Questions

Q:

_________ says that the marginal product of a factor input initially rises with its employment level. But after reaching a certain level of employment, it starts falling.

A) Law of diminishing marginal product B) Law of variable proportions
C) The Short Run D) The Long Run
 
Answer & Explanation Answer: B) Law of variable proportions

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Q:

The ________ curve represents the demand of all consumers in the market taken together at different levels of the price of the good.

A) monotonic B) indifferent
C) market demand D) diminishing
 
Answer & Explanation Answer: C) market demand

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Q:

A manufacturer faces price elasticity of demand of a ­1.25 for its product. If it lowers its price by 6.4%, the increase in quantity sold will be _____.

A) 5.15 percent B) 7.65 percent
C) 8 percent D) 5.12 percent
 
Answer & Explanation Answer: C) 8 percent

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Q:

In the following question, out of the four alternatives, select the alternative which will improve the bracketed part of the sentence. In case no improvement is needed, select "no improvement".
She (starts walks) without responding.

A) start walking B) started walking
C) starting walking D) no improvement
 
Answer & Explanation Answer: B) started walking

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Q:

In the following passage, some of the words have been left out. Read the passage carefully and select the correct answer for the given blank out of the four alternatives.


_____________ who argue in this way support their case by pointing to the lack of a general consensus of opinion which obtains in many parts of the field which the philosopher regards as his own; and also by ____________ out that, even within this field, there is a growing tendency ___________ the part of certain sciences to separate themselves from philosophy and _____________ independent. Thus the psychologist and the logician are sometimes very anxious to have it understood that they belong among the scientists and ___________ among the philosophers.


from philosophy and _____________ independent.

A) become B) became
C) becoming D) becomes
 
Answer & Explanation Answer: A) become

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Q:

In the following passage some of the words have been left out. Read the passage carefully and select the correct answer for the given blank out of the four alternatives.


Targeting inflation comes from a belief that policy should be _________ and transparent, so that the private sector can factor this ___________ their decision-making. The question that this ________ is: are there more "complicated" policies which _________ better? I just note that one such policy is called "nominal income targeting". _____________ it is more complicated and the private sector is deemed to be intellectually challenged.

policy should be _________ and transparent,

A) elaborate B) detailed
C) easy D) simple
 
Answer & Explanation Answer: D) simple

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Q:

In the following passage some of the words have been left out. Read the passage carefully and select the correct answer for the given blank out of the four alternatives.


In Greek mythology, it is said that Lycurgus, the ruler of Sparta, ___________ a promise from his ____________, assuring him of the immutability of his laws till he returned from an _______________ journey. To make his laws immutable, Lycurgus _____________. Seven justices of the Indian Supreme Court on a historic day in 1973 christened themselves as modern­day Lycurguses, seeking to create, in India's constitutional context, an island of immutability, ___________ titled the "basic structure".

it is said that Lycurgus, the ruler of Sparta, ___________

A) elicited B) derived
C) evinced D) attested
 
Answer & Explanation Answer: A) elicited

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Q:

In the following passage some of the words have been left out. Read the passage carefully and select the correct answer for the given blank out of the four alternatives.


In Greek mythology, it is said that Lycurgus, the ruler of Sparta, ___________ a promise from his ____________, assuring him of the immutability of his laws till he returned from an _______________ journey. To make his laws immutable, Lycurgus _____________. Seven justices of the Indian Supreme Court on a historic day in 1973 christened themselves as modern­day Lycurguses, seeking to create, in India's constitutional context, an island of immutability, ___________ titled the "basic structure".

he returned from an _______________ journey.

A) impending B) brewing
C) approaching D) looming
 
Answer & Explanation Answer: A) impending

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