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Q:

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

 

to have a strong emotional effect on.

A) to smother B) to yield
C) to overwhelm D) to forfeit
 
Answer & Explanation Answer: C) to overwhelm

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Q:

In the following question, out of the given four alternatives, select the alternative which best expresses the meaning of the Idiom/Phrase.

 

Spin your wheels

 

A) Set an activity in motion B) Waste your time or efforts
C) A firmly held belief D) With great affection or enthusiasm
 
Answer & Explanation Answer: B) Waste your time or efforts

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Q:

In the following question, out of the given four alternatives, select the alternative which best expresses the meaning of the Idiom/Phrase.

Draconian law

A) Written law B) Extremely severe law
C) Oral law D) Lenient law
 
Answer & Explanation Answer: B) Extremely severe law

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Q:

____ is the most electropositive and ___ is the most electronegative element of the third period of modern periodic table.

 

A) Sodium, Potassium B) Magnesium, Aluminium
C) Sodium, Chlorine D) Aluminium, Chlorine
 
Answer & Explanation Answer: C) Sodium, Chlorine

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Q:

What is dry ice?

A) Solid Carbon dioxide B) Solid Nitrogen dioxide
C) Solid Sulphur dioxide D) Solid Water
 
Answer & Explanation Answer: A) Solid Carbon dioxide

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Q:

Atomic number of which of the following elements is greater than that of Aluminium?

A) Phosphorus B) Neon
C) Magnesium D) Sodium
 
Answer & Explanation Answer: A) Phosphorus

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Q:

Which one of the following hypotheses postulates that individual's consumption in any time period depends upon resources available to the individual, rate of return on his capital and age of the individual?

A) Absolute Income Hypothesis B) Relative Income Hypothesis
C) Life Cycle Hypothesis D) Permanent Income Hypothesis
 
Answer & Explanation Answer: C) Life Cycle Hypothesis

Explanation:

The life-cycle theory of consumption, popularly known as life-cycle hypothesis,' was developed by Ando and Modigliani" in the early 1960s.

The life-cycle hypothesis postulates that individual consumption in any time period depends on

(i) resources available to the individual,

(ii) the rate of return on his capital, and

(iii) the age of the individual.

The resources available to an individual consist of his existing net wealth and the present value of all his current and future labour incomes. According to the life-cycle hypothesis, a rational consumer plans consumption on the basis of all his resources and allocates his income to consumption over time so that he maximizes his total utility over his life time.

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Q:

Match the characteristics with their market structure:
(a) Price > MC in both short and long run
(b) Faces highly elastic demand

A) (a) Monopolistic competition, (b) Pure competition B) (a) Pure Monopoly, (b) Monopolistic competition
C) (a) Pure competition, (b) Monopolistic competition D) (a) Oligopoly, (b) Pure competition
 
Answer & Explanation Answer: B) (a) Pure Monopoly, (b) Monopolistic competition

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