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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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Filed Under: Indian Economy
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Q:

A ceramic pottery unit hires 8 craftsmen by paying each of them Rs 900 per day. The 9th craftsman demands Rs 950 per day. If this craftsman is hired then all other craftsmen must be paid Rs 950. The marginal resource (labour) cost of the 9th craftsman is _________.

A) Rs 1530 B) Rs 1050
C) Rs 50 D) Rs 1350
 
Answer & Explanation Answer: D) Rs 1350

Explanation:
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Filed Under: Indian Economy
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Q:

Which is the only organ in the human boddy that can regrow/regenerate?

A) Pancreas B) Spleen
C) Brain D) Liver
 
Answer & Explanation Answer: D) Liver

Explanation:
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Filed Under: Biology
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Q:

Which of the following plant tissues is capable of cell division?

A) Parenchyma B) Sclerenchyma
C) Meristem D) Xylem
 
Answer & Explanation Answer: C) Meristem

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Filed Under: Biology
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Q:

An exterior angle of a triangle is 115 deg and one of the interior opposite angle is 45 deg. Then the other two angles are

A) 65, 70 B) 60, 75
C) 70, 60 D) 55, 60
 
Answer & Explanation Answer: A) 65, 70

Explanation:
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Filed Under: Quantitative Aptitude - Arithmetic Ability
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Q:

In the following question, the sentence given with blank to be filled in with an appropriate word. Select the correct alternative out of the four and indicate it by selecting the appropriate option.

Arun's financial ______________ has helped him earn a fortune on the stock market.

A) dexterity B) readiness
C) expertise D) knack
 
Answer & Explanation Answer: C) expertise

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Filed Under: English
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Q:

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.

 

The guide suggested, "Let's rest here for a while."

A) The guide suggested that we should rest there for a while. B) The guide suggested that we rest there.
C) The guide suggested we should rest for a while. D) The guide suggested resting for a while there.
 
Answer & Explanation Answer: A) The guide suggested that we should rest there for a while.

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Filed Under: English
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Q:

In the following question, a sentence has been given in Active/Passive voice. Out of four alternatives suggested, select the one, which best expresses the same sentence in Passive/Active voice.
The seawater eventually corroded the pillars of the bridge.

A) Eventually the pillars of the bridge are being corroded by the seawater. B) Eventually the pillars of the bridge have been corroded by the seawater.
C) The pillars of the bridge were eventually corroded by the seawater. D) The pillars of the bridge have been eventually corroded by the seawater.
 
Answer & Explanation Answer: C) The pillars of the bridge were eventually corroded by the seawater.

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Filed Under: English
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