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mcq on macroeconomics for ssc cgl exam

Short term contractions and expansions in economic activity are called _____

(a) Expansions

(b) Recession

(c) Deficits

(d) Business cycle


Solution: (d)
The business cycle is the fluctuation in economic activity that an economy experiences over a period of time. It is basically defined in terms of periods of expansion or recession. During expansions, the economy grows in real terms (i.e. excluding inflation), as evidenced by increases in indicators like employment, industrial production, sales and personal incomes. During recessions, the economy contracts, as measured by decreases in the above indicators.

Excise duty is levied on

(a) sale of goods

(b) production of goods

(c) import of goods

(d) export of good


Solution: (b)
Excise duty is a tax on manufacture or production of goods. Excise duty on alcohol, alcoholic preparations, and narcotic substances is collected by the State Government and is called “State Excise” duty. The Excise duty on rest of goods is called “Central Excise” duty.

The demand of a commodity is a direct demand but the demand of a factor of production is called a

(a) Crossed demand

(b) Joint demand

(c) Derived demand

(d) Independent demand


Solution: (c)
In the words of McConnell, the demand for factors of production is a derived demand that is derived from the finished goods and services which resources help to produce. While the demand for good is direct demand, demand for factors is derived demand. It is based on the productivity of the factors.

What is included in the Tetiary sector ?

(a) Banking

(b) Manufacturing

(c) Forestry

(d) Mining


Solution: (a)
The tertiary industry is the segment of the economy that provides services to its consumers. It includes a wide range of activities that service based and give non-tangible value to customers such as provision of trading, insurance, banking, etc. The other sectors are the secondary sector (manufacturing), and the primary sector (agriculture and allied activities).

According to Malthusian theory of population

(a) Population increases in geometric ratio, food supply increases in arithmetic ratio

(b) Population increases in arithmetic ratio, food supply increases in geometric ratio

(c) Population increases in a harmonic mean, food supply increases in geometric ratio

(d) Population increases in a harmonic ratio, food supply increases in a arithmetic ratio


Solution: (a)
In his 1798 work, An Essay on the Principle of Population, Malthus examined the relationship between population growth and resources and developed the Malthusian theory of population growth. He proposed that human populations grow exponentially (i.e., doubling with each cycle) while food production grows at an arithmetic rate (i.e. by the repeated addition of a uniform increment in each uniform interval of time)

Which one of the following is not a feature of monopoly ?

(a) Single seller of the product

(b) Heavy selling costs

(c) Barriers to entry of new firms

(d) Price discriminations


Solution: (b)
Heavy selling cost is one of the defining features of an oligopoly. Firms resort to heavy selling cost to attract customers. Under this market form, the firms have to compete to promote their sale by largely homogenous products, differentiated mainly by heavy advertising and promotional expenditure that ultimately adds to the total selling cost.

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