Questions

Read the following passage carefully and choose the most appropriate answer to the question out of the four alternatives.

Most economists in the United States seem captivated by the spell of the free market. Consequently, nothing seems good or normal that does not accord with the requirements of the free market. A price that is determined by the seller or, for that matter (for that matter: so far as that is concerned), established by anyone other than the aggregate of consumers seems pernicious. Accordingly, it requires a major act of will to think of price-fixing (the determination of prices by the seller) as both "normal" and having a valuable economic function. In fact, price-fixing is normal in all industrialized societies because the industrial system itself provides, as an effortless consequence of its own development, the price-fixing that it requires. Modern industrial planning requires and rewards great size. Hence, a comparatively small number of large firms will be competing for the same group of consumers. That each large firm will act with consideration of its own needs and thus avoid selling its products for more than its competitors charge is commonly recognized by advocates of free-market economic theories. But each large firm will also act with full consideration of the needs that it has in common with the other large firms competing for the same customers.

Selling a commodity at a price that is not more than that charged by competitors is -

__________ is defined as the output per unit of variable input

A manufacturer faces a -1.2 price elasticity of demand for its product. It is presently selling 7,500 units/day. If it wants to increase quantity sold by 9%, it must lower its price by

Purchase of fixed assets on credit is originally recorded in

What denotes offering several products for sale as one combined product?

One of the techniques used for desalination of sea water is

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'.

Speech was given (A)/ to man to (B)/ conseal his thoughts. (C)/ No Error (D)

In the following question the 1st and the last part of the sentence/passage are numbered 1 and 6. The rest of the sentence/ passage is split into four parts and named P, Q, R and S. These four parts are not given in their proper order. Read the sentence/passage and find out which of the four combinations is correct.

1. "Mother do you love me?", she asked.
P. She then looked into her mother's tear-filled eyes out of impatience for a reply.
Q. She kept waiting but her mother did not speak.
R. Then, she understood what words the mother's eyes spoke and the reason for her silence.
S. She got no direct reply and grew restless.
6. She climbed slowly on to her mother's lap.