SSC CGL Tier 2 10th August 2022 General Studies Finance and Economics

SSC CGL Tier 2 10th August 2022 General Studies Finance and Economics - Question 1

Report

Which of the following is an INCORRECT pair, in the context of the Adjustment Account given in General Ledger under self-balancing ledger system?

A

Provision for bad debts - appear on credit side of debtors ledgers adjustment account

B

Bad debts - appear on credit side of debtors ledgers adjustment account

C

Bills payable dishonored - appear on credit side of creditors ledgers adjustment account

D

Interest debited to a customer - appear on debit side of debtors ledgers adjustment account

View Solution

SSC CGL Tier 2 10th August 2022 General Studies Finance and Economics - Question 2

Report

Which of the option shows the correct recording of the trade discount received on purchases in the books of accounts?

A

Trade discount is credited to discount received account.

B

Trade discount is debited to discount received account.

C

Trade discount is deducted from the list price and recorded at net value.

D

Trade discount is debited to discount allowed account.

View Solution

SSC CGL Tier 2 10th August 2022 General Studies Finance and Economics - Question 3

Report

Which of the following statement is INCORRECT in the context of Profit and Loss account?

A

Income Tax paid in case of a proprietary concern is charged to Profit and Loss Account

B

Salaries and Wages are charged to Profit and Loss Account

C

Cost of packing is a distribution expense and so charged to Profit and Loss Account

D

Profit and Loss Account is charged with all indirect expenses

View Solution

SSC CGL Tier 2 10th August 2022 General Studies Finance and Economics - Question 4

Report

Which of the following statements is/are INCORRECT in the context of the Bank Reconciliation Statement?
(i) When balance as per the Pass Book is the starting point, direct deposits by customers are added.
(ii) When balance as per the Pass Book is the starting point, uncollected cheques are added.
(iii) When balance as per the Cash Book is the starting point, unpresented cheques are added.

A

Only (ii)

B

All (i) and (iii)

C

Only (i)

D

Only (ii) and (iii)

View Solution

SSC CGL Tier 2 10th August 2022 General Studies Finance and Economics - Question 5

Report

Which of the following options DO NOT relate to examples of revenue expenditure?
a) Repair expenses
b) Insurance expense
c) Installation expenses
d) overhauling expenses of second-hand machinery

A

Only c and d

B

All of a, b, c and d

C

Only a and b

D

Only a, band c

View Solution

SSC CGL Tier 2 10th August 2022 General Studies Finance and Economics - Question 6

Report

Ind AS 1 requires financial statements to comprise of SOCIE, a concept which was not there under Indian GAAP. SOCIE refers to

A

System of cash inflow and equity

B

System of change in equity holders

C

Statement of cash-flows in economy

D

Statement of chancres in equity

View Solution

SSC CGL Tier 2 10th August 2022 General Studies Finance and Economics - Question 7

Report

_______ convention is an exception of the full disclosure concept.

A

Relevance

B

Prudence

C

Comparability

D

Materiality

View Solution

SSC CGL Tier 2 10th August 2022 General Studies Finance and Economics - Question 8

Report

Which of the following pairs is NOT correctly matched in the context of account balances shown in the Trial Balance?

A

Sales account - Credit side

B

Discount received account - Credit side

C

Plant and machinery account - Debit side

D

Bills receivable account - Credit side

View Solution

SSC CGL Tier 2 10th August 2022 General Studies Finance and Economics - Question 9

Report

Which of the following options is an INCORRECT pair considering a firm's balance sheet?

A

Tangible assets - trademarks

B

Fictitious assets - discount on issue of shares

C

Current assets - Bills receivable

D

Wasting assets - Oi Wells

View Solution

SSC CGL Tier 2 10th August 2022 General Studies Finance and Economics - Question 10

Report

Failure to differentiate between capital and revenue expenditure results in Errors of ___ .

A

Omission

B

Commission

C

Principle

D

Compensation

View Solution

SSC CGL Tier 2 10th August 2022 General Studies Finance and Economics - Question 11

Report

Which of the given statement(s) is(are) correct in the context of manufacturing account?
(i) A manufacturing Account is prepared for finding out the cost of goods produced (also called Cost of Production)
(ii) Sale of scrap and the closing work-in-progress are shown on the credit side of the manufacturing Account .

