Please wait...

SSC - CGL & CHSL Tier I Test 482
Result
SSC - CGL & CHSL Tier I Test 482

  • /

    Score

  • -

    Rank
Time Taken: -
  • Question 1/10
    1 / -0.25

    Directions For Questions

    Read the passages carefully and select the best answer to each question out of the given four alternatives.

    In macroeconomics, chartalism is a theory of money which argues that money originated with states' attempts to direct economic activity rather than as a spontaneous solution to the problems with barter or as a means with which to tokenize debt, and that fiat currency has value in exchange because of sovereign power to levy taxes on economic activity payable in the currency they issue. Barter system had inherent weaknesses, wherein people exchanged goods against goods.
    Georg Friedrich Knapp, a German economist, coined the term "chartalism" in his State Theory of Money, which was published in German in 1905 and translated into English in 1924. The name derives from the Latin charta, in the sense of a token or ticket. Knapp argued that "money is a creature of law" rather than a commodity. Knapp contrasted his state theory of money with "metallism", as embodied at the time in the Gold Standard, where the value of a unit of currency depended on the quantity of precious metal it contained or could be exchanged for. He argued the state could create pure paper money and make it exchangeable by recognising it as legal tender, with the criterion for the money of a state being "that which is accepted at the public pay offices".
    Constantina Katsari has argued that principles from both metallism and chartalism were reflected in the monetary system introduced by Augustus, which was used in the eastern provinces of the Roman Empire, from the early 1st century to the late 3rd century AD. When Knapp was writing, the prevailing view of money was that it had evolved from systems of barter to become a medium of exchange because it represented a durable commodity which had some use value. However, as modern chartalist economists such as Randall Wray and Mathew Forstater have pointed out, chartalist insights into tax-driven paper money can be found in the earlier writings of many classical economists.

    ...view full instructions

    How is chartalism different from metallism ?
    Solutions
    In metallism theory, it is believed that the society have settled on precious metal as currency so that money would have intrinsic value, whereas in chartalism theory money is considered a medium of exchange. The value of thing itself has no value like paper money. Paper itself is cheap. Therefore, the correct answer is A
  • Question 2/10
    1 / -0.25

    Directions For Questions

    Read the passages carefully and select the best answer to each question out of the given four alternatives.

    In macroeconomics, chartalism is a theory of money which argues that money originated with states' attempts to direct economic activity rather than as a spontaneous solution to the problems with barter or as a means with which to tokenize debt, and that fiat currency has value in exchange because of sovereign power to levy taxes on economic activity payable in the currency they issue. Barter system had inherent weaknesses, wherein people exchanged goods against goods.
    Georg Friedrich Knapp, a German economist, coined the term "chartalism" in his State Theory of Money, which was published in German in 1905 and translated into English in 1924. The name derives from the Latin charta, in the sense of a token or ticket. Knapp argued that "money is a creature of law" rather than a commodity. Knapp contrasted his state theory of money with "metallism", as embodied at the time in the Gold Standard, where the value of a unit of currency depended on the quantity of precious metal it contained or could be exchanged for. He argued the state could create pure paper money and make it exchangeable by recognising it as legal tender, with the criterion for the money of a state being "that which is accepted at the public pay offices".
    Constantina Katsari has argued that principles from both metallism and chartalism were reflected in the monetary system introduced by Augustus, which was used in the eastern provinces of the Roman Empire, from the early 1st century to the late 3rd century AD. When Knapp was writing, the prevailing view of money was that it had evolved from systems of barter to become a medium of exchange because it represented a durable commodity which had some use value. However, as modern chartalist economists such as Randall Wray and Mathew Forstater have pointed out, chartalist insights into tax-driven paper money can be found in the earlier writings of many classical economists.

    ...view full instructions

    As per the passage, what inference can be drawn as to how the barter system was inefficient?
    Solutions
    The price of an item is dependent on the cost of its production, demand and its supply. Hoarding increases the demand to increase the price, but it is a phenomenon independent of the manner in which transactions are carried out in a country, therefore, option B can be eliminated. Similarly, option C is a blanket statement, which accuses barter system of corruption. Due to absence of standardised prices, corruption does creep in, but it too is not caused solely by barter system. Trading was difficult in barter system, due to “double coincidence of wants”, but even today when an economy faces economic crises, people fall back to the barter system to survive, therefore option D is wrong too. The passage specifies that in the barter system, “people exchanged goods against goods”, which does imply that there were no standard prices of goods, which cause the problem mentioned in option A
  • Question 3/10
    1 / -0.25

