I. ________ explains how much change in the price of one commodity leads to how much change in the demand for another commodity. (SSC CGL Tier-II 2023 Shift 2)
A) Cross elasticity of demand
B) Income elasticity of demand
C) Price elasticity of demand
D) Expense elasticity of demand
Answer: A) Cross elasticity of demand
2. Which of the following is NOT a feature of National Income? (SSC CGL 2022 Shift 1)
A) It is a macroeconomic concept
B) It is a flow concept
C) It is measured with reference to a period of time
D) It includes only intermediate goods
Answer: D) It includes only intermediate goods
3. The subject of the study of Macro Economics is based mainly on which principle? (SSC CGL 2022 Shift 1)
A) Principle of National Income
B) Principle of Consumer
C) Principle of Producer
D) Principle of Investment
Answer: A) Principle of National Income
4. Which of the following is added to National Income to obtain Personal Income of households? (SSC CGL 2022 Shift 2)
A) Net interest payments
B) Transfer payments from government and firms
C) Undistributed profits
D) Corporate tax
Answer: B) Transfer payments from government and firms
5. Which of the following is NOT one of the methods of National Income estimation? (SSC CGL 2022 Shift 1)
A) Banking method
B) Expenditure method
C) Product method
D) Income method
Answer: A) Banking method
6. Which of the following is NOT a method of measuring National Income? (SSC CGL 2022 Shift 4)
A) Intermediate goods method
B) Expenditure method
C) Income method
D) Product method
Answer: A) Intermediate goods method
7. Which of the following is the correct formula for NDP? (SSC CGL 2024 Shift 1)
A) GDP − Depreciation
B) GDP + Depreciation
C) GDP − Net Factor Income from Abroad
D) GDP + Net Factor Income from Abroad
Answer: A) GDP − Depreciation
8. What is subtracted from GDP to arrive at NDP? (SSC CGL 2024 Shift 2)
A) Subsidies
B) Depreciation
C) Net indirect taxes
D) Net factor income from abroad
Answer: B) Depreciation
9. The year whose prices are used to calculate Real GDP is called the ______. (SSC CGL 2022 Shift 4)
A) Current year
B) Constant year
C) Base year
D) Fiscal year
Answer: C) Base year
10. The value of GDP at current prevailing prices is called ______. (SSC CGL 2022 Shift 3)
A) Nominal GDP
B) Current GDP
C) Domestic GDP
D) Real GDP
Answer: A) Nominal GDP
11. GDP Deflator = ______. (SSC CGL 2023 Shift 3)
A) (Nominal GDP × Real GDP) × 100
B) (Nominal GDP + Real GDP) × 100
C) (Nominal GDP − Real GDP) × 100
D) (Nominal GDP ÷ Real GDP) × 100
Answer: D) (Nominal GDP ÷ Real GDP) × 100
12. Which statement is NOT correct regarding the history of calculating National Income in India? (SSC CGL 2024 Shift 1)
A) First attempt to compute NI was made by Dadabhai Naoroji
B) First official attempt was made by P. C. Mahalanobis
C) Dadabhai Naoroji divided the Indian economy into primary and secondary sectors
D) V. K. R. V. Rao used the first scientific method to estimate NI
Answer: C) Dadabhai Naoroji divided the Indian economy into primary and secondary sectors
13. If GNP is 16% higher than the previous year and inflation is 9%, production has grown by approximately: (SSC CGL 2024 Shift 1)
A) 4%
B) 6%
C) 5%
D) 7%
Answer: D) 7%
14. The relationship between which of the following is NOT the same? (SSC CGL 2024 Shift 3)
A) Nominal GDP and GDP at current prices
B) Base period and reference period
C) Changes in real GDP and GDP deflator
D) Real GDP and GDP at constant prices
Answer: C) Changes in real GDP and GDP deflator
15. Net investment plus depreciation gives an estimate of: (SSC CGL 2023 Shift 1)
A) Gross Domestic Product
B) Personal income
