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InterviewSolution
This section includes InterviewSolutions, each offering curated multiple-choice questions to sharpen your knowledge and support exam preparation. Choose a topic below to get started.
| 1. |
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?1). Rs. 202). Rs. 303). Rs. 354). Rs. 15 |
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Answer» Point Elasticity Demand $ \LARGE= \frac{P}{Q} \TIMES \frac{\delta Q}{\delta P} $ $ \large - 2 = \frac{P1}{900} \times \frac{1200 - 900}{25 - P1} $ $ \large -2 = \frac{P1}{75 - 3P1}$ $ \large -150 + 6P1 = P1 $ $ \large P1 = 30 $ |
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| 2. |
An increase in the growth rate of the nominal money supply results in1). Lower rate of inflation2). Higher rate of inflation3). Lower interest rates4). Currency appreciation |
| Answer» OPTION 2 is the RIGHT ANSWER | |
| 3. |
Which of the following factors can decrease biological oxygen demand (BOD) of any freshwater ecosystem?1). Large amount of sewage2). Lrage biomass accumulation and?decomposition3). Increased organic matter pollution?4). Low temperature and low plant?biomass accumulation |
| Answer» | |
| 4. |
If one more baker is hired the output of a bakery will increase from 1250 breads to 1400 breads per day, but then the bakery will have to reduce the price ofthe bread from Rs 15 to Rs 14 per unit to sell the additional output, the marginal revenue product of the last baker is _______.1). Rs 8502). Rs 1503). Rs 19604). Rs 1875 |
| Answer» OPTION 1 is the RIGHT ANSWER | |
| 5. |
If quantity of good X demanded increases from 2300 to 2700 when price of good Y increases from Rs. 45 to Rs. 55, find Arc Cross elasticity of demand?1). 42). 1,253). 0,254). 0,8 |
| Answer» OPTION option 4 is the CORRECT ANSWER | |
| 6. |
Match the characteristics with their market structure:(b) Firm has control over quantity of output but it must take into account reactions of competitors1). (a) Pure Monopoly, (b) Oligopoly2). (a) Pure Monopoly, (b) Monopolistic Competition3). (a) Pure Competition, (b) Oligopoly4). (a) Monopolistic Competition, (b) Pure Competition |
| Answer» OPTION 1 is the RIGHT ANSWER | |
| 7. |
If demand curve for trekking boots is D = 67500 - 18P and supply curve is S = 22500 + 12P, find the equilibrium Price?1). 15002). 7503). 22504). 500 |
| Answer» OPTION 1 is the RIGHT ANSWER | |
| 8. |
If price of an article decreases from Rs 600 to Rs 500, when quantity demanded increases from 10000 units to 12000 units. Find point elasticity of demand?1). -1.22). 1.23). -1.54). 1.5 |
| Answer» | |
| 9. |
If price of an article decreases from Rs 40 to Rs 30, quantity demanded increases from Q1 units to 7500 units. If point elasticity of demand is1). 9000 units2). 4500 units3). 10500 units4). 6000 units |
| Answer» | |
| 10. |
Find arc elasticity of demand, if quantity demanded falls from 4600 to 4200 when price of the item is increased from Rs 960 to Rs 1000?1). -2.232). -2.093). 2.234). 2.09 |
| Answer» | |
| 11. |
If demand curve for radial car tyres is D = 230000 - 19P and supply curve is S = 180000 + 6P, find the equilibrium Quantity?1). 19200 units2). 291000 units3). 29100 units4). 192000 units |
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Answer» 192000 UNITS |
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| 12. |
Match the characteristics with their market structure:(a) Differentiated products, but close substitutes for consumers so their demand curves are elastic.(b) Firm will tend to set output so that it earns maximum profits.1). (a) Pure competition, (b) Pure Monopoly2). (a) Monopolistic competition, (b) Oligopoly3). (a) Oligopoly, (b) Pure Monopoly4). (a) Monopolistic competition, (b) Pure Monopoly |
| Answer» OPTION 4 is the correct ANSWER as per the answer key | |
| 13. |
Find arc elasticity of demand, if quantity demanded falls from 1000 to 950 when price of the item is increased from Rs. 240 to Rs. 280?1). 0.332). 0.33). -0.34). -0.33 |
| Answer» CORRECT ANSWER is: OPTION 1 | |
| 14. |
If a person's income increases from Rs 20 lakhs per year to Rs 24 lakhs per year and tax increases from Rs 3,50,000 to Rs 4,00,000 the marginal tax rate is1). 8 percent2). 12.5 percent3). 10 percent4). 15 percent |
| Answer» CORRECT ANSWER is: OPTION 2 | |
| 15. |
_______________________ is the unemployment which exists in any economy due to people being in the process of moving from one job to another.1). Seasonal unemployment2). Cyclical unemployment3). Frictional unemployment4). Structural unemployment |
| Answer» HELLO, FRICTIONAL UNEMPLOYMENT is CORRECT | |
| 16. |
At the equilibrium price1). quantity demanded is equal to quantity supplied2). quantity demanded is greater than quantity supplied3). elasticity of demand equals elasticity of supply4). price elasticity of demand is unity |
| Answer» OPTION 1 : SEEMS CORRECT | |
| 17. |
A hand made paper workshop can hire 8 craftsmen by paying them Rs 400 per person per day. The 9th craftsman demands Rs 450 per day. If this craftsman is hired then all other craftsmen must be paid Rs 450. The marginal resource (labour) cost of the 9th craftsman is1). Rs 502). Rs 8503). Rs 8004). Rs 100 |