A

Both (i) and (ii)

B

Only (ii)

C

Neither (i) nor (ii)

D

Only (i)

View Solution

SSC CGL Tier 2 10th August 2022 General Studies Finance and Economics - Question 12

Report

Which of the following is the correct match of the types of accounts and the rules?
(i) For personal accounts - a) Debit the receiver and credit the giver
(ii) For real accounts - b) Debit all expenses and credit all losses
(iii) For nominal accounts - c) Debit what comes in and credit what goes out

A

i-a: ii-c; iii-b

B

i-b· ii-a; iii-c

C

i-c: ii-b; iii-a

D

i-a: ii-b; iii-c

View Solution

SSC CGL Tier 2 10th August 2022 General Studies Finance and Economics - Question 13

Report

Which of the following are accounting limitations?
(i) Accounting system records only historical events.
(ii) Accounting ignores the effect of inflation on the value of fixed assets.
(iii) Accounting information does not include the costs of pollution and employee accidental injuries.

A

All of (i), (ii) and (iii)

B

None of (i), (ii) and (iii)

C

Only (ii) and (iii)

D

Only (i) and (ii)

View Solution

SSC CGL Tier 2 10th August 2022 General Studies Finance and Economics - Question 14

Report

Which of the following is not considered as inventory under AS 2?

A

Work in progress

B

Machinery

C

Raw material

D

Finished goods

View Solution

SSC CGL Tier 2 10th August 2022 General Studies Finance and Economics - Question 15

Report

Krishna Ltd. purchased raw material 'R' . The cost price is ₹1,000. The other information is as follows:

Freight: ₹50
Unloading charges: ₹20
Trade discount: ₹15

Determine the cost of purchase for inventory valuation.

A

₹1,070

B

₹1,050

C

₹1,000

D

₹985

View Solution

SSC CGL Tier 2 10th August 2022 General Studies Finance and Economics - Question 16

Report

Which of the following can be an arrangement in case of accommodation bill?
(i) A bill is drawn for accommodation of the drawer only
(ii) A bill is drawn and the proceeds are shared by drawer and drawee.

A

Neither (i) nor (ii)

B

Only (i)

C

Only (ii)

D

Both (i) and (ii)

View Solution

SSC CGL Tier 2 10th August 2022 General Studies Finance and Economics - Question 17

Report

A trial balance shows
(i) Credit balances
(ii) Debit balances

A

Both (i) and (ii)

B

Only (i)

C

Only (ii)

D

Either (i) or (ii)

View Solution

SSC CGL Tier 2 10th August 2022 General Studies Finance and Economics - Question 18

Report

Which of the following is/are INCORRECT match(es) of the account maintained in the context of self-balancing ledgers?

(i) Bought ledger adjustment account - Total creditors account
(ii) Sales ledger adjustment account - Total debtors account

A

Only (i)

B

Neither (i) or (ii)

C

Only (ii)

D

Both (i) and (ii)

View Solution

SSC CGL Tier 2 10th August 2022 General Studies Finance and Economics - Question 19

Report

Which of the following is/are example(s) of a two-sided error while recording a business transaction?
(i) ₹100 received from Deshmukh was posted to his account as ₹10.
(ii) The Purchases Book is overcast by ₹1,000.
(iii) A credit sale of ₹1,080 to Anand was wrongly recorded in the Sales Book for ₹1,800.

A

Only (ii)

B

Only (iii)

C

Only (i)

D

Only (i) and (ii)

View Solution

SSC CGL Tier 2 10th August 2022 General Studies Finance and Economics - Question 20

Report

Which of the following statement is TRUE in the context of type of errors made while recording a business transaction?
i) A sale of Rs.500 made to Kamal has been posted on the debit side Of Kishore's Account is an example of one-sided
error.
ii) A payment of Rs.1,000 towards interest was posted twice to Interest Account is an example of one-sided error.

A

Only (ii)

B

Either (i) or (ii)

C

Both (i) and (ii)

D

Only (i)

View Solution

SSC CGL Tier 2 10th August 2022 General Studies Finance and Economics - Question 21

Report

The _______ Account shows the distribution of profit after the same has been earned and computed by a partnership firm .

A

Profit and Loss Appropriation

B

Trading

C

Profit and Loss

D

Manufacturing

View Solution

SSC CGL Tier 2 10th August 2022 General Studies Finance and Economics - Question 22

Report

When the holder of a bill endorses the bill to a third party, the bill is said to be endorsed. The party to whom the bill is endorsed is called a/an _______?

A

endorsee

B

endorser

C

banker

D

retainer

View Solution

SSC CGL Tier 2 10th August 2022 General Studies Finance and Economics - Question 23

Report

Which of the following is INCORRECT in the context of bills of exchange?

A

The bill is treated as dishonored in case of insolvency of the drawee.

B

When the bill is honored on the due date the drawee credits Bills Payable A/c in his books.

C

When the bill is dishonored, the drawee will be debited in books of drawer whether the bill is retained, endorsed or discounted.

D

When the bill is discounted or endorsed no entry for payment of the bill is passed in the books of the drawer.