    Directions For Questions

    Read the passages carefully and select the best answer to each question out of the given four alternatives.
    In macroeconomics, chartalism is a theory of money which argues that money originated with states' attempts to direct economic activity rather than as a spontaneous solution to the problems with barter or as a means with which to tokenize debt, and that fiat currency has value in exchange because of sovereign power to levy taxes on economic activity payable in the currency they issue. Barter system had inherent weaknesses, wherein people exchanged goods against goods.
    Georg Friedrich Knapp, a German economist, coined the term "chartalism" in his State Theory of Money, which was published in German in 1905 and translated into English in 1924. The name derives from the Latin charta, in the sense of a token or ticket. Knapp argued that "money is a creature of law" rather than a commodity. Knapp contrasted his state theory of money with "metallism", as embodied at the time in the Gold Standard, where the value of a unit of currency depended on the quantity of precious metal it contained or could be exchanged for. He argued the state could create pure paper money and make it exchangeable by recognising it as legal tender, with the criterion for the money of a state being "that which is accepted at the public pay offices".
    Constantina Katsari has argued that principles from both metallism and chartalism were reflected in the monetary system introduced by Augustus, which was used in the eastern provinces of the Roman Empire, from the early 1st century to the late 3rd century AD. When Knapp was writing, the prevailing view of money was that it had evolved from systems of barter to become a medium of exchange because it represented a durable commodity which had some use value. However, as modern chartalist economists such as Randall Wray and Mathew Forstater have pointed out, chartalist insights into tax-driven paper money can be found in the earlier writings of many classical economists.

    ...view full instructions

    In absence of “legal tender”, which of these can be used to buy goods?
    Solutions
    ‘Subpoena’ is a writ ordering a person to attend a court, hence it can't replace legal tender. An 'ITR file’ is filling of income tax return and can't be used against legal tender either. 'Cryptocurrency’ is an option, but is yet to be accepted by many countries to be used against legal tender. 'IOU’, or an “I owe you” slip is signed document acknowledging debt and promising to pay back soon. Incase of absence of cash, an IOU slip is mostly used. Therefore, option B is the correct answer.
  • Question 4/10
    1 / -0.25

    Directions For Questions

    Read the passages carefully and select the best answer to each question out of the given four alternatives.
    In macroeconomics, chartalism is a theory of money which argues that money originated with states' attempts to direct economic activity rather than as a spontaneous solution to the problems with barter or as a means with which to tokenize debt, and that fiat currency has value in exchange because of sovereign power to levy taxes on economic activity payable in the currency they issue. Barter system had inherent weaknesses, wherein people exchanged goods against goods.
    Georg Friedrich Knapp, a German economist, coined the term "chartalism" in his State Theory of Money, which was published in German in 1905 and translated into English in 1924. The name derives from the Latin charta, in the sense of a token or ticket. Knapp argued that "money is a creature of law" rather than a commodity. Knapp contrasted his state theory of money with "metallism", as embodied at the time in the Gold Standard, where the value of a unit of currency depended on the quantity of precious metal it contained or could be exchanged for. He argued the state could create pure paper money and make it exchangeable by recognising it as legal tender, with the criterion for the money of a state being "that which is accepted at the public pay offices".
    Constantina Katsari has argued that principles from both metallism and chartalism were reflected in the monetary system introduced by Augustus, which was used in the eastern provinces of the Roman Empire, from the early 1st century to the late 3rd century AD. When Knapp was writing, the prevailing view of money was that it had evolved from systems of barter to become a medium of exchange because it represented a durable commodity which had some use value. However, as modern chartalist economists such as Randall Wray and Mathew Forstater have pointed out, chartalist insights into tax-driven paper money can be found in the earlier writings of many classical economists.

    ...view full instructions

    Who is credited for introducing economic methods used in Eastern Roman Empire?
    Solutions
    Georg Friedrich Knapp was a German economist of the 20th century whereas Randall Wray is a modern chartalist economist. As Constantina Katsari argued the eastern Roman Empire’s economic policies were introduced by Augustus. And the empire existed in 3rd century AD. Therefore, the correct answer is D.
  • Question 5/10
    1 / -0.25

    Directions For Questions

    Read the passages carefully and select the best answer to each question out of the given four alternatives.
    In macroeconomics, chartalism is a theory of money which argues that money originated with states' attempts to direct economic activity rather than as a spontaneous solution to the problems with barter or as a means with which to tokenize debt, and that fiat currency has value in exchange because of sovereign power to levy taxes on economic activity payable in the currency they issue. Barter system had inherent weaknesses, wherein people exchanged goods against goods.
    Georg Friedrich Knapp, a German economist, coined the term "chartalism" in his State Theory of Money, which was published in German in 1905 and translated into English in 1924. The name derives from the Latin charta, in the sense of a token or ticket. Knapp argued that "money is a creature of law" rather than a commodity. Knapp contrasted his state theory of money with "metallism", as embodied at the time in the Gold Standard, where the value of a unit of currency depended on the quantity of precious metal it contained or could be exchanged for. He argued the state could create pure paper money and make it exchangeable by recognising it as legal tender, with the criterion for the money of a state being "that which is accepted at the public pay offices".
    Constantina Katsari has argued that principles from both metallism and chartalism were reflected in the monetary system introduced by Augustus, which was used in the eastern provinces of the Roman Empire, from the early 1st century to the late 3rd century AD. When Knapp was writing, the prevailing view of money was that it had evolved from systems of barter to become a medium of exchange because it represented a durable commodity which had some use value. However, as modern chartalist economists such as Randall Wray and Mathew Forstater have pointed out, chartalist insights into tax-driven paper money can be found in the earlier writings of many classical economists.

