SSC CGL 2018 (4 June to 13 June 2019)
Economics: – 38 Q’s
Q.1 Which country was the first to implement Goods and Services Tax (GST)?
माल और सेवा कर (GST) को लागू करने वाला पहला देश कौन सा था?
(04 June 2019 Shift Mor)
Correct Answer:- France फ्रांस
Comment:- The Goods and Service Tax or GST was first introduced in France in the year 1954. It was consequently after France that countries like Japan, South Korea, UK and Australia implemented the GST law.
Q.2 An economic condition when there is one buyer and many sellers is called __________.
एक आर्थिक स्थिति जब एक खरीदार होता है और कई विक्रेताओं को __________ कहा जाता है।
(10 June 2019 Shift Noon)
3. Perfect Competition
Correct Answer:- Monopsony
Comment :- A monopsony is a market condition in which there is only one buyer. Like a monopoly, a monopsony also has imperfect market conditions. The difference between a monopoly and monopsony is primarily in the difference between the controlling entities.
An individual seller controls a market monopoly, while a single buyer dominates a market monopsony.
Q.3 What is the name given to the graph that shows all the combinations of two commodities that a consumer can afford at given market prices and within the particular income level in economic terms?
ग्राफ को क्या नाम दिया गया है जो दो वस्तुओं के सभी संयोजनों को दर्शाता है जो एक उपभोक्ता दिए गए बाजार मूल्य पर और विशेष आय स्तर के भीतर आर्थिक दृष्टि से खर्च कर सकता है?
(10 June 2019 Shift Noon)
1. Demand Curve
2. Isocost Line
3. Supply Curve
4. Budget Line
Correct Answer:- Budget Line बजट लाइन
Demand Curve :- Demand curve is a graph depicting the relationship between the price of a certain commodity and the quantity of that commodity that is demanded at that price
The Isocost Line:-
The isocost line is an important component when analysing producer’s behaviour. The isocost line illustrates all the possible combinations of two factors that can be used at given costs and for a given producer’s budget. In simple words, an isocost line represents a combination of inputs which all cost the same amount.
Supply curve :- Supply curve in economics, graphic representation of the relationship between product price and quantity of product that a seller is willing and able to supply. Product price is measured on the vertical axis of the graph and quantity of product supplied on the horizontal axis.
Budget Line: – The Budget Line, also called as Budget Constraint shows all the combinations of two commodities that a consumer can afford at given market prices and within the particular income level.
Px . Qx + Py . Qy =M
Px and Py are the prices of commodity X and Y and Qx, and Qy is their respective quantities.
M= consumer’s money income
Q.4 In which year was the term ‘Gross Happiness Index’ coined by the fourth king of Bhutan, Jigme Singye Wangchuck?
किस वर्ष में भूटान के चौथे राजा जिग्मे सिंगे वांगचुक द्वारा गढ़ा गया ‘सकल सुख सूचकांक‘ शब्द था?
(10 June 2019 Shift Eve)
Correct Answer: – 1972
Comment: – The phrase ‘gross national happiness’ was first coined by the 4th King of Bhutan, King Jigme Singye Wangchuck, in 1972 when he declared, “Gross National Happiness is more important than Gross Domestic Product.