View Solution

SSC CGL Tier 2 10th August 2022 General Studies Finance and Economics - Question 24

Report

Consider the given statements and select the correct option in the context of the cost concept.
Assertion (A): The cost concept is applicable only to fixed assets and not to current assets.
Reason (R): If a firm does not pay anything for a fixed asset, it would not be recorded in the books of accounts.

A

Both A and R are correct and R is the correct explanation of A

B

Both A and R are correct but R is not the correct explanation of A

C

A is incorrect and R is correct

D

A is correct and R is incorrect

View Solution

SSC CGL Tier 2 10th August 2022 General Studies Finance and Economics - Question 25

Report

A machine is purchased for Rs7,00,000. Expenses incurred on its cartage and installation Rs 3,00,000. Calculate the amount of depreciation @ 20% p.a. according to Straight Line Method for the first year ending on 31st March 2022, if this machine is purchased on 1st July 2021.

A

Rs 1,50,000

B

Rs 1,40,000

C

Rs 2,00,000

D

Rs 1,05,000

View Solution

SSC CGL Tier 2 10th August 2022 General Studies Finance and Economics - Question 26

Report

In the context of single-entry system, which of the given statement (s) is (are correct)?
(i) It is known as partial and incomplete recording of transactions.
(ii) This system is generally adopted by small traders, petty shop-keepers, doctors, advocates, and other
professionals.
(iii) The limited companies cannot adopt it because they have to maintain complete records of all transactions.

A

Only (ii)

B

Only (i) and (ii)

C

All of (i),(ii) and (iii)

D

Only (i) and (iii)

View Solution

SSC CGL Tier 2 10th August 2022 General Studies Finance and Economics - Question 27

Report

The Sports Club of Orissa had received in 2022-2023 , ₹2,000 towards subscription. Subscriptions for 2021-22 unpaid on 1 April 2022 were ₹200. Subscriptions paid in advance on 31 March 2022 were ₹50 and the same on 31 March 2023 were ₹40. Subscriptions for 2022-2023 unpaid on 31 March 2023 were ₹90. How will this be reflected in the books of accounts of a non-profit organisation?

A

Subscription income of ₹1,900 for 2022-23 in the Income and Expenditure Account

B

Subscription income of ₹1,900 for 2022-23 in the Receipts and Payment Account

C

Subscription income of ₹2,380 for 2022-23 in the Income and Expenditure Account

D

Subscription income of ₹2,380 for 2022-23 in the Receipts and Payment Account

View Solution

SSC CGL Tier 2 10th August 2022 General Studies Finance and Economics - Question 28

Report

Consider the following statements in the context of the nature of financial accounting. How many statements are correct?

i) It records only economic events.
ii) It records information as per some specified rules.
iii) It records business transactions only on cash basis.

A

Only 1 statement

B

None of the statements

C

Only 2 statement

D

All 3 statements

View Solution

SSC CGL Tier 2 10th August 2022 General Studies Finance and Economics - Question 29

Report

Under the single-entry system when rent is paid,
i) it will be recorded in the Cash Book
ii) entry will be made in the Rent account

Which of the above statements is/are true?

A

Neither (i) nor (ii)

B

Only(ii)

C

Only(i)

D

Both (i) and (ii)

View Solution

SSC CGL Tier 2 10th August 2022 General Studies Finance and Economics - Question 30

Report

Which of the following is (are) the attribute(s) of accounting information?
i) It should help in making inter-firm comparisons but not necessarily inter-period comparisons
ii) It should show an accurate and fair view of the profitability of the firm
iii) The financial statements should be accompanied by all the source documents while reporting to the stakeholders.

A

All of (i),(ii) and (iii)

B

Only (ii)

C

Only (i)

D

Both (i) and (ii)

View Solution

SSC CGL Tier 2 10th August 2022 General Studies Finance and Economics - Question 31

Report

Which of the given statements is/are correct in the context of account balances of the Ledger?

(i) A debit balance of a personal account means that the party owes that amount to the business.
(ii) All real accounts show a debit balance.
(iii) Nominal accounts are not usually balanced, but closed by transfer to the Profit and Loss Account, at the time of preparing the final accounts.

A

Only (i)

B

Only (ii)

C

All (i), (ii) and (iii)

D

Only (ii) and (iii)

View Solution

SSC CGL Tier 2 10th August 2022 General Studies Finance and Economics - Question 32

Report

Generally non-profit organisations prepare which of the following?
i) Receipt and Payment Account
ii) Income and Expenditure Account
iii) Balance Sheet

A

Only (ii)

B

Only (i)

C

All (i), (ii) and (iii)

D

Only (i) and (ii)

View Solution

SSC CGL Tier 2 10th August 2022 General Studies Finance and Economics - Question 33

Report

Identify the correct pair of the causes of depreciation with its types.

