The United States subprime mortgage crisis was a nationwide financial crisis, occurring between 2007 and 2010, that contributed to the U.S. recession of December 2007 –June 2009.It was triggered by a large decline in home prices after the collapse of a housing bubble, leading to mortgage delinquencies and foreclosures and the devaluation of housing-related securities.

Ashis Nandy traced the roots of colonialism's mandate to absolutize the relative differences between cultures to the cultural arrogance of Enlightenment Europe.

A European traveler, Abbe J.A. Dubois, commented, at the beginning of the 19th century: "A Hindu woman can go anywhere alone, even in the most crowded places, and she need never fear the impertinent looks and jokes of idle loungers....A house inhabited solely by women is a sanctuary which the most shameless libertine would not dream of violating.' The women of the time possessed title individuality of their own. This does not mean that there were no exceptions to this rule.

India was one of the main centres of world trade and industry. Peter the Great of Russia was led to exclaim: “Bear in mind that the commerce of India is the commerce of the world and ... he who can exclusively command it is the dictator of Europe.”

Joint stock company is a voluntary association of individuals for profit, having a capital divided into transferable shares, the ownership of which is the condition of membership.

The definition of a joint stock company highlights the following features of a company.

Separate legal entity:From the day of its incorporation, a company acquires an identity, distinct from its members. Its assets and liabilities are separate from those of its owners. The law does not recognise the business and owners to be one and the same.

The management and control of the affairs of the company is undertaken by the Board of Directors, which appoints the top management officials for running the business. The directors hold a position of immense significance as they are directly accountable to the shareholders for the working of the company. The shareholders, however, do not have the right to be involved in the day-to-day running of the business. The liability of the members is limited to the extent of the capital contributed by them in a company

The risk of losses in a company is borne by all the shareholders. This is unlike the case of sole proprietorship or partnership firm where one or few persons respectively bear the losses.

The indifference curves cannot intersect each other.

Higher indifference curve represents a higher level of satisfaction because higher IC means a bundle consisting more of both the goods or same quantity of one good n more quantity of the other good .Hence statement 2 is correct and 3 is incorrect.

Indifference curves is convex to the point of origin because of diminishing Marginal Rate of Substitution.

Total utility -It is total psychological satisfaction which a consumer derives from the consumption of a commodity is known as total utility

Marginal utility -It is anaddition made in total utility by consuming and additional unit of a commodity is known as marginal utility.

•When marginal utility is positive,total utility increases

•When marginal utility is zero,total utility is at maximum

•When marginal utility is negative,total utility decreases

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.