Q:

The change in the optimal quantity of a good when its price changes and the consumer’s income is adjusted so that she can just buy the bundle that she was buying before the price change is called?

A) Law of demand	B) Substitution effect
C) Problem of choice	D) Optimal choice

Answer & Explanation Answer: B) Substitution effect

Explanation:

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Q:

Which of the following is not an assumption of perfect competition?

A) There are many buyers and sellers	B) Average total costs continually decrease.
C) The good sold by all sellers in the market is assumed to be homogeneous.	D) Buyers and sellers in the market are assumed to have perfect information.

Answer & Explanation Answer: B) Average total costs continually decrease.

Explanation:

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Q:

Which of the following sets of taxes belongs to Central Government?

A) Excise duty, Sales tax and Custom duty	B) Income tax, Custom duty and House tax
C) Excise duty, Custom duty and Income tax	D) Custom duty, Entertainment tax and Income tax

Answer & Explanation Answer: C) Excise duty, Custom duty and Income tax

Explanation:

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Q:

The demand curve _____.

A) shows that as the price of a good increases, demand for the good will increase	B) shows that as the price of a good increases, demand for the good will decrease
C) has a positive gradient	D) indicates that there is a direct relationship between quantity demanded and price

Answer & Explanation Answer: B) shows that as the price of a good increases, demand for the good will decrease

Explanation:

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Q:

A growing country is one with ___________ there.

A) rising GNP at constant prices	B) rising GNP at current prices
C) constant GNP at constant prices	D) No option is correct

Answer & Explanation Answer: A) rising GNP at constant prices

Explanation:

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Q:

Read each sentence to find out whether there is any error in any underlined part and indicate your response in the Answer Sheet against the corresponding letter i.e., (a) or (b) or (c). If you find no error, your response should be indicated as (d).

A) Although we reached his house on time	B) he was left
C) for the airport.	D) No error

Answer & Explanation Answer: B) he was left

Explanation:

The error is in second part. In the given sentence two events occur one after the other. ‘He left’ before ‘we reached’. So, the event that was completed before the occurrence of the next event shall be expressed in past perfect tense. Therefore, the correct form of verb will be “had left”.

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Q:

Which among the following cannot be included among greenhouse gases?

A) Nitrous Oxide	B) Carbon Dioxide
C) Methane	D) Phosphine

Answer & Explanation Answer: D) Phosphine

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Q:

National sport of Argentina?

A) Football	B) Archery
C) Volleyball	D) Pato

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