A

Passage of time - Internal depreciation

B

Depletion - External depreciation

C

Obsolescence - External depreciation

D

Fire accident - Internal depreciation

View Solution

SSC CGL Tier 2 10th August 2022 General Studies Finance and Economics - Question 34

Report

Which accounting conventions are related to the following actions?
i) Closing stock is valued at lower of the cost or realizable value.
ii) Some stationary items purchased in a year and used for a number of years are treated as an expense and not as an
asset.

A

1 - Prudence; ii - Consistency

B

1 - Materiality; ii - Prudence

C

1 - Full disclosure; ii - Materiality

D

1 - Prudence; ii - Materiality

View Solution

SSC CGL Tier 2 10th August 2022 General Studies Finance and Economics - Question 35

Report

In amended cash book, which of the following will be recorded?

A

Wrong entry pass book

B

Cheque deposited into bank but not credited b banks

C

Cheque issued but not presented for payment in banks

D

Interest allowed b bank credited in the pass book

View Solution

SSC CGL Tier 2 10th August 2022 General Studies Finance and Economics - Question 36

Report

Which of the following statements is/are correct in the context of the Trading Account?
(i) Trading Account is prepared for ascertaining the net profit.
(ii) Cost of goods purchased includes all expenses incurred till goods are brought to the place of business.

A

Both (i) and (ii)

B

Only (ii)

C

Only (i)

D

Neither (i) nor (ii)

View Solution

SSC CGL Tier 2 10th August 2022 General Studies Finance and Economics - Question 37

Report

A machine is purchased for ₹7,00,000. Expenses incurred on its cartage and installation are ₹3,00,000. Depreciation is charged @ 20% p.a. according to the Straight Line Method for the first year ending on 31 March 2022. Calculate the difference in the amount of depreciation for the $$1^{st}$$ year, if this machine was purchased on 1 April 2021 and if the machine was purchased on 1 July 2021.

A

₹45,000

B

₹50,000

C

₹35,000

D

₹1,00,000

View Solution

SSC CGL Tier 2 10th August 2022 General Studies Finance and Economics - Question 38

Report

Which of the following is (are an example (s) of fictitious assets?
(i) Debit balance of Profit and Loss account
(ii) Goodwill

A

Only (i)

B

Both (i) and (ii)

C

Neither (i) nor (ii)

D

Only (ii)

View Solution

SSC CGL Tier 2 10th August 2022 General Studies Finance and Economics - Question 39

Report

Which option shows the correct accounting treatment given in the nonprofit organization accounting?
(i) Small donations - revenue receipts
(ii) Subscriptions - revenue receipts

A

Both (i) and (ii)

B

Only (ii)

C

Neither (i) nor (ii)

D

Only (i)

View Solution

SSC CGL Tier 2 10th August 2022 General Studies Finance and Economics - Question 40

Report

AS 2 excludes certain costs and recognize them as expenses in the period in which they are incurred, while valuing inventories. Which of the following are such costs?
i) abnormal amounts of wasted materials,
ii) storage costs, unless those costs are necessary in the production process prior to a further production stage;
iii) administrative overheads that do not contribute to bringing the inventories to their present location and condition

A

Only (i)

B

All of (i), (ii) and (iii)

C

Only (ii)

D

Only (ii) and (iii)

View Solution

SSC CGL Tier 2 10th August 2022 General Studies Finance and Economics - Question 41

Report

The production possibility curve is a plot between:

A

quantity of two goods with the given resources and the technology required to produce both good

B

quantity produced of one good and the technology required to produce the good

C

quantity of labour and the capital required to produce the good

D

quantity of one good and the labour required to produce the good

View Solution

SSC CGL Tier 2 10th August 2022 General Studies Finance and Economics - Question 42

Report

Which of the statement is TRUE considering the Central problems of an economy?

A

In eve1y economic system, scarcity imposes limitations on households and firms but not the government.

B

Scarcity is only limited to man made goods

C

Only a resource rich economy like Dubai is not faced with the problem of choice

D

All human wants cannot be satisfied.

View Solution

SSC CGL Tier 2 10th August 2022 General Studies Finance and Economics - Question 43

Report

What is constant along an isoquant .

A

Level of output

B

Level of capital

C

Level of labour

D

Rate of production of output

View Solution

SSC CGL Tier 2 10th August 2022 General Studies Finance and Economics - Question 44

Report

Which of the following is an INCORRECT match in the context of economics?
i Study of an individual firm an industry - macro economics
ii) Want satisfying capacity of a good - utility
iii) Exchange of apples with eggs - ceteris paribus

A

All of (i),(ii) and (iii)

B

Only (i) and (ii)

C

Only (i)

D

Only (ii)

View Solution

SSC CGL Tier 2 10th August 2022 General Studies Finance and Economics - Question 45

Report

Which of the following pairs is INCORRECT considering the constitutional provisions of the Comptroller and Auditor General of India?

