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WBCS Main 2019 General Studies III (Indian Economy ) 67
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Arijit Basu Chowdhury is teaching live on Unacademy Plus

Arijit Basu Chowdhury
Graduate in History from St.Paul’s Cathedral Mission College.My Philosophy is Being Basic and Being simple and show actually what you are 😊

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  1. Mission WBCS (Exe.) 2019 Prelims and Mains Daily Mock Test Arijit Basu Chowdhury

  2. West Bengal Civil Services Graduate in History from St.Paul's Cathedral Mission College, Kolkata . Interests: Fitness , Current Affairs ,Burning Issues, Music, News Analysis . You can follow me on UNACADEMY- Life has two rules: 1) Never quit. 2) Always remember Rule #1 . Rate , Review & Recommend

  3. Daily Mock Test (Indian Economy) 1. The term 'Mixed Economy' denotes a) Existence of both rural and urban sectors b) Exi c) Existence of both heavy and small industries d) None of these 2. The demand for Luxury goods...... as income increases. a) Rises b) Falls c) Remians constant d) None of these 3. Who coined the phrase "Tragedy of the commons"? a) Garett Hardin b) Seligman c) Adolph Wagner d) A.P Lernier 4. Price mechanism is a feature of-... a) Capitalist economy b) Socialist economy c) Mixed economy d) None of these istence of both private and public sectors Luxury goods.. as income increases.

  4. Daily Mock Test (Indian Economy) 5. Which of the following are consumer semi-durable goods? a) Cars and television c) Food grains and other food products d) None of these 6.Production of a commodity mostly through the natural process is an activity of a) Primary sector b) Secondary sector c) Tertiary sector d) None of these 7. The terms "Micro Economics" and Macro Economics" were coined by a) Ranger Frisch b) Ranger Nurkse c) Alfred Marshall d) J.M. Keynes 8. Average Revenue means a) the profit realised from the marginal unit sold b) the profit realised by sale of all commodities c) the revenue per unit of commodity sold d) the revenue generated per month b) Milk and Milk products

  5. Daily Mock Test (Indian Economy) 9. Which of the following is one of the essential conditions of perfect competition market a) Product differentiation b) Multiplicity of prices for identical products at any one time c) Many sellers and a few buyers. d) Only one price for identical goods at any one time. 10. If the income of buyers falls the demand of an inferior f* a) Rises b) Falls c) Remains constant d) None of the above 11. The measure of a worker's real wage is a) The change in his productivity over a given time b) His earnings after deduction at source c) His daily earnings d) The purchasing power of his earnings good

  6. Daily Mock Test (Indian Economy) 12. In perfect competition at a point where market demands will be equal to market supply, this state is known as a) Disequilibrium b) Super prof c) Equilibrium d) Normal profit 13. In the law of demand, the statement "Other things remain constant" means a) taste of consumer should not change b) price of other goods should not change c) income of consumer should not change d) All of these 14. In Economics, production means a) Manufacturing b) making c) creating utility d) farming 15. Total profit at the break-even point is a) Negative b) zero c) More than one d) All of these

  7. Daily Mock Test (Indian Economy) 1. b) Existence of both private and public sectors A mixed economic system is a system that combines aspects of both capitalism and socialism A mixed economic system protects private property and allows a level of economic freedom in the use of capital, but also allows for governments to interfere in economic activities in order to achieve social aims. . 2. a) Rises .Luxury items have income elasticity of demand, which means as people become wealthier, they will buy more of such goods. In the same way, if there is a decline in income, demand for luxury items will decline. 3. a) Garett Hardin . The tragedy of the commons is a term coined by scientist Garrett Hardin in 1968 describing what can happen in groups when individuals act in their own best self interests and ignore what's best e whole group.

  8. Daily Mock Test (Indian Economy) 4. a) Capitalist economy . Price mechanism refers to the system where the forces of demand and supply determine the prices of commodities and the changes therein. It is the buvers and sellers who actually determine the price of a commoditv. c) Food grains and other food products Semi-durable goods are goods that are neither perishable a) Primary sector a) Ranger Frisch The terms micro and macro are used by Ragnar Frisch 5. nor lasting 6. 7. . Economics is studied by dividing into two types, they are Micro Economics and Macro Economics

  9. Daily Mock Test (Indian Economy) 8. c) The revenue per unit of commodity sold . Average revenue is the revenue generated per unit of output sold .It plays a role in the determination of a firm's profit. . Per unit profit is average revenue average (total) cost 9. d) Only one price for identical goods at any one time. A Perfect Competition market is that type of market in which the number of buyers and sellers is very large, all are engaged in buying and selling a homogeneous product without any artificial restrictions and possessing perfect knowledge of the market at a time There is alwavs one price of the commodity available in the market 10. a) Rises An inferior good is one whose consumption decreases when income .The demand curve for an inferior good shifts out when income decreases and increases and rises when income falls shifts in when income increases

  10. Daily Mock Test (Indian Economy) 14. c) creating utility The essential characteristics of the business production such as land, labour, capital, intermediate goods, and raw material firm is that it purchases factors of . from households and other business firms and transforms those resources into different goods or services which it sells to its customers, other business firms and various units of the government as also to foreign countries. 15. b) zero The break-even point (BEP) or break-even level represents the sales amount-in either unit (quantity) or revenue (sales) terms-that is required to cover total costs, consisting of both fixed and variable costs to the company. Total profit at the break-even point is zero.