The Odisha Subordinate Staff Selection Commission (OSSSC) conducts various recruitment exams, including those for the positions of Livestock Inspector (LSI), Forester, and Forest Guard (FG). A key aspect of these exams is testing candidates’ knowledge of Culture and economy. To help you prepare effectively, here are the top 30 Multiple Choice Questions (MCQs) along with their answers on Culture & Economy for OSSSC LSI, Forester, and FG exams.
Top 30 MCQs on Culture & Economy for OSSSC LSI, Forester, FG
Preparing for OSSSC LSI, Forester, and FG exams requires a comprehensive understanding of Odisha’s rich culture and economy. These top 30 MCQs and answers aim to enhance your knowledge and help you excel in the upcoming examinations. Good luck!
- When does an autonomous increase in expenditure lead to an increase in a country’s real GNP?
[A] The country’s balance of trade is negative
[B] The country’s economy operates under conditions of less than full employment
[C] It is government expenditure
[D] The multiplier is at least 1.5
Correct Answer: B [The country’s economy is working under conditions of less than full employment] - What is the systematic record of all economic transactions completed between residents of a country and the rest of the world in a year called?
[A] Net Capital Flow
[B] Balance of Payment
[C] Balance of Trade
[D] Absolute Flow
Correct Answer: B [Balance of Payment] - What term describes the state of an economy in which economic activity is slowing down but wages and prices continue to rise?
[A] Inflation
[B] Deflation
[C] Skweflation
[D] Stagflation
Correct Answer: D [Stagflation] - Which body estimates the national income of India?
[A] Office of the Economic Advisor
[B] Ministry of Statistics
[C] Central Statistical Office
[D] Ministry of Finance
Correct Answer: C [Central Statistical Office] - If a commodity has more substitutes, what will happen to the demand for this commodity?
[A] more elastic
[B] less elastic
[C] inelastic
[D] perfectly elastic
Correct Answer: A [more elastic] - What term is used for a situation of “Too much money chasing too few goods”?
[A] Demand Pull Inflation
[B] Cost pull inflation
[C] Stagflation
[D] Hyperinflation
Correct Answer: A [Demand Pull Inflation] - Which among the following does not come under Land Resources:
[A] Fertility of Land
[B] Location of Land
[C] Composition of Land
[D] all of the above are land resources
Correct Answer: D [all of the above are land resources] - What is economic growth normally coupled with?
[A] Inflation
[B] Hyperinflation
[C] Deflation
[D] Stagflation
Correct Answer: A [Inflation] - Among the following items, which one is characterized by the highest income elasticity of demand?
[A] Car
[B] Milk
[C] Paddy
[D] Tobacco
Correct Answer: A [Car] - Which one of the following is NOT a sign of economic development?
[A] Changing structure of GDP in favor of industry
[B] Larger share of GDP coming from the primary sector
[C] Larger capital inflows
[D] Institutional changes in an economy.
Correct Answer: C [Larger capital inflows] - What is used to calculate the Per Capita Income of a country?
[A] Total working population
[B] Total population of the country
[C] Area of the country
[D] Volume of the capital used
Correct Answer: B [ Total population of the country ] - Which ministry is responsible for calculating GDP in India?
[A] Ministry of Finance
[B] Ministry of Commerce and Industry
[C] Ministry of Central Statistical and Program Implementation
[D] Ministry of Consumer Affairs
Correct Answer: C [Ministry of Central Statistical and Program Implementation] - What is a movement along the supply curve called?
[A] Curve Supply
[B] Contraction of supply
[C] Expansion of supply
[D] Expansion and contraction of supply
Correct Answer: D [Expansion and contraction of supply] - How can resources be classified based on distribution?
[A] Potential resources
[B] Ubiquitous resources
[C] Actual resources
[D] Abiotic resources
Correct Answer: B [Ubiquitous resources] - In which market form does a firm not control price?
[A] Monopoly
[B] Mixed Competition
[C] Perfect competition
[D] Oligopoly
Correct Answer: C [Perfect competition] - What does the ‘Lorenz Curve’ represent?
[A] Inflation
[B] Income Distribution
[C] Employment
[D] Deflation
Correct Answer: B [Income Distribution] - What is an alternative representation of the production function?
[A] Average Product
[B] The Long Run
[C] Isoquant
[D] The Short Run
Correct Answer: C [Isoquant] - What is the GDP Deflator?
[A] Ratio of nominal to real GNP
[B] Ratio of nominal to real CPI
[C] Ratio of real to nominal GNP
[D] Ratio of nominal to real GDP
Correct Answer: D [Ratio of nominal to real GDP] - What does the demand curve represent?
[A] Relation between quantity demanded and price of a commodity
[B] Relation between supply and demand of a commodity
[C] Relation between income of customer and demand of commodity
[D] None of the above
Correct Answer: A [Relation between quantity demanded and price of a commodity] - Which of the following is NOT a sign of economic development?
[A] Necessity of good
[B] It is a luxury good
[C] It doesn’t have importance
[D] It is an inferior good
Correct Answer: A [Necessity of good] - What defines the demand of a commodity?
[A] Need of the commodity
[B] Desire for a commodity
[C] Quantity of a commodity demanded at a particular time at a particular price
[D] Amount of commodity demanded
Correct Answer: C [Quantity of a commodity demanded at a particular time at a particular price] - What accurately describes the law of demand?
[A] It is the relationship between Income and the price of a commodity
[B] Assumes the income of customers should not change
[C] Assumes the price of the commodity should not change
[D] It is the relationship between Income and Quantity demanded
Correct Answer: B [Assumes the income of customers should not change] - What characterizes perfectly inelastic demand?
[A] Demand doesn’t change with price
[B] Demand changes with price
[C] Change in demand is equal to price
[D] Demand changes infinitely
Correct Answer: A [Demand doesn’t change with price] - Which statement accurately describes the supply curve?
[A] It is the relation between the price of a good and the quantity produced
[B] It is a negatively sloped curve
[C] It is the relation between price and quantity supplied
[D] None of the above
Correct Answer: C [It is the relation between price and quantity supplied] - What is related to utility?
[A] Satisfaction and wants
[B] Necessity and wants
[C] Usefulness and need
[D] None of the above
Correct Answer: A [Satisfaction and wants] - What does marginal utility signify in economics?
[A] Small utility
[B] Additional utility
[C] Minimum utility
[D] Satisfied utility
Correct Answer: B [Additional utility] - What forms the basis for the law of demand?
[A] Diminishing marginal utility
[B] Demand and supply relation
[C] Total utility of a good
[D] None of the above
Correct Answer: A [Diminishing marginal utility] - Which description best defines scarcity in economics?
[A] Low demand for good
[B] High demand and less supply of good
[C] Low demand as people don’t want to consume it
[D] Goods available are not free
Correct Answer: D [Goods available are not free] - When does monopoly by a business in the market exist?
[A] Many numbers of buyers and sellers are there
[B] Homogeneous products exist in the market
[C] Unique product with only one seller exists in the market
[D] Firms are the price takers
Correct Answer: C [Unique product with only one seller exists in the market] - What is Market equilibrium?
[A] Quantity demanded greater than quantity supplied
[B] Quantity demanded less than quantity supplied
[C] Quantity demanded equal to quantity supplied
[D] Quantity demanded is the same as quantity produced
Correct Answer: C [Quantity demanded equal to quantity supplied]
