< SSC JE 2018 ECONOMICS PREVIOUS YEAR QUESTIONS with explanation and Expected Questions

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RRB ALP CBT 2 | ENGG. Drawing Quiz 1

Friday, 10 November 2017

SSC JE 2018 ECONOMICS PREVIOUS YEAR QUESTIONS with explanation and Expected Questions







Q.The slope of the _____ line measures the amount of change in good 2 required per unit of change in good 1 along the line.
Options:
1) Demand
2) Budget
3) Utility
4) Indifference


If the price of an article decreases from Rs 8 to Rs 7.5, when quantity demanded increases from Q1 units to 225000 units, and if the price elasticity of demand is -2, what is the value of Q1?
Options:
1) 1,00,000 units
2) 2,00,000 units
3) 1,50,000 units
4) 50,000 units


If the price of an article increases from Rs 200 to Rs 240, when quantity demanded decreases from 1,000 units to 800 units. Find point elasticity of demand?
Options:
1) -1
2) 1
3) 0.8
4) -0.8


5 Degrees Of Price Elasticity Of Demand
Perfectly Elastic Demand (Ed=∞)
Relatively Elastic Demand (Ed > 1)
Relatively Inelastic Demand (Ed < 1)
Perfectly Inelastic Demand (Ed = 0)
Unitary Elastic Demand (Ed = 1)

Which of the following is true with respect to SMC (Short run marginal cost) and AVC (Average variable cost)?
Options:
1) AVC curve cuts the SMC curve from above at the maximum point of SMC.
2) SMC curve cuts the AVC curve from above at the maximum point of AVC.
3) AVC curve cuts the SMC curve from below at the minimum point of SMC curve.
4) SMC curve cuts the AVC curve from below at the minimum point of AVC.


Which of the following is true with respect to SMC (Short run marginal cost) and SAC (Short run Average cost)?
Options:
1) SMC curve cuts the SAC curve from above at the maximum point of SAC
2) SAC curve cuts the SMC curve from below at the minimum point of SMC
3) SAC curve cuts the SMC curve from above at the maximum point of SMC
4) SMC curve cuts the SAC curve from below at the minimum point of SAC


______ Ratio specifies the provision that banks must keep a fraction of their deposit with RBI.
Options:
1) Statutory Liquidity
2) Cash Reserve3) Reserve deposit
4) Currency deposit


_______ is the ratio which requires the banks to maintain a given fraction of their total demand and time deposits in the form of specified liquid assets.
Options:
1) Currency deposit
2) Cash Reserve
3) Statutory Liquidity
4) Reserve deposit


Net National Product at market prices – (Indirect taxes – Subsidies) =
Options:
1) Gross National Product
2) Personal income
3) National Income
4) Personal Disposable Income


Net National Product at market prices – Net indirect taxes =
Options:
1) Net National Product at factor cost
2) Gross Domestic Product
3) Gross National Product
4) Personal income


The line consisting of all the bundles which cost exactly equal to the consumer's income is called the ______ line.
Options:
1) Demand
2) Utility
3) Budget
4) Indifference


EXPECTED QUESTIONS

What are the two types of taxes?
a) Direct Taxes: Income Tax, Interest Tax, Wealth Tax
b) Indirect Taxes: Customs duties, Excise duties, Sales Tax, GST


Real GDP: (Nominal GDP/GDP Deflator)*100

IMPORTANT ABBREVIATIONS

GDP = GNP - NFIA
GNP = GDP + Net Factor Income from Abroad (NFIA)
NDP = GDP - Total Capital Depreciation
NNP = GNP - Total Capital Depreciation
PI = National Income- Social Security Contributions – Corporate Income Taxes – Undistributed Corporate Profits + Transfer Payments
Disposable Income = Personal Income – Personal Taxes
Average Total Cost (ATC) = Total Cost / Q (Output is quantity produced or ‘Q’)
Average Variable Cost (AVC) = Total Variable Cost / Q
Average Fixed Cost (AFC) = ATC – AVC
Total Cost (TC) = (AVC + AFC) X Output (Which is Q)
Total Variable Cost (TVC) = AVC X Output
Total Fixed Cost (TFC) = TC – TVC
Marginal Cost (MC) = Change in Total Costs / Change in Output
Marginal Product (MP) = Change in Total Product / Change in Variable Factor
Marginal Revenue (MR) = Change in Total Revenue / Change in Q
Total Revenue (TR) = Price X Quantity
Average Revenue (AR) = TR / Output
Total Product (TP) = Average Product X Variable Factor
Economic Profit = TR – TC > 0
A Loss = TR – TC < 0

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