Q:

In the following question, some part of the sentence may have errors. Find out which part of the sentence has an error and select the appropriate option. If a sentence is free from error, select 'No error'.
I was shocked to hear (1)/ that her husband (2)/ died of an accident. (3)/ No Error (4)

A) 1	B) 2
C) 3	D) 4

Answer & Explanation Answer: C) 3

Explanation:

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Q:

For each perfectly competitive firm in the long run

A) price = marginal costs = average variable costs	B) price = average profit
C) price = marginal costs = minimum average total costs	D) price = minimum average variable costs

Answer & Explanation Answer: C) price = marginal costs = minimum average total costs

Explanation:

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Q:

The law of demand states that

A) if the price of a good increases, the demand for that good decreases.	B) if the price of a good increases, the the demand for that good increases.
C) if the price of a good increases, the quantity demanded of that good decreases.	D) if the price of a good increases, the quantity demanded of that good increases.

Answer & Explanation Answer: C) if the price of a good increases, the quantity demanded of that good decreases.

Explanation:

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Q:

__________ resources are those resources whose quantity is known.

A) Natural resources	B) Actual resources
C) Potential resources	D) Abiotic resources

Answer & Explanation Answer: B) Actual resources

Explanation:

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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

Explanation:

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Q:

Increase in the demand for a good will cause the equilibrium price of the good to ________ and the equilibrium quantity to _________.

A) increase; increase	B) decrease; decrease
C) increase; decrease	D) decrease; increase

Answer & Explanation Answer: A) increase; increase

Explanation:

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Q:

The demand curve facing a perfectly competitive firm is

A) downward sloping	B) perfectly inelastic
C) a concave curve	D) perfectly elastic

Answer & Explanation Answer: D) perfectly elastic

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Q:

Involuntary muscles are controlled by the

A) Central nervous system	B) Autonomic nervous system
C) Peripheral nervous system	D) All the above

Answer & Explanation Answer: B) Autonomic nervous system

Explanation:

Involuntary muscles are the muscles which contract without conscious control whereas Voluntary muscles are the muscles that help you walk, talk, pick up things, jump and do all the basic or complex movements you do everyday with your consciousness.

* The contraction in the involuntary muscles is controlled by the autonomic nervous system. These are present in the walls of the digestive system, blood vessels, bronchi, uterus and bladder.

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