| Answer» OPTION 2 : - RS 850 | |
| 18. |
The demand curve _____.1). shows that as the price of a good increases, demand for the good will increase2). shows that as the price of a good increases, demand for the good will decrease3). has a positive gradient4). indicates that there is a direct relationship between quantity demanded and price |
| Answer» | |
| 19. |
If hiring an extra worker increases a brick making unit's output from 2000 to 2250 units per day, but the factory has to reduce the price of its brick from Rs 15 to Rs 14 per brick to sell the additional output, the marginal revenue product of the last worker is1). Rs 15002). Rs 2503). Rs 30004). Rs 100 |
| Answer» CORRECT ANSWER is: RS 1500 | |
| 20. |
If a perfectly competitive firm can increase its profits by increasing its output, then that firm's product's _____.1). price exceeds its marginal costs2). price exceeds its average total costs3). average variable costs exceed its average total costs4). fixed costs are zero |
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Answer» Its very SIMPLE question PRICE EXCEEDS its marginal COSTS is the correct answer. |
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| 21. |
If price of an article decreases from Rs. 25 to Rs. 20, quantity demanded increases from Q1 units to 1500 units. If point elasticity of demand is -1.25, find Q1?1). 900 units2). 1200 units3). 1800 units4). 2000 units |
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Answer» it from PREVIOUS year ssc papers, 1200 UNITS is the RIGHT ANSWER |
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| 22. |
If price of an article decreases from Rs. 12 to Rs. 10, quantity demanded increases from 1000 units to 1400 units. Find point elasticity of demand?1). 2,42). -23). -2,44). 2 |
| Answer» | |
| 23. |
If demand curve for an electric tooth brush is D = 25000 - 7P and supply curve is S = 10000 + 8P, find the equilibrium Price?1). Rs 1502). Rs 10003). Rs 4004). Rs 50 |
| Answer» | |
| 24. |
If demand curve for racing cycles is D = 59600 - 6P and supply curve is S = 29600 + 4P, find the equilibrium Quantity?1). 1180002). 3003). 416004). 6000 |
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Answer» 41600 is the ANSWER |
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| 25. |
The chipko Movement 1. was an environmental movement to prevent cutting down of trees 2. Raised the questions of ecological and economic exploitation 3. Is a movement against alcoholism as its bradened agenda? 4. Demanded that local communities should have control over their natural resources Select the correct answer using the code given below.1). 1 and 2 only2). ?2 and 3 only?3). 1, 3 and 4 only4). 1, 2, 3 and 4 |
| Answer» OPTION 2 is the RIGHT ONE | |
| 26. |
Which of the following will not be traded in a commodity market?1). Crude oil2). Silver3). Currency4). Gold |
| Answer» | |
| 27. |
A manufacturer faces a -1.2 price elasticity of demand for its product. It is presently selling 7,500 units/day. If it wants to increase quantity sold by 9%, it must lower its price by1). 7.5 percent2). 7.8 percent3). 10.2 percent4). 10 percent |
| Answer» OPTION 1 : 7.5 PERCENT is CORRECT | |
| 28. |
In economic equilibrium _____1). supply is equal to the demand.2). the surplus is larger than the shortage.3). elasticity of demand equals elasticity of supply4). price elasticity of demand is unity |
| Answer» | |
| 29. |
Which of the following will cause an increase in demand for a good?1). an increase in income if the good is an inferior goods2). a decrease in the price of the goods3). a decrease in income if the good is a normal goods4). an increase in the price of its substitute goods |
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Answer» option 4 : an INCREASE in the PRICE of its SUBSTITUTE GOODS is correct |
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| 30. |
In perfect competition a firm maximizes profit by _____.1). setting price such that price is equal to or greater than its marginal costs2). setting output such that price equals average total costs3). setting output such that price equals marginal costs4). setting price so that it is greater than marginal cost |
| Answer» CORRECT answer is: SETTING OUTPUT such that price equals marginal costs | |
| 31. |
A ceramic pottery unit hires 8 craftsmen by paying each of them Rs 900 per day. The 9th craftsman demands Rs 950 per day. If this craftsman is hired then all other craftsmen must be paid Rs 950. The marginal resource (labour) cost of the 9th craftsman is _________.1). Rs 15302). Rs 10503). Rs 504). Rs 1350 |
| Answer» OPTION 4 is the correct ANSWER as per the answer key | |
| 32. |
If price of an article decreases from Rs P1 to Rs 240, when quantity demanded increases from 8000 units to 8400 units, and if point elasticity of demand is -1.25 find P1?1). Rs 2502). Rs 2003). Rs 2204). Rs 210 |
| Answer» RS 250 : SEEMS CORRECT | |
| 33. |
