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JKSSB General Economics Paper

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Question 1 of 66

Which of the following economic resources can not be converted into commodity:

Explanation

Labour cannot be converted into commodity.

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Question ID: 1350

Question 2 of 66

Subsidies are used to encourage................of a commodity:

Explanation

When government subsidies are implemented to the supplier, an industry is able to allow its producers to produce more goods and services. This increases the overall supply of that good or service,

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Question ID: 1349

Question 3 of 66

Taxes are used to discourage............of a commodity:

Explanation

Some taxes are charged to discourage a behavior or purchase of certain goods.

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Question ID: 1348

Question 4 of 66

An Economy is producing efficiently when not individuals economic welfare can be improved unless:

Explanation

An economy is in a Pareto Optimal state when no further changes in the economy can make one person better off without at the same time making another worse off.

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Question ID: 1347

Question 5 of 66

The branch of Economics concerned with the behavior of markets, firms and Households is known as:

Explanation

Microeconomics is the study of individuals, households and firms behavior in decision making and allocation of resources. It generally applies to markets of goods and services and deals with individual and economic issues.

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Question ID: 1346

Question 6 of 66

The branch of economics concerned with the use of statistical methods to obtain empirical result for economic relations is known as:

Explanation

Econometrics is the application of statistical methods to economic data and is described as the branch of economics that aims to give empirical content to economic principles.

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Question ID: 1345

Question 7 of 66

The branch of Economics concerned with overall performance of the economy is known as:

Explanation

Macroeconomics is the branch of economics that deals with the structure, performance, behavior, and decision-making of the whole, or aggregate, economy.

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Question ID: 1344

Question 8 of 66

The Central role of markets is to determine the:

Explanation

The role of the market is defined by two laws: the law of supply and the law of demand. ... The market includes consumers and producers, who together determine the price of a product. Prices affect what is produced, and who can afford what is produced.

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Question ID: 1343

Question 9 of 66

The Value of the goods or service forgone by choosing another Investment is called:

Explanation

Opportunity cost is the value of the best alternative forgone in making any choice.

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Question ID: 1342

Question 10 of 66

Which Economic Term is used to represent Inequality in Income distribution:

Explanation

The Gini index, or Gini coefficient, is a measure of the distribution of income across a population developed by the Italian statistician Corrado Gini in 1912. It is often used as a gauge of economic inequality, measuring income distribution or, less commonly, wealth distribution among a population.

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Question ID: 1341

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