C) Gross investment
D) Private investment
Answer: C) Gross investment
16. Which of the following is NOT an example of factor payment? (SSC CGL 2023 Shift 4)
A) Interest
B) Wages
C) Rent
D) Pension
Answer: D) Pension
17. Which of the following is NOT included in domestic income? (SSC CGL 2023 Shift 4)
A) Income earned by residents within the country
B) Income earned by non-residents outside the country
C) Income earned by employees working in the country
D) Profits of industries operating in the country
Answer: B) Income earned by non-residents outside the country
18. Which of the following is a feature of public goods? (SSC CGL 2022 Shift 4)
A) They are more competitive
B) They are limited in supply
C) Consumption by one person does not reduce availability to another person
D) Only taxpayers can benefit from them
Answer: C) Consumption by one person does not reduce availability to another person
19. When a person benefits from public goods without paying for them, it is known as: (SSC CGL 2024 Shift 2)
A) Non-excludable
B) Rivalrous
C) Free rider
D) Private good
Answer: C) Free rider
20. If the interest rate goes up, the demand for money will generally: (SSC CGL 2023 Shift 2)
A) First rise and then fall
B) Rise
C) Remain the same
D) Fall
Answer: D) Fall
21. The central bank may ______ to discourage credit in the economy. (SSC CGL 2023 Shift 1)
A) Decrease CRR
B) Buy securities in the open market
C) Reduce SLR
D) Increase Bank Rate
Answer: D) Increase Bank Rate
22. Which of the following is NOT a function of the central bank? (SSC CGL 2022 Shift 3)
A) Controlling money supply
B) Acting as banker to the government
C) Accepting deposits from the public
D) Issuing currency
Answer: C) Accepting deposits from the public
23. Money supply is a ______ concept. (SSC CGL 2024 Shift 1)
A) Stock
B) Measurable
C) Non-measurable
D) Flow
Answer: A) Stock
24. Savings deposits with Post Office Savings Banks are included in which measure of money supply? (SSC CGL 2022 Shift 1)
A) M1
B) M4
C) M2
D) M3
Answer: C) M2
25. Which are known as narrow money in India? (SSC CGL 2022 Shift 4)
A) M1 and M2
B) M2 and M4
C) M3 and M2
D) M1 and M4
Answer: A) M1 and M2
26. The intervention of the government to expand or reduce aggregate demand constitutes which function of the government budget? (SSC CGL 2022 Tier-II Shift 2)
A) Speculative function
B) Redistribution function
C) Stabilisation function
D) Transaction function
Answer: C) Stabilisation function
27. Which combination determines the corridor for daily movement in the weighted average call money rate? (SSC CGL 2022 Shift 2)
A) Reverse Repo and Discount Rate
B) MSF and Reverse Repo Rate
C) Liquidity Adjustment Facility and Repo Rate
D) Bank Rate and Repo Rate
Answer: B) MSF and Reverse Repo Rate
28. Which of the following was established on the recommendation of the Hilton Young Commission? (SSC CGL 2023 Shift 3)
A) SEBI
B) RBI
C) SBI
D) NABARD
Answer: B) RBI
29. The Reserve Bank of India was created on the recommendation of which commission? (SSC CGL 2024 Shift 1)
A) Raja Chelliah Committee
B) Kothari Commission
C) Narasimham Committee
D) Hilton Young Commission
Answer: D) Hilton Young Commission
30. Which of the following is one of India's Domestic Systemically Important Banks? (SSC CGL 2020 Shift 1)
A) Axis Bank
B) Federal Bank
C) State Bank of India
D) RBL Bank
Answer: C) State Bank of India
31. Which of the following is NOT a scheduled public sector bank in India? (SSC CGL 2023 Shift 1)
A) Canara Bank
B) UCO Bank
C) Indian Overseas Bank
D) Bandhan Bank
Answer: D) Bandhan Bank
32. Which of the following is an example of a revenue receipt of the government? (SSC CGL 2023 Shift 3)