    ...view full instructions

    What is the meaning of the phrase “ sovereign power to levy taxes” ?
    Solutions
    The word sovereign means ultimate, therefore Option B can be eliminated. Levy means to impose a tax or fine, or to collect or raise taxes. It is barely related to removing taxes or paying taxes as those who are in power don't pay taxes.Therefore, Option A and D are eliminated.Hence, the correct answer is Option C
  • Question 6/10
    1 / -0.25
    Suman and Kiran started a partnership business by investing Rs. 4000 and Rs. 6000 initially. After 5 months of business started, Suman withdrew half of the investment and after 8 months of business started, Kiran took back equal amount as Suman. At the end of the 2 years, the total profit was Rs. 62900. What is the share of Suman?
    Solutions
    Suman and Kiran started a partnership business by investing Rs. 4000 and Rs. 6000 initially.
    After 5 months of business started, Suman withdrew half of the investment and after 8 months of business started, Kiran took back equal amount as Suman.
    So, Suman withdrew = Rs. 4000/2 = Rs. 2000 = Kiran withdrew
    Then, equivalent capital of Suman
    = Rs. (4000 × 5) + (2000 × 19)
    = Rs. 20000 + 38000
    = Rs. 58000
    Equivalent capital of Kiran
    = Rs. (6000 × 8) + (4000 × 16)
    = Rs. 48000 + 64000
    = Rs. 112000
    So, the ratio of their shares;
    Suman: Kiran = 58000: 112000 = 29 : 56
    The total profit was Rs. 62900.
    ∴ The share of Suman = Rs. 62900 × (29/85) = Rs. 21460.
  • Question 7/10
    1 / -0.25
    In a business, Sandip invested (1/4) of the total capital for (1/3) of the time, Debjit invested (1/3) of the total capital for (1/7) of the time. And Ayan invested rest of the capital for (1/2) of the time. After one year, the profit was Rs. 24624. Find the share of Debjit.
    Solutions
    In a business, Sandip invested (1/4) of the total capital for (1/3) of the time, Debjit invested (1/3) of the total capital for (1/7) of the time.
    Let the total capital be Rs. x.
    So, the investment of Sandip = Rs. (x/4) for (1/3) of the time
    The investment of Debjit = Rs. (x/3) for (1/7) of the time
    Then, the investment of Ayan = Rs. x – [(x/4) + (x/3)]
    = Rs. (5x/12) for (1/2) of the time
    The ratio of their shares in the profit;
    Sandip : Debjit : Ayan = [(x/4) × (1/3)] : [(x/3) × (1/7)] : [(5x/12) × (1/2)]
    = (x/12) : (x/21) : (5x/24)
    = 14 : 8 : 35
    After one year, the profit was Rs. 24624.
    ∴ The share of Debjit = Rs. 24624 × (8/57) = Rs. 3456.
  • Question 8/10
    1 / -0.25
    Which of the following cubes can be created by folding the given figure?
    Solutions

    In this question, we show that –

    In this type of question, every alternate value is opposite to each other.

    Like  is opposite to,  is opposite to  and  is opposite to .

    We know that every opposite value never is neighbours to each other. Like  never be a neighbour to,  never is a neighbour to  and  never be a neighbour to .

    So from option A, B and D Show that  and  are opposite to each other but in option A they are the neighbour,  and  are opposite to each other but in option B they are neighbour and  and  are opposite to each other but in option D they are the neighbour.

    In option C we see that ,  and  are neighbours to each other and they are not opposite to each other.

    Hence, the correct answer is option C.

  • Question 9/10
    1 / -0.25
    Which compound is a saturated acyclic hydrocarbon?
    Solutions

    Saturated hydrocarbons are the simplest of the hydrocarbon composed entirely of single bonds and are saturated with hydrogen. They are acyclic because they do not form cyclic structure. The first four saturated acyclic hydrocarbons are methane, ethane, propane and butane.


  • Question 10/10
    1 / -0.25
    Which of the following is simplest hydrocarbon?
    Solutions
    Methane is the simplest hydrocarbon, and it has one carbon atom and 4 hydrogen atom having a single bond.
User Profile
-

Correct (-)

Wrong (-)

Skipped (-)

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
Get latest Exam Updates
& Study Material Alerts!
No, Thanks
Click on Allow to receive notifications
×
Open Now