Basic Economic Concepts

JKSSB Finance Accounts Assistant · General Economics · 15 practice questions with answers and explanations: 4 Easy, 6 Medium, 5 Hard.

Sample questions

Sample Easy question 1

What does 'scarcity' refer to in economics?

  1. The limited availability of resources relative to unlimited wants
  2. Unlimited resources
  3. A surplus of goods
  4. A type of tax
Show answer

Answer: A. Scarcity is the fundamental economic problem of limited resources versus unlimited human wants.

Sample Medium question 2

Which of the following is a stock variable rather than a flow variable?

  1. National income
  2. Wealth
  3. Consumption expenditure
  4. Exports
Show answer

Answer: B. A stock is measured at a point in time (wealth, capital). Income, consumption and exports are flows measured over a period.

Sample Hard question 3

What does 'GDP' stand for?

  1. Gross Domestic Product
  2. General Domestic Policy
  3. Gross Development Plan
  4. Government Debt Percentage
Show answer

Answer: A. GDP stands for Gross Domestic Product, the total value of goods and services produced within a country.

More General Economics topics for JKSSB Finance Accounts Assistant

Related articles