Questions

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 new claim that ______________ out of misplaced confidence that all that is in education can be ______________ is that the ‘per unit cost of outcome’ is lower in private schools. Meaning that even _________ the learning outcomes of private schools are not better _____________ the public schools, the cost _______________ running private schools is much lower.

Meaning that even _________ the learning outcomes of private schools

In the following question, out of the four alternatives, select the alternative which is the best substitute of the words/sentence.

Lacking foresight or intellectual insight

In the following question, out of the given four alternatives, select the one which is opposite in meaning of the given word.

Secede

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

For a price taking firm, average revenue is ______ market price.

If tea companies start using mechanised tea leave pickers

If price of an article decreases from Rs 800 to Rs 700, quantity demanded increases from Q1 units to 70 units. If point elasticity of demand is -1.333 find Q1?