Questions

Q:

Which of the following was the winner of the Grammy Awards 2016 "Country Song of the Year"?

A) Chances Are B) Girl Crush
C) Hold My Hand D) Traveller
 
Answer & Explanation Answer: B) Girl Crush

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Q:

What does Trypsin do?

A) Breaks down Carbohydrates B) Synthesizes proteins
C) Breaks down fats D) Breaks down proteins
 
Answer & Explanation Answer: D) Breaks down proteins

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Q:

Which answer figure will complete the pattern?

A) X B) W
C) V D) U
 
Answer & Explanation Answer: D) U

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Q:

__________ is defined as the output per unit of variable input

A) Marginal product B) Production function
C) Total product D) Average product
 
Answer & Explanation Answer: D) Average product

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Q:

Calculate a country's GDP if for the year, consumer spending is $400 million, government spending is $150 million, investment by businesses is $80 million, exports are $35 million and imports are $40 million.

A) $625 million B) $465 million
C) $475 million D) $635 million
 
Answer & Explanation Answer: A) $625 million

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Q:

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?

A) -1 B) 1
C) -1.25 D) 1.25
 
Answer & Explanation Answer: A) -1

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Q:

A price floor is _____.

A) a maximum legal price B) a minimum legal price
C) the price where demand equals supply D) the price where elasticity of demand equals elasticity of supply
 
Answer & Explanation Answer: B) a minimum legal price

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Q:

In general, elasticity is a measure of

A) how firms' profits respond to changes in market prices.  B) the extent to which advances in technology are adopted by producers.
C) how much buyers and sellers respond to changes in market conditions. D) the extent to which a market is competitive. 
 
Answer & Explanation Answer: C) how much buyers and sellers respond to changes in market conditions.

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