A

Article 151 - Audit Reports

B

Article 149 - Duties and Powers of the Comptroller and Auditor General

C

Article 148 - Comptroller and Auditor General of India

D

Article 146 - Form of Accounts of the Union and of the States

View Solution

SSC CGL Tier 2 10th August 2022 General Studies Finance and Economics - Question 46

Report

Which of the given options is INCORRECT in the context of fiscal deficit?

A

Fiscal Deficit = Revenue Expenditure + Capital Expenditure - Revenue Receipts - Recovery of Loans - Sale of Assets

B

Fiscal Deficit = Total Expenditure - Revenue Receipts - Repayment of Loans - Sale of Assets

C

Fiscal Deficit = Capital Receipts - Repayment of Loans - Sale of Assets

D

Fiscal Deficit = Total Receipts + Revenue Receipts - Repayment of Loans + Sale of Assets

View Solution

SSC CGL Tier 2 10th August 2022 General Studies Finance and Economics - Question 47

Report

Which of the following is/are constant along a demand curve?
(1) Income of the consumers
(2) Price of related goods

A

Neither 1 nor 2

B

Only 1

C

Both 1 and 2

D

Only 2

View Solution

SSC CGL Tier 2 10th August 2022 General Studies Finance and Economics - Question 48

Report

Which of the following is/are true at equilibrium in a perfect competition?

(1)MR = MC
(2)AC = MC = AR = MR
(3)MC is falling

A

Only 1 and 2

B

All 1, 2 and 3

C

Only 1

D

Only 1 and 3

View Solution

SSC CGL Tier 2 10th August 2022 General Studies Finance and Economics - Question 49

Report

In the context of India's demographic transition, which year is known as the 'Year of the Great Divide'?

A

1971

B

1911

C

1951

D

1921

View Solution

SSC CGL Tier 2 10th August 2022 General Studies Finance and Economics - Question 50

Report

Identify the incorrect statement.

A

Price Ceiling is the minimum price fixed b the government

B

Equilibrium price is the price which clears the market

C

Suppo1i Price helps regulate the incomes of the farmers

D

MC= MR at equilibrium in case of perfect competition

View Solution

SSC CGL Tier 2 10th August 2022 General Studies Finance and Economics - Question 51

Report

The foreign capital investment in India on the eve of independence concentrated on the following sectors of the economy
(i) railways
(ii) tea and coffee
(iii) coal and gold mining

A

All of (i) , (ii) and (iii)

B

Only (ii) and (iii)

C

Only (i) and (iii)

D

Only (i) and (ii)

View Solution

SSC CGL Tier 2 10th August 2022 General Studies Finance and Economics - Question 52

Report

Balance of Trade is measured as:

A

the difference between export and import of services

B

the difference between all exports and imports

C

the difference between export and import of oil

D

the difference between export and import of goods

View Solution

SSC CGL Tier 2 10th August 2022 General Studies Finance and Economics - Question 53

Report

During the first stage of a total product curve, the total product is _______

A

Decreasing

B

Constant

C

Negative

D

Increasing

View Solution

SSC CGL Tier 2 10th August 2022 General Studies Finance and Economics - Question 54

Report

Which of the following is NOT one of the recognised systems of medicines under AYUSH?

A

Homeopathy

B

Allopathy

C

Naturopaty

D

Yoga

View Solution

SSC CGL Tier 2 10th August 2022 General Studies Finance and Economics - Question 55

Report

Market Stabilisation Scheme (MSS) was launched by the RBI in _______

A

September 2011

B

April 2008

C

April2004

D

September 2004

View Solution

SSC CGL Tier 2 10th August 2022 General Studies Finance and Economics - Question 56

Report

The National Rural Livelihood Mission, a measure adopted by the Government to alleviate poverty, is also known as

A

Aajeevika

B

Sanjeevani

C

Santushti

D

Aahaar

View Solution

SSC CGL Tier 2 10th August 2022 General Studies Finance and Economics - Question 57

Report

Which of the following are features of India's Green Revolution from the mid-1960s to the mid-1980s?
( 1) Increase in crop productivity
(2) Rise in acreage
(3) Shift from commercial farming to subsistence farming

A

Only 1 and 3

B

Only 1 and

C

Only 2 and 3

D

All 1, 2 and 3

View Solution

SSC CGL Tier 2 10th August 2022 General Studies Finance and Economics - Question 58

Report

In 1991 under the external sector reforms Indian rupee ______

A

Devalued

B

Depreciated

C

Appreciated

D

Revalued

View Solution

SSC CGL Tier 2 10th August 2022 General Studies Finance and Economics - Question 59

Report

Which of the following is/are functions of a commercial bank?
1 Accepting deposits
2 Giving loans
3 Payments and settlements

A

Only 2

B

Only 1 and 3

C

Only 1

D

All 1, 2 and 3

View Solution

SSC CGL Tier 2 10th August 2022 General Studies Finance and Economics - Question 60

Report

What is the likely elasticity of supply when the supply curve is a straight line, vertical to the x-axis?

