Q:

Which one of the following statements is not correct?

A) When total utility is maximum, marginal utility is zero	B) When total utility is decreasing, marginal utility is negative
C) When total utility is increasing, marginal utility is positive	D) When total utility is maximum,marginal and average utility are equal to each other.

Answer & Explanation Answer: D) When total utility is maximum,marginal and average utility are equal to each other.

Explanation:

Total utility -It is total psychological satisfaction which a consumer derives from the consumption of a commodity is known as total utility

Marginal utility -It is anaddition made in total utility by consuming and additional unit of a commodity is known as marginal utility.

•When marginal utility is positive,total utility increases

•When marginal utility is zero,total utility is at maximum

•When marginal utility is negative,total utility decreases

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Q:

The goods which people consume more, when their price rises are called _______.

A) Essential goods	B) Capital goods
C) Veblen goods	D) Giffen goods

Answer & Explanation Answer: D) Giffen goods

Explanation:

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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’.

When the business is ran smoothly (1)/ directors are more than happy to pick an experienced insider, (2)/ who will continue along the present path. (3)/ No error (4)

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

Answer & Explanation Answer: A) 1

Explanation:

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Q:

IMF has predicted that the global economy would grow at _______ % in 2017.

A) 5.5	B) 4.5
C) 3.5	D) 2.5

Answer & Explanation Answer: C) 3.5

Explanation:

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Q:

Lorenz curve shows

A) Inflation	B) Unemployment
C) Income distribution	D) Poverty

Answer & Explanation Answer: C) Income distribution

Explanation:

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Q:

The market for sugar is in equilibrium. If the supply of sugar increases, the equilibrium price of sugar will ________ and the equilibrium quantity will _________.

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

Answer & Explanation Answer: D) decrease; increase

Explanation:

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Q:

Who was the Governor-General of India duringthe‘Sepoy Mutiny’?

A) Lord Dalhousie	B) Lord Harding
C) Lord Canning	D) Lord Lytton

Answer & Explanation Answer: C) Lord Canning

Explanation:

Lord Canning (1856-1862) was the Governor-General during the mutiny of 1857 (India’s first war of independence). After war he was made first Viceroy of India.

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Q:

In April 2017, Chief Minister Amarinder Singh banned inclusion of names of Ministers and MLA's on Plaques and Foundation Stones in which state?

A) Maharashtra	B) Punjab
C) Himachal Pradesh	D) Uttar Pradesh

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