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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Q:

An increase of 1% per annum in the rate of growth of the money supply will increase inflation in the long run by _______.

A) Zero percent	B) One percent
C) 0.5 percent	D) More than one percent

Answer & Explanation Answer: B) One percent

Explanation:

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Q:

Which of the following is done at a Stock Exchange ?

A) Commodities are bought and sold at wholesale price	B) Commodities are bought and sold at retail price
C) Securities are bought and sold	D) None of these

Answer & Explanation Answer: C) Securities are bought and sold

Explanation:

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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:

As per RBI In October 2017, Gross Non-Performing Assets (GNPA) ratio for NBFCs increased to what percentage till March 2017?

A) 2	B) 5
C) 10	D) 20

Answer & Explanation Answer: B) 5

Explanation:

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Q:

In the following question, a sentence has been given in Direct/Indirect speech . Out of the four alternatives suggested, select the one which best expresses the same sentence in Indirect/Direct speech.

The guide suggested, "Let's rest here for a while."

A) The guide suggested that we should rest there for a while.	B) The guide suggested that we rest there.
C) The guide suggested we should rest for a while.	D) The guide suggested resting for a while there.

Answer & Explanation Answer: A) The guide suggested that we should rest there for a while.

Explanation:

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Q:

In the following question, a sentence has been given in Direct/Indirect speech . Out of the four alternatives suggested, select the one which best expresses the same sentence in Indirect/Direct speech.

He told me, "Your train will leave if you do not go at once."

A) He told me that his train will leave if he did not go at once.	B) He told me that my train will leave if I do not go at that moment.
C) He told me that his train would leave if he did not go that moment.	D) He told me that my train would leave if I did not go that moment.

Answer & Explanation Answer: D) He told me that my train would leave if I did not go that moment.

Explanation:

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Q:

The question below consists of a set of labelled sentences. These sentences, when properly sequenced form a coherent paragraph. Select the most logical order of sentences from among the options.

P: The main cause of global warming is the human being's careless activities.
Q: There are many causes of the global warming which affects human lives and health in many aspects.
R: Fossil fuels burning for many reasons are highly responsible to increase global warming.
S: Ever increasing human population is demanding more resources to live easy and healthy life such as land to live and for crop cultivation, technological growth for comfort and to deal with increasing temperature of atmosphere, etc.

A) QPSR	B) PQSR
C) RPQS	D) SPQR

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