केवल एक मूल्य

Answer & Explanation

Exp. A Perfect Competition market is that type of market in which the number of buyers and sellers is very large, all are engaged in buying and selling a homogeneous product without any artificial restrictions and possessing perfect knowledge of the market at a time. There is always one price of the commodity available in the market.

Q3. If the income of buyers falls the demand of an inferior good-

यदि खरीदारों की आय में गिरावट होती है, इन्फीरियर गुड की मांग-

(a) rises/ बढ़ेगी

(b) falls/ घटेगी

(c) remains constant/ समान रहेगी

(d) None of the above/ इनमें से कोई नहीं

Answer & Explanation

Exp. An inferior good is one whose consumption decreases when income increases and rises when income falls. The demand curve for an inferior good shift out when income decreases and shifts in when income increases.

Q4. The income elasticity of demand is neagtive, the commodity must be

मांग की आय लोचन नकारात्मक होता है, वस्तु क्या होगा?

(a) a necessity/ आवश्यक

(b) a luxury/लक्ज़री

(c) an inferior good/ इन्फीरियर गुड

(d) None of these/इनमें से कोई नहीं

Answer & Explanation

Exp. Inferior goods have a negative income elasticity of demand; as consumers’ income rises, they buy fewer inferior goods. A typical example of such type of product is margarine, which is much cheaper than butter.

Q5. The measure of a worker’s real wage is

एक श्रमिक की वास्तविक मजदूरी का माप क्या है?

(a) The change in his productivity over a given time/ एक निश्चित समय में उनकी उत्पादकता में बदलाव

(b) His earnings after deduction at source/ स्रोत पर कटौती के बाद उनकी कमाई

(c) His daily earnings/ उसकी रोज की कमाई

(d) The purchasing power of his earnings/ उसकी कमाई की क्रय शक्ति

Answer & Explanation

Exp. The real wage represents the purchasing power of wages that is, the quantity of goods the wages will purchase

Q6. When marginal utility is zero, the total utility is

जब सीमांत उपयोगिता शून्य है, तो कुल उपयोगिता क्या होगी?

(a) Minimum / न्यूनतम

(b) Decreasing/घटेगी

(c) Maximum /अधिकतम

(d) None of these/इनमें से कोई नहीं

Answer & Explanation

Exp. Marginal utility is the additional bit of satisfaction, or amount of utility, gained from each extra unit of consumption. For example, from eating just one more cookie.Total utility is maximum when marginal utility is zero. It is based in the law of diminishing marginal utility.

Q7. In perfect competition at a point where market demands will be equal to market supply, this state is known as-

एक बिंदु पर योग्य प्रतिदवंद्दी में जहां बाजार की मांग बाजार की आपूर्ति के बराबर होगी, इस अवस्था को किस रूप में जाना जाता है?

(a) Disequilibrium/ असंतुलन

(b) Super profit/ सुपर लाभ

(c) Equilibrium/ संतुलन

(d) Normal profit/ सामान्य लाभ

Answer & Explanation

Exp. Equilibrium in perfect competition is the point where market demands will be equal to market supply. A firm’s price will be determined at this point. In the short run, equilibrium will be affected by demand. In the long run, both demand and supply of a product will affect the equilibrium in perfect competition.

Q8. In the law of demand, the statement “Other things remain constant” means

मांग के कानून में, “अन्य चीजें स्थिर रहती हैं” कथन का अर्थ है

(a) taste of consumer should not change/ उपभोक्ता की पसंद नहीं बदलनी चाहिए

(b) price of other goods should not change/ अन्य वस्तुओं की कीमत नहीं बदलनी चाहिए

(c) income of consumer should not change/ उपभोक्ता की आय में बदलाव नहीं होना चाहिए

(d) All of the above/इनमें से कोई नहीं

Answer & Explanation

Exp. The law of demand states that other factors being constant (cetris peribus), price and quantity demand of any good and service are inversely related to each other. When the price of a product increases, the demand for the same product will fall.

Q9. In Economics, production means

अर्थशास्त्र में, उत्पादन का अर्थ है?

(a) manufacturing/ विनिर्माण

(b) making/ बनाना

(c) creating utility/ उपयोगिता का निर्माण

(d) farming / खेती

Answer & Explanation

Exp. The essential characteristics of the business firm is that it purchases factors of production such as land, labour, capital, intermediate goods, and raw material from households and other business firms and transforms those resources into different goods or services which it sells to its customers, other business firms and various units of the government as also to foreign countries.

Q10. Total profit at the break-even point is-

ब्रेक-ईवन बिंदु पर कुल लाभ क्या होगा?

(a) Negative/ नकारात्मक

(b) zero/शून्य

(c) More than one/एक से अधिक

(d) None of these/इनमें से कोई नहीं

Answer & Explanation

Exp. The break-even point (BEP) or break-even level represents the sales amount—in either unit (quantity) or revenue (sales) terms—that is required to cover total costs, consisting of both fixed and variable costs to the company. Total profit at the break-even point is zero.

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