Mock Test

Exam: SSC CHSL Subject: General Awareness Topic: Economics

Total Questions: 20

Q1. What is the main aim of economic development?

A. Increase unemployment B. Reduce standard of living C. Improve quality of life D. Decrease GDP
Q2. Who proposed the Harrod-Domar model of economic growth?

Roy Harrod and Evsey Domar Adam Smith John Maynard Keynes Joseph Schumpeter
Q3. In economics, what does the term 'ceteris paribus' mean?

All else being equal Constant growth rate Perfect competition Market equilibrium
Q4. Which economic system is based on the principle of 'from each according to his ability, to each according to his needs'?

Communism Capitalism Socialism Fascism
Q5. What is the term used for the process of protecting against potential losses due to fluctuations in currency exchange rates?

Arbitrage Hedging Speculation Swapping
Q6. According to which theory, individuals maximize utility and firms maximize profits?

Keynesian economics Neoclassical economics Marxian economics Behavioral economics
Q7. In which market structure are products highly differentiated?

Monopoly Oligopoly Perfect Competition Monopolistic Competition
Q8. What is the term for the exchange of goods and services between countries?

International trade Domestic trade Barter trade Black market trade
Q9. Which economic system is characterized by strong government control and limited individual freedoms?

Fascism Capitalism Socialism Communism
Q10. Which country is associated with the 'Bretton Woods Agreement'?

United States France United Kingdom Italy
Q11. In a command economy, who makes decisions about production and distribution?

Government Consumers Producers Market forces
Q12. Which of the following is a determinant of demand?

Price of the product Cost of production Government policies Weather conditions
Q13. Which theory suggests that the money supply is the key determinant of economic activity?

Monetarist economics Keynesian economics Austrian economics Classical economics
Q14. Which economic indicator is used to track inflation and deflation in an economy?

GDP CPI GNI PPI
Q15. What is the concept of 'input tax credit' under GST?

Tax paid on inputs can be deducted from final tax liability Tax paid on outputs can be deducted from final tax liability Tax paid on imports can be deducted from final tax liability Tax paid on exports can be deducted from final tax liability
Q16. What is demand-pull inflation?

Inflation caused by a decrease in demand Inflation caused by an increase in demand Inflation caused by a decrease in supply Inflation caused by government policies
Q17. What was the impact of the COVID-19 pandemic on consumer spending habits?

Increased spending on luxury items No change in spending patterns Shift towards essential goods Decreased overall spending
Q18. Which Indian state was the first to implement economic reforms in agriculture?

Maharashtra Punjab Gujarat Andhra Pradesh
Q19. Which Five Year Plan in India focused on the 'Removal of Poverty' as its primary objective?

First Five Year Plan Second Five Year Plan Third Five Year Plan Fourth Five Year Plan
Q20. What is the primary objective of the 'Make in India' initiative launched by the Government of India?

Boost tourism Promote manufacturing Improve healthcare Enhance agriculture

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