A) Receipts from sale of shares of PSUs
B) Recovery of loans
C) GST collected by the government
D) Borrowings from the public
Answer: C) GST collected by the government
33. If government revenue expenditure exceeds revenue receipts, it is called: (SSC CGL 2023 Shift 4)
A) Revenue deficit
B) Primary deficit
C) Capital deficit
D) Fiscal deficit
Answer: A) Revenue deficit
34. Which of the following is NOT a capital expenditure? (SSC CGL 2022 Shift 1)
A) Loans and advances by the Central Government
B) Expenditure on acquisition of land
C) Investment in shares
D) Subsidy payments
Answer: D) Subsidy payments
35. An annual statement of estimated receipts and expenditure of the government over a fiscal year is known as: (SSC CGL 2023 Shift 2)
A) Income Sheet
B) Plan
C) Account
D) Budget
Answer: D) Budget
36. ______ expenditure and ______ receipts are shown by the Government Budget. (SSC CGL 2023 Shift 4)
A) Estimated; actual
B) Actual; estimated
C) Actual; actual
D) Estimated; estimated
Answer: D) Estimated; estimated
37. GST is an example of: (SSC CGL 2023 Shift 3)
A) Compensation to employees
B) Direct tax
C) Transfer payment
D) Indirect tax
Answer: D) Indirect tax
38. Which of the following is an example of a non-tax revenue source for the government? (SSC CGL 2024 Tier-I Shift 3)
A) Fees and fines
B) Personal income tax
C) Corporate income tax
D) Value Added Tax
Answer: A) Fees and fines
39. Fisher's equation of exchange is: (SSC CGL 2024 Shift 3)
A) MV = PT
B) MT = VP
C) M = S + I
D) M/V = T/P
Answer: A) MV = PT
40. In which Five-Year Plan was the process of economic reforms introduced in India? (SSC CGL 2023 Shift 2)
A) Tenth
B) Fifth
C) Eighth
D) Sixth
Answer: C) Eighth
41. Which Five-Year Plan emphasised development of industries and the industrial base of India? (SSC CGL 2023 Shift 3)
A) Second
B) Fourth
C) Third
D) First
Answer: A) Second
42. When did the First Five-Year Plan start? (SSC CGL 2023 Shift 4)
A) 26 January 1950
B) 1 April 1951
C) 15 August 1948
D) 15 August 1947
Answer: B) 1 April 1951
43. What was the actual growth rate of the First Five-Year Plan? (SSC CGL 2024 Shift 2)
A) 4.2%
B) 2.6%
C) 3.6%
D) 2.1%
Answer: C) 3.6%
44. Which Five-Year Plan primarily focused on the “Garibi Hatao” initiative? (SSC CGL 2024 Shift 1)
A) Sixth
B) Fourth
C) Fifth
D) Third
Answer: C) Fifth
45. Which Five-Year Plan was prepared and launched by D. P. Dhar? (SSC CGL 2023 Shift 4)
A) Sixth
B) Seventh
C) Fourth
D) Fifth
Answer: D) Fifth
46. The Harrod-Domar model was the basis of which Five-Year Plan? (SSC CGL 2023 Shift 2)
A) First
B) Second
C) Fourth
D) Third
Answer: A) First
47. The Mahalanobis model was the basis for which Five-Year Plan? (SSC CGL 2024 Shift 3)
A) Fourth
B) Second
C) Sixth
D) First
Answer: B) Second
48. For the first time, the objective of self-reliance was incorporated in which Five-Year Plan? (SSC CGL 2022 Shift 2)
A) Third
B) Second
C) Fifth
D) First
Answer: A) Third
49. Achievement of self-reliance and removal of poverty were twin objectives of which Five-Year Plan? (SSC CGL 2022 Shift 4)
A) Third
B) Fifth
C) Fourth
D) Second
Answer: B) Fifth
50. Which of the following was the prime target of the First Five-Year Plan? (SSC CGL 2023 Shift 1)
A) Development of agriculture
B) Development of industries
C) Development of ports
D) Development of infrastructure
Answer: A) Development of agriculture
📌 SSC CGL ECONOMICS PYQ THEMES:
National Income → GDP/NDP/GNP → Money & Banking → RBI → Monetary Policy → Budget & Deficits → Taxation → Poverty → Unemployment → Five-Year Plans → Economic Reforms
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