Questions

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.

Who, according to the economists, are the right group of people to set the price of a commodity?

When the demand for a good increases with an increase in income, such a good is called_______

Which of the following is reared for its fleece/fiber?

In the following question, some part of the sentence may have errors. Find out which part of the sentence has an error and select the appropriate option. If a sentence is free from error, select ‘No Error’.

Education is a instrument which (1)/ imparts knowledge and, therefore (2)/ indirectly controls power. (3)/ No error (4)

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: Therefore, these are products of the thinking by sages and not products of every man’s nature.
Q: A person’s behaviour evolves through conscious evolution.
R: When a potter pounds the clay and makes a vessel, it is the product of the artisan’s activity, not of his nature.
S: The sages observed activities and gathered ideas and thoughts, and thereafter introduced principles of propriety and righteousness and instituted laws and
systems.

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.
Heena said, "I bought a dress yesterday."

If price of an article decreases from Rs 80 to Rs 60, quantity demanded increases from 600 units to 750 units. Find point elasticity of demand?

In which city is the newly proposed AIIMS to be setup in Maharashtra?