A

Zero

B

Less than one

C

Infinity

D

One

View Solution

SSC CGL Tier 2 10th August 2022 General Studies Finance and Economics - Question 61

Report

Which of the following pairs of goods is/are likely to have a positive cross price elasticity of demand?

(1) Cars and Petrol
(2) Tea and Coffee
(3) Rice and Air-tickets

A

Only 1

B

Both 1 and 3

C

Only 2

D

Both 1 and 2

View Solution

SSC CGL Tier 2 10th August 2022 General Studies Finance and Economics - Question 62

Report

Which of the following statements is true?
(1) The demand curve is a horizontal straight line in perfect competition
(2) Monopoly makes super-normal profits, with barriers to entry

A

Neither 1 nor 2

B

Only 1

C

Both 1 and 2

D

Only 2

View Solution

SSC CGL Tier 2 10th August 2022 General Studies Finance and Economics - Question 63

Report

Which of the following leads to an outward shift in the supply curve?

A

Increase in factor prices

B

Increase in price of competing product

C

Improvement in technology

D

Decrease in price

View Solution

SSC CGL Tier 2 10th August 2022 General Studies Finance and Economics - Question 64

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__________ was the fast Development Financial Institution of India set up to propel economic growth through development of infrastructure and industry in _______

A

RBI; 1949

B

IDBI; 1947

C

ICICI; 1950

D

IFCI; 1948

View Solution

SSC CGL Tier 2 10th August 2022 General Studies Finance and Economics - Question 65

Report

What is constant along an indifference curve.
(1) Level of Utility
(2) Level of Output
(3) Level of Price

A

Only 1

B

Only 2

C

Only 3

D

Only 2 and 3

View Solution

SSC CGL Tier 2 10th August 2022 General Studies Finance and Economics - Question 66

Report

Which branch of economics deals with the study of the economic activities of individual units?

A

Monetary economics

B

Micro-economics

C

Macro-economics

D

Socioeconomics

View Solution

SSC CGL Tier 2 10th August 2022 General Studies Finance and Economics - Question 67

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Marginal Rate of Transformation is the slope of ________

A

Production Possibility Curve

B

IS-Curve

C

Isoquant

D

Indifference Curve

View Solution

SSC CGL Tier 2 10th August 2022 General Studies Finance and Economics - Question 68

Report

Jammu and Kashmir FRBM Act, 2006 has been passed as per the recommendation of __________

A

$$12^{th}$$ finance commission

B

$$11^{th}$$ finance commission

C

$$15^{th}$$ finance commission

D

$$10^{th}$$ finance commission

View Solution

SSC CGL Tier 2 10th August 2022 General Studies Finance and Economics - Question 69

Report

Delicensing means abolishing the requirement of an industrial license to
(i) set up a new unit
(ii) substantially expand an existing unit
(iii) change the location of an existing unit
(iv)) change the product mix of an existing unit

A

Only (ii), (iii) and (iv)

B

Only (iii) and (iv)

C

Only (i) and (ii)

D

All of (i), (ii), (iii) and (i)

View Solution

SSC CGL Tier 2 10th August 2022 General Studies Finance and Economics - Question 70

Report

Identify the correct pair of social infrastructure in an economy

A

Education, Health

B

Communication, Health

C

Transport, Communication

D

Transport, Education

View Solution

SSC CGL Tier 2 10th August 2022 General Studies Finance and Economics - Question 71

Report

Which of the following statement is the objective(s) of setting up of Regional rural banks?
(i) development of agriculture, trade and other productive activities in rural area
(ii) provide credit and other facilities to the small and marginal farmers and small entrepreneurs .

A

Both (i) and (ii)

B

Only (i)

C

Only (ii)

D

Neither (i) nor (ii)

View Solution

SSC CGL Tier 2 10th August 2022 General Studies Finance and Economics - Question 72

Report

When the demand curve is a horizontal straight line, it indicates that the price elasticity of demand is ________

A

minus one

B

one

C

infinite

D

zero

View Solution

SSC CGL Tier 2 10th August 2022 General Studies Finance and Economics - Question 73

Report

Which of the following is time as per the law of supply?
(i) There is a negative relation between quantity supplied and price
(ii) There is a positive relationship between quantity supplied and factors of production

A

Only 2

B

Neither 1 nor 2

C

Both 1 and 2

D

Only 1

View Solution

SSC CGL Tier 2 10th August 2022 General Studies Finance and Economics - Question 74

Report

For the growth of the Indian economy, which among the following should OT be encouraged?

