Questions

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:

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:

The ________ curve represents the demand of all consumers in the market taken together at different levels of the price of the good.

A) monotonic B) indifferent
C) market demand D) diminishing
 
Answer & Explanation Answer: C) market demand

Explanation:
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Q:

Full employment is the level at which there is _____.

A) no frictional unemployment B) no cyclical unemployment
C) no structural unemployment D) no unemployment
 
Answer & Explanation Answer: B) no cyclical unemployment

Explanation:
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Q:

Read the passage carefully and choose the best answer to each question out of the four alternatives and click the button corresponding to it.

The first working steam­ powered vehicle was designed and most likely built by Ferdinand Verbies, a Flemish member of a Jesuit mission in China around 1672. It was a 65 cm long scale­ model toy for the Chinese Emperor, that was unable to carry a driver or a passenger. It is not known if Verbiest's model was ever built. Nicolas- Joseph Cugnot is widely credited with building the first full­ scale, self ­propelled mechanical vehicle or automobile in about 1769; he also created a steam­ powered tricycle. He constructed two steam tractors for the French Army, one of which is preserved in the French National Conservatory of Arts and Crafts. His inventions were however handicapped by problems of water supply and maintaining steam pressure. In 1801, Richard Trevithick built and demonstrated his Puffing Devil road locomotive, believed by many to be the first demonstration of a steam ­powered road vehicle. It was unable to maintain sufficient steam pressure for long periods. Sentiment against steam ­powered road vehicles led to the Locomotive Acts of 1865. In 1807 Nicephore Niepce and his brother Claude probably created the world's first internal combustion engine which they called Pyreolophore.

The Pyreolophore was ?

A) A self­propelled mechanical vehicle B) A steam-­powered tricycle
C) A steam tractor D) The name of the world's first internal combustion engine
 
Answer & Explanation Answer: D) The name of the world's first internal combustion engine

Explanation:
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Q:

In the following question, out of the four alternatives, select the alternative which will improve the bracketed part of the sentence. In case no improvement is needed, select "no improvement".

She glanced back to make sure she (wasn't to be) observed.

A) wasn't be B) weren't being
C) wasn't being D) no improvement
 
Answer & Explanation Answer: C) wasn't being

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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.


Technical skill ____________ to the ability and knowledge to use the pedagogy, tools and techniques involved in the teaching and research of a specific subject. Ability in programming or software designing and operating a computer is, ___________ instance, a technical skill. There are two things a teacher should understand __________ transformational technical skills. In the first place, he must know __________ skill and what level of skill should be applied on a particular student. He should be ____________ enough with their potential to ask discerning questions. Secondly, a teacher must understand the role of each event organised and the transformational skill applied, and the inter-relationships between the events and skills.

 

He should be ____________ enough with their

A) familiar B) familiarly
C) familiarness D) familiarity
 
Answer & Explanation Answer: A) familiar

Explanation:
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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.

The homeowners remodelled the house to help it sell.

A) The house was remodelled by the homeowners to help it sell. B) The house is remodelled by the homeowners to help it sell.
C) So that it is helped to sell the house was remodelled by the homeowners. D) So that it is helped to sell the house is remodelled by the homeowners.
 
Answer & Explanation Answer: A) The house was remodelled by the homeowners to help it sell.

Explanation:
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