Questions

Q:

Which one of the following is not an assumption in the law of demand?

A) There are no changes in the taste and preferences of consumers B) Income of consumers remains constant
C) Consumers are affected by demonstration effect D) There are no changes in the price of substitute goods.
 
Answer & Explanation Answer: C) Consumers are affected by demonstration effect

Explanation:

There are certain assumptions underlying the law of demand, which are as follows:

i. Assumes that the consumer’s income remains same

ii. Assumes that the preferences of consumer remain same.

iii. Considers that the fashion does not show any changes, because if fashion changes, then people would not purchase the products that are out of fashion.

iv. Assumes that there would be no change in the age structure, size, and sex ratio of population. This is because if population size increases, then the number of buyers increases, which, in turn, affect the demand for a product directly.

v. Restricts the innovation and new varieties of products in the market, which can affect the demand for the existing product.

vi. Restricts changes in the distribution of income.

vii. Avoids any type of change fiscal policies of the government of a nation, which reduces the effect of taxation on the demand of product.

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Filed Under: Indian Economy
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Q:

The relation between the consumer’s optimal choice of the quantity of a good and its price is very important and this relation is called the ________ function.

A) Price B) Substitution
C) Supply D) Demand
 
Answer & Explanation Answer: D) Demand

Explanation:
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Q:

Rate of the growth of an economy is measured in terms of

A) National income B) Monthly family income
C) Number of people who have been lifted above the poverty line D) Industrial Development
 
Answer & Explanation Answer: A) National income

Explanation:
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Q:

A rectangle with one side 4 cm is inscribed in a circle of radius 2.5 cm. The area of the rectangle in sq.cm is:

A) 8 B) 16
C) 12 D) 6
 
Answer & Explanation Answer: C) 12

Explanation:
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Q:

What is the effective discount (in %) on two successive discounts of 20% and 10%?

A) 30 B) 32
C) 35 D) 28
 
Answer & Explanation Answer: D) 28

Explanation:
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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.

 

It is obviously wrong as the cost of school uniform, books and stationery, and transport, ________ all are under the monopoly of the school, are not included. ______________ private schools want additional money for special occasions like festivals, picnics, ______________ and projects. And they often recommend tuition for the children. None of this ______________ in this cost calculation. However, the family __________ this burden and these items add significantly to the revenue of private schools.

 

books and stationery, and transport, ________ all are under the monopoly of the school, are not included.

 

A) that B) those
C) which D) when
 
Answer & Explanation Answer: C) which

Explanation:
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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.

 

Many persons of good education unconsciously circumscribe themselves ___________ a small vocabulary. They have a knowledge of hundreds of desirable wordswhich they do not put _________ practical use in their speech or writing. Many, too, are conscious __________ a poverty of language, which engenders in them a senseof timidity and self-___________. The method used for building a large vocabulary has __________ been confined to the study of single words.

 

do not put _________ practical use in their

 

A) inside B) inner
C) onto D) into
 
Answer & Explanation Answer: D) into

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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".

 

People (have got so addict) to their virtual life that they forget there is more to life than just sitting in front of a plastic box.

 

A) have got so addicting B) has got so addicted
C) have got so addicted D) no improvement
 
Answer & Explanation Answer: C) have got so addicted

Explanation:
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Filed Under: English
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