A

Promotion of MSME Sector

B

Regulation promotion of capital markets

C

Promotion of imports

D

Credit rationing

View Solution

SSC CGL Tier 2 10th August 2022 General Studies Finance and Economics - Question 75

Report

Which of the following grants are provided from the center's resources over the 2021-26 period?
i) Grants to local bodies
ii) Disaster risk management funds
iii) Sector specific grants
iv) Revenue deficit grants

A

Only (i) and (ii)

B

Only (iii) and (iv)

C

Only (i) and (iii)

D

All of (i), (ii), (iii) and (iv)

View Solution

SSC CGL Tier 2 10th August 2022 General Studies Finance and Economics - Question 76

Report

Which of the following is CORRECT for perfectly competitive markets.

A

Firms are price takers

B

Firms make zero profits

C

Large number of sellers

D

Homogenous products

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SSC CGL Tier 2 10th August 2022 General Studies Finance and Economics - Question 77

Report

National Sample Survey Organisation (NSSO) provides estimates of magnitude of unemployment on the basis of different concepts. Which of the following is such a concept?
(i) Usual Status Unemployment
( ii) Current Weekly Status Unemployment
(iii) Current Daily Status Unemployment

A

Only (iii)

B

All of (i) , (ii) and (iii)

C

one of (i), (ii) and (iii)

D

Only (i) and (ii)

View Solution

SSC CGL Tier 2 10th August 2022 General Studies Finance and Economics - Question 78

Report

Marginal utility to a consumer is ________ when the total utility is maximum.

A

unity

B

zero

C

negative

D

maximum

View Solution

SSC CGL Tier 2 10th August 2022 General Studies Finance and Economics - Question 79

Report

Which of the following is true for a normal good when there is a decrease in consumer income?

A

The demand cure shifts to the left

B

No shift in the demand curve, the quantity demanded increases along the original demand curve

C

No shift in the demand curve, the quantity demanded reduces along the original demand curve

D

The demand cure shifts to the right

View Solution

SSC CGL Tier 2 10th August 2022 General Studies Finance and Economics - Question 80

Report

Which of the following given options would result in increase in gross external debt, ceteris paribus?

A

Decrease in Current Account Deficit

B

Decrease in private capital outflow

C

Increase in direct and long-term portfolio capital inflow

D

Official reserve increases

View Solution

SSC CGL Tier 2 10th August 2022 General Studies Finance and Economics - Question 81

Report

Which of the following is/are included while calculating the national income using the income method?
(1) Wages and salaries in cash
(2) Employers' contribution to social security

A

Only 2

B

Neither 1 nor 2

C

Both 1 and 2

D

Only 1

View Solution

SSC CGL Tier 2 10th August 2022 General Studies Finance and Economics - Question 82

Report

Which of the following statements is true for a mixed economy ?

A

All resources are controlled and owned by the government.

B

Economic decisions are driven by the motive of both profit maximisation and social welfare.

C

The market determines the price of all goods with no intervention from the government.

D

The private sector dominates the economy activity

View Solution

SSC CGL Tier 2 10th August 2022 General Studies Finance and Economics - Question 83

Report

When the price ceiling is fixed below the equilibrium price, it leads to which of the following?
(1) Excess supply
(2) Excess demand
(3) Black marketing

A

Only 1

B

Both 1 and 3

C

Only 2

D

Both 2 and 3

View Solution

SSC CGL Tier 2 10th August 2022 General Studies Finance and Economics - Question 84

Report

Which of the following is the best indicator of an economy's total borrowings?

A

Current deficit

B

Fiscal deficit

C

Primary deficit

D

Revenue deficit

View Solution

SSC CGL Tier 2 10th August 2022 General Studies Finance and Economics - Question 85

Report

Which of the following is NOT the main type of audit that are conducted by Comptroller and Auditor General as per the Regulations on Audit and Accounts (Amendments) 2020?

A

Electronic audit

B

Compliance audit

C

Financial audit

D

Performance audit

View Solution

SSC CGL Tier 2 10th August 2022 General Studies Finance and Economics - Question 86

Report

A perfectly elastic demand curve is

A

Parallel to the -axis

B

Convex to the origin

C

Parallel to the x-axis

D

Straight Line from the origin

View Solution

SSC CGL Tier 2 10th August 2022 General Studies Finance and Economics - Question 87

Report

A wholly owned subsidiary of the Reserve Bank is responsible for the production of bank notes and manages 2 presses, one each in Mysore and Salboni respectively. What is the name of the subsidiary?

