SSC CGL Economy – Basic Concepts of Economics – Level 3 · Challenge
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Flour used up in making another good in the same year is intermediate; a tractor is a capital (final) good.
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SSC CGL Economy – Basic Concepts of Economics – Level 3 · Challenge – 8 questions, subject: Indian Economy. Every question has the correct answer with a one-line explanation; tap "Show Answer". Free practice for TNPSC, UPSC, SSC, Bank and RRB exams – Shanmugam IAS Academy, Coimbatore.
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1.
Five members of a family work on a small plot that needs only three workers. If two of them leave, output does not fall. This is an example of:
Correct Answer: A [Disguised unemployment]
Explanation:
NCERT: extra workers whose removal does not reduce output are disguisedly unemployed.
2.
An outward shift of the production possibility curve is caused by:
Correct Answer: D [an improvement in technology]
Explanation:
Better technology or more resources shift the PPC out; using idle resources only moves a point onto the curve.
3.
Statement-basedConsider the following.
I. A Veblen good is bought partly to display status.
II. Monopsony is a market with a single seller.
III. Cross elasticity between complementary goods is negative.
Which of these are correct?
I. A Veblen good is bought partly to display status.
II. Monopsony is a market with a single seller.
III. Cross elasticity between complementary goods is negative.
Which of these are correct?
Correct Answer: A [I and III only]
Explanation:
Monopsony has a single buyer; I and III are correct.
4.
True/False countHow many of these are stock concepts: wealth, income, capital, investment, population, depreciation?
Correct Answer: D [Three]
Explanation:
Stocks: wealth, capital, population; flows: income, investment, depreciation.
5.
Demand: Qd = 140 − 4P; supply: Qs = 20 + 2P. At a price of ₹ 15 the market has:
Correct Answer: C [a shortage of 30 units]
Explanation:
Qd = 80, Qs = 50 → excess demand 30 (equilibrium P = 20).
6.
Arrange in orderArrange the market forms in increasing order of the number of sellers:
I. Oligopoly II. Monopoly III. Perfect competition IV. Duopoly
I. Oligopoly II. Monopoly III. Perfect competition IV. Duopoly
Correct Answer: B [II, IV, I, III]
Explanation:
One (monopoly) → two (duopoly) → few (oligopoly) → very many.
7.
A consumer's marginal utility from successive units of a good is 20, 16, 12, 8, 4 (in rupees). If the price is ₹ 8 a unit, how many units will she buy?
Correct Answer: A [4]
Explanation:
Buy while MU ≥ price: MU of the 4th unit = ₹ 8 = price → 4 units.
8.
Which of the following is an intermediate good?
Correct Answer: C [Flour bought by a bakery to make bread]
Explanation:
Flour used up in making another good in the same year is intermediate; a tractor is a capital (final) good.
➤ Full notes, shortcuts and every answer explained – SSC CGL 2026 Indian Economy book (₹149): www.shanmugamiasacademy.in/study-materials/ssc-cgl-indian-economy
📘 SSC CGL 2026 – Indian Economy (Tier I + Tier II)
Here you get the answer with a one-line explanation. 773 original questions with answer key and explanations · mind-maps, notes, tables and shortcuts · Tier I and Tier II practice sets + 3 mock tests
Get the book – ₹149 More quizzes
› SSC CGL Economy – Mock Test 3 – Tier II Style
› SSC CGL Economy – Mock Test 2 – Tier I Style
› SSC CGL Economy – Mock Test 1 – Tier I Style
› SSC CGL Economy – Government Schemes & Programmes – Tier II Level · Marathon
› SSC CGL Economy – Government Schemes & Programmes – Level 3 · Challenge
› SSC CGL Economy – Government Schemes & Programmes – Level 2 · Exam Level · Tier I Sprint
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