Questions

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 ________ 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

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Q:

If price of an article decreases from Rs 40 to Rs 30, quantity demanded increases from Q1 units to 7500 units. If point elasticity of demand is -1 find Q1?

A) 9000 units B) 4500 units
C) 10500 units D) 6000 units
 
Answer & Explanation Answer: D) 6000 units

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Q:

Macro economics deals with

A) the circular flow of income B) the decision making of a single economic variable like demand
C) resource allocation at firm level D) equilibrium prices and quantities
 
Answer & Explanation Answer: A) the circular flow of income

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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.

 

Widespread liberalization of the economic ________________ regime was long overdue in 1991, and has played a positive role since, but its impact has ________________ its course and the policy has recognisable ___________________. Liberalization cannot address all aspects of the man­made environment and now climate change ________________ to change everything forever. We do not have another quarter century to deal ___________ these imperatives.

 

the policy has recognisable ___________________.

 

A) limits B) constraint
C) considerations D) fault
 
Answer & Explanation Answer: A) limits

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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.

 

Several countries ___________________ the world are now replacing the __________________ model of criminal justice partly _____________________ wholly with different models of restorative justice, _____________________ promising results in crime control. The process is more collaborative, consensual and inclusive, that is characteristic ____________________ indigenous systems of justice.

 

that is characteristic ____________________ indigenous systems of justice.

 

A) for B) as
C) of D)  like
 
Answer & Explanation Answer: C) of

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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.

 

It is basic to a democracy that its citizens remain in harmony _______ one another. At the very least, they should _______ treat each other as enemies. Enmity is spreadonly by vested interests that hope to thrive _________ polarising citizens. The ______________ between professed love for the country and infecting the people with hatred remains ignored. There is no instance in history of the policy of ‘divide and rule’ _____________ people’s welfare.

 

remain in harmony _______ one another.

 

A) to B) at
C) each D) with
 
Answer & Explanation Answer: D) with

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Q:

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'.

 

“Our focus is to develop and nurture a democratic (1)/ and accommodative space/platform wherever we go, (2)/ so that all kind of arts can flourish. (3)/ No error (4)

 

A) 1 B) 2
C) 3   D) 4
 
Answer & Explanation Answer: C) 3  

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