A

DICGC

B

BRBNMPL

C

IFTAS

D

NABARD

View Solution

SSC CGL Tier 2 10th August 2022 General Studies Finance and Economics - Question 88

Report

The marginal cost curve is __________

A

Rectangular hyperbola

B

Inverted V- shaped

C

U - shaped

D

Inverted U- shaped

View Solution

SSC CGL Tier 2 10th August 2022 General Studies Finance and Economics - Question 89

Report

Which of the following activities can be undertaken by a payment bank in India, as per RBI guidelines?
(i) Acceptance of demand deposits
(ii) Acceptance of time deposits
(iii) Issue of debit cards
(iv) Issue credit cards

A

Only (i) and (iii)

B

Only (ii) and (iv)

C

Only (iii) and (iv)

D

Only (i) and (ii)

View Solution

SSC CGL Tier 2 10th August 2022 General Studies Finance and Economics - Question 90

Report

______ may be defined as a situation in which the poor are unable to accumulate resources or earn enough to move out of the vicious cycle of poverty.

A

Head count Gap

B

Structural poverty

C

Poverty Gap

D

Relative poverty

View Solution

SSC CGL Tier 2 10th August 2022 General Studies Finance and Economics - Question 91

Report

People who never move above the poverty line are referred as ______

A

Absolute poor

B

Chronic poor

C

Relatively poor

D

Occasional poor

View Solution

SSC CGL Tier 2 10th August 2022 General Studies Finance and Economics - Question 92

Report

Which of the following statements is INCORRECT about the Finance Commission?

A

It gives its recommendations on the distribution of tax revenues between the Union and the States only and not among the States.

B

It recommends measures needed to augment the Consolidated Fund of a State to supplement the resources of the Panchayats.

C

Its work involves redressing the vertical imbalances between the taxation powers and expenditure responsibilities of the Centre and the States, respectively

D

It is constituted by the President under Article 280 of the Constitution.

View Solution

SSC CGL Tier 2 10th August 2022 General Studies Finance and Economics - Question 93

Report

Which of the following statements is FALSE?

A

Liberalisation allowed FIIs to invest in the Indian financial markets.

B

Quotas are an example of non-tariff barriers to external trade.

C

GST is an example of indirect tax.

D

Liberalisation is the same as laissez-faire.

View Solution

SSC CGL Tier 2 10th August 2022 General Studies Finance and Economics - Question 94

Report

_______ was an important growth strategy adopted by India prior to 1991.

A

Export promotion

B

Import agrarian commodities

C

Import substitution

D

Export IT services

View Solution

SSC CGL Tier 2 10th August 2022 General Studies Finance and Economics - Question 95

Report

Which of the following is true for income elasticity of demand?
(1) It measures the responsiveness of quantity demanded of a good with respect to consumers' income
(2) It is calculated by dividing percentage change in quantity demanded by percentage change in consumer income

A

Only 2

B

Neither 1 nor 2

C

Both 1 and 2

D

Only 1

View Solution

SSC CGL Tier 2 10th August 2022 General Studies Finance and Economics - Question 96

Report

Which of the following statements is true?

A

The total product is maximum at the end of the first stage of production

B

When the total product is maximum, the marginal product is zero.

C

When the total product is maximum, the marginal product is increasing at an increasing rate.

D

The second stage of production is the stage of increasing returns

View Solution

SSC CGL Tier 2 10th August 2022 General Studies Finance and Economics - Question 97

Report

Which of the following statements is/are true?
1) Outsourcing of services is an outcome of globalisation.
(2)Privatisation implies supremacy of social interest over self interest.

A

Only 2

B

Both 1 and 2

C

Neither 1 nor 2

D

Only 1

View Solution

SSC CGL Tier 2 10th August 2022 General Studies Finance and Economics - Question 98

Report

For normal goods the demand curve has a/an _______ slope.

A

negative

B

Zero

C

infinite

D

Positive

View Solution

SSC CGL Tier 2 10th August 2022 General Studies Finance and Economics - Question 99

Report

Which of the following is NOT a correct statement in the context of National income?

A

net domestic product at factor cost is estimated by adding net value added at factor cost of all the producing units of an economy

B

sum of gross value added at factor cost of all producing units gives us gross domestic product at factor cost;

C

sum of gross value added at market price of all producing units gives us gross domestic product at market price

D

net factor income from abroad has to be added to gross domestic product at market price for getting the national income

View Solution

SSC CGL Tier 2 10th August 2022 General Studies Finance and Economics - Question 100

Report

Which of the following is NOT a model of governance as proposed by Prof. Dr. Arie Halachmi?

A

The Broadcasting Model

B

The Common Minimum Model

C

The Comparative Analysis Model

D

The Critical Flow Model

View Solution