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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
Exam Prep: Bank Exams

0 1053
Q:

If quantity of a good demanded increases from 200 to 250 then the average income of the population increases from Rs 20,000 to Rs 30,000, find Arc Income elasticity of demand?

A) 1.45 B) 0.55
C) 2 D)  1.25
 
Answer & Explanation Answer: B) 0.55

Explanation:
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Filed Under: Indian Economy
Exam Prep: Bank Exams

0 1052
Q:

Who is the Amrut Yojana Scheme named after? (initiative to meet the nutrition needs of pregnant, lactating women in the tribal areas)

A) Mahatma Gandhi B) Abdul Kalam
C) BR Ambedkar D) Indira Gandhi
 
Answer & Explanation Answer: B) Abdul Kalam

Explanation:
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Filed Under: Indian Politics
Exam Prep: Bank Exams

1 1052
Q:

Which of the following was built by the ancient Incas?

A) City of Petra B) Hagia Sophia
C) Machu Picchu D) Acropolis
 
Answer & Explanation Answer: C) Machu Picchu

Explanation:
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Filed Under: Indian History
Exam Prep: Bank Exams

1 1052
Q:

What is the value of |3(1) - 6|?

A) 3 B) 0
C) -3 D) 4
 
Answer & Explanation Answer: A) 3

Explanation:
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Filed Under: Simplification
Exam Prep: Bank Exams

1 1052
Q:

The total surface area of a cube is 181.5 cm². Find its side (in cm).

A) 6.5 B) 4.5
C) 7.5 D) 5.5
 
Answer & Explanation Answer: D) 5.5

Explanation:
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Filed Under: Volume and Surface Area
Exam Prep: Bank Exams

0 1052
Q:

In the following question, four groups of three numbers are given. In each group the second and third number are related to the first number by a Logic/Rule/Relation. Three are similar on basis of same Logic/Rule/Relation. Select the odd one out from the given alternatives.

 

A) (10, 20, 30) B) (12, 22, 32)  
C) (27, 37, 47) D) (19, 29, 49)
 
Answer & Explanation Answer: D) (19, 29, 49)

Explanation:
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Filed Under: Odd Man Out
Exam Prep: Bank Exams

2 1051
Q:

In the following question, four groups of three numbers are given. In each group the second and third number are related to the first number by a Logic/Rule/Relation. Three are similar on basis of same Logic/Rule/Relation. Select the odd one out from the given alternatives.

 

A) (3, 6, 12) B) (4, 8, 16)  
C) (7, 14, 28) D) (6, 18, 36)
 
Answer & Explanation Answer: D) (6, 18, 36)

Explanation:
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Filed Under: Odd Man Out
Exam Prep: Bank Exams

0 1051