Questions

Q:

A manufacturer faces price elasticity of demand of a -2 for its product. If it lowers its price by 5%, the increase in quantity sold will be

A) 3% B) 10%
C) 2.50% D) 7%
 
Answer & Explanation Answer: B) 10%

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Q:

Calculate the economic profit for a firm if it's total revenues are Rs. 35 crores, explicit costs are Rs. 7 crores, and implicit costs are Rs. 10 crores.

A) Rs. 32 crores B) Rs. 52 crores
C) Rs. 18 crores D) Rs. 38 crores
 
Answer & Explanation Answer: C) Rs. 18 crores

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Q:

Which is the form of market where there is lack of competition?

A) Monopoly B) Oligopoly
C) Perfect competition D) Marketisation
 
Answer & Explanation Answer: A) Monopoly

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Q:

Strait of Gibraltar connects which of the following?

A) Red Sea ­ Mediterranean Sea B) Red Sea ­ Arabian Sea
C) Atlantic Ocean ­ Mediterranean Sea D) Mediterranean Sea ­ Black Sea
 
Answer & Explanation Answer: C) Atlantic Ocean ­ Mediterranean Sea

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Q:

Consider a hypothetical planet with a mass equal to half that of Earth and radius is one-third that of Earth. If g is the acceleration due to gravity on Earth, the acceleration due to gravity on the planet will be

A) (1/2)g B) (9/2)g
C) (5/2)g D) (3/2)g
 
Answer & Explanation Answer: B) (9/2)g

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Q:

Astronauts inside spaceship feel ___ weight.

A) More B) Less
C) Zero D) Depends on G force
 
Answer & Explanation Answer: C) Zero

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Q:

The    Indian    Navy    in    October    2016 commissioned   the   highly   maneuverable fast  attack  craft  INS  Tihayu.  INS  Tihayu would be based in

A) Kochi B) Panaji
C) Visakhapatnam D) Mumbai
 
Answer & Explanation Answer: C) Visakhapatnam

Explanation:

The Indian Navy commissioned the highly   manoeuvrable   fast   attack craft  INS  Tihayu  at  the  Eastern Naval   Command   on   19   October 2016.  The  ship  was  commissioned at  Visakhapatnam  under  the  Naval Officer-in-Charge (Andhra Pradesh) and  would  be  deployed  for  coastal patrol  and  surveillance  operations along the Eastern Coast.

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Q:

Which   one   of   the   following   statements about the justice Party is not correct?

A) It  clamoured  for  the  same  kind  of separate  communal  representation  for the Non-Brahmins as had been granted to  the  Muslims  by  the  Morley-Minto Reforms. B) It   was   patronized   mainly   by   richer landowning   and   urban   middle   class Non-Brahmins.
C) It  succeeded  in  getting  the  provision for  28  reserved  seats  for  the  Non-Brahmins  in  the  Montagu-Chelmsford Reforms. D) It   supported  the   call   given   by   the Congress toboycott elections in 1920.
 
Answer & Explanation Answer: D) It   supported  the   call   given   by   the Congress toboycott elections in 1920.

Explanation:

The Justice  Party  was  a  political party in the Madras Presidency of British  India.  It  was founded    byT.    M.    Nairand P. Theagaraya     Chetty     in     1916. Communal division between Brahminsand non-Brahmins  began  in  the  presidency during   the   late-19th   and   early-20th century, mainly due to caste prejudices and disproportionate Brahminical representation in government jobs. The    Justice    Party's    foundation marked  the  culmination  of  several efforts to establish  an organisation to  represent  the  non-Brahmins  in Madras.  Founders  of  Justice  Party though  that  Congress  was  mainly Brahmin    party,    so    it    started opposing Congress

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