Questions

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: Then the liberalisation process became inevitable.
Q: It encourages initiative, entrepreneurship and competition which is very vital for growth of the economy.
R: In due course of time our institutions became stagnant, corrupt and inefficient due to permit raj and centralized control.
S: Liberalisation enhances economic activities.

 

A) PQSR B) RPSQ
C) QPRS D) RSQP
 
Answer & Explanation Answer: B) RPSQ

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Q:

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

 

You need to offer them a better deal.

 

A) They are in need of being offered a better deal by yourself. B) They need to be offered a better deal by you.
C) A better deal is needed by them and you have to offer it. D) The offering of a better deal has to be done by you for their need.
 
Answer & Explanation Answer: B) They need to be offered a better deal by you.

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Q:

In the following question, the sentence given with blank to be filled in with an appropriate word. Select the correct alternative out of the four and indicate it by selecting the appropriate option.

 

The child looked up at her teacher, obviously afraid that she would further __________ her.

 

A) revere B) extol
C) laud D) chastise
 
Answer & Explanation Answer: D) chastise

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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.

 

The way criminal justice is designed and administered today _______________ serves any of the purposes for which it is set up: towards securing life and property. It does not ________________ criminals because of the delay and uncertainties involved in its processes and ridiculously ineffective punishments it imposes ____________________ those few who get convicted. It provides wide discretion to the police and the prosecution, __________________ the system vulnerable to corruption and manipulation and endangering basic ____________________ of innocent citizens.


It does not ________________ criminals because of the delay and uncertainties involved in its processes

 

A) deter B) divert
C) ban D) prohibit
 
Answer & Explanation Answer: A) deter

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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

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Q:

The demand for a normal good decreases with ________ in the consumer's income.

A) increase B) decrease
C) constant D) double
 
Answer & Explanation Answer: B) decrease

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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

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Q:

The study of individual markets of demand and supply in which the 'players', or the decision makers, were also individuals (buyers or sellers, even companies) who were seen as trying to maximize their profits (as producers or sellers) and their personal satisfaction or welfare levels (as consumers) is called?

A) Macroeconomics B) Econometrics
C) Microeconomics D) Heterodox Economics
 
Answer & Explanation Answer: C) Microeconomics

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