Macro economics deals with1). the circular flow of income2). the decision making of a single economic variable like demand3). resource allocation at firm level4). equilibrium prices and quantities |
| Answer» | |
| 34. |
A manufacturer faces price elasticity of demand of a -2 for its product. If it lowers its price by 5%, the increase in quantity sold will be1). 0,032). 0,13). 0,0254). 0,07 |
| Answer» | |
| 35. |
If hiring an extra worker increases a factory's output from 1000 to 1200 units per day, but the factory has to reduce the price of its product from Rs. 25 to Rs. 24 per unit to sell the additional output, the marginal revenue product of the last worker is1). Rs. 38002). Rs. 2003). Rs. 40004). Rs. 100 |
| Answer» OPTION 1 : SEEMS CORRECT | |
| 36. |
In a period when an economy is facing price rise, and along with that there is slowing down of economy activities, this is case of _________.1). Deflation2). Stagflation3). Recession4). Depression |
| Answer» ANSWER for this QUESTION is STAGFLATION | |
| 37. |
A company faces a -2.5 price elasticity of demand for its product. It is presently selling 10,000 units/month. If it wants to increase quantity sold by 6%, it must lower its price by1). 0,0352). 0,153). 0,0254). 0,024 |
| Answer» | |
| 38. |
If price of an article decreases from Rs P1 to Rs 190, when quantity demanded increases from 5000 units to 5200 units, and if point elasticity of demand is -0.8 find P1?1). Rs 2202). Rs 2403). Rs 2004). Rs 250 |
| Answer» RS 200 : - OPTION 3 | |
| 39. |
If a person's income increases from Rs. 10 lakhs per year to Rs. 11 lakhs per year and tax increases from Rs. 80,000 to Rs. 92,500 the marginal tax rate is1). 0,1252). 0,083). 0,14). 0,15 |
| Answer» | |
| 40. |
A manufacturer faces price elasticity of demand of a -1.25 for its product. If it lowers its price by 6.4%, the increase in quantity sold will be _____.1). 5.15 percent2). 7.65 percent3). 8 percent4). 5.12 percent |
| Answer» | |
| 41. |
Match the characteristics with their market structure:(a) Differentiated products, but close substitutes for consumers so their demand curves are elastic(b) Homogeneous product, all goods are perfect substitutes for consumers1). (a) Monopolistic Competition, (b) Pure Competition2). (a) Monopolistic Competition, (b) Pure Monopoly3). (a) Pure Competition, (b) Monopolistic Competition4). (a) Pure Monopoly, (b) Pure Competition |
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Answer» (a) MONOPOLISTIC Competition, (B) Pure Competition : OPTION 1 is the CORRECT answer |
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| 42. |
If Money supply growth is faster than real GDP growth, it results in _____.1). Inflation2). deflation3). budget surplus4). budget deficit |
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Answer» it from PREVIOUS year SSC papers, OPTION 1 is the right answer |
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| 43. |
What does IMF stand for?1). International Monetary Fund2). Indian Money Fund3). International Machine Federation4). Institute of Monetary Finance |
| Answer» OPTION 1 : - INTERNATIONAL MONETARY FUND | |
| 44. |
BOD is -1). Biological oxygen deficit2). Biosphere oxygen demand3). Biological oxygen demand4). None of these? |
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Answer» option 3 : BIOLOGICAL OXYGEN DEMAND is CORRECT |
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| 45. |
If quantity of good X demanded increases from 4000 units to 5000 units when price of good Y increases from Rs 75 to Rs 90, find Arc Cross elasticity of demand?1). 0.552). 1.663). 0.254). 1.22 |
| Answer» RIGHT ANSWER for this QUESTION is OPTION 4 | |
| 46. |
A price floor is _____.1). a maximum legal price2). a minimum legal price3). the price where demand equals supply4). the price where elasticity of demand equals elasticity of supply |
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Answer» This QUESTION was ASKED some where in previous year papers of ssc, and correct ANSWER was option 2 |
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| 47. |
Value of Total Goods and Services produced in a country is its _____________ .1). Gross Domestic Product2). Gross Revenue Income3). Total Goods Revenue4). Total Income |
| Answer» GROSS DOMESTIC PRODUCT : - OPTION 1 | |
| 48. |
If demand curve for racing cycles is D = 80200 - 13P and supply curve is S = 6200 + 12P, What is the equilibrium Quantity?1). 2960 units2). 31220 units3). 8750 units4). 41720 units |
| Answer» CORRECT ANSWER is: 41720 UNITS | |
| 49. |
In perfect competition _____.1). Products can be similar or different2). Producer can control price by controlling production3). Demand curve is perfectly elastic4). All firms make economic profit in the long run |
| Answer» CORRECT ANSWER is: Demand curve is PERFECTLY elastic | |
| 50. |
If price of an article decreases from Rs 800 to Rs 700, quantity demanded increases from Q1 units to 70 units. If point elasticity of demand is -1.333 find Q1?1). 80 units2). 90 units3). 60 units4). 50 units |
| Answer» CORRECT ANSWER is: 60 UNITS | |