The life-cycle theory of consumption, popularly known as life-cycle hypothesis,' was developed by Ando and Modigliani" in the early 1960s.

The life-cycle hypothesis postulates that individual consumption in any time period depends on

(i) resources available to the individual,

(ii) the rate of return on his capital, and

(iii) the age of the individual.

The resources available to an individual consist of his existing net wealth and the present value of all his current and future labour incomes. According to the life-cycle hypothesis, a rational consumer plans consumption on the basis of all his resources and allocates his income to consumption over time so that he maximizes his total utility over his life time.

Article-20 of the Constitutiongrants protection against arbitrary and excessive punishment to an accused person. It contains three provisions in that direction No Ex-post-facto Law No person shall be convicted of any offence except for violation of a law in force at the time of the commission of the Act nor subjected to a penalty greater than that prescribed by the law in force at the time ofthe commission of the Act.No Double Jeopardy No person shall be prosecuted and punished for the same offence more than once.No Self-incrimination No person accused of any offence shall be compelled to be a witness against himself.As per the Constitution, a person/entity can be tried retrospectively in certain instances as provided by the law

Ans. B.
The correct preposition here would be 'by'. By follows 'represented' when something takes the place of and refers to something bigger. With follows 'represented' when an attribute with which something or someone is depicted. A contract is not represented in a policy but stated in a policy.

The passage clearly states that several characteristics are shared between humans and primates with respect to their taste profiles. It also states that it is because of evolution. But to infer that both species share the same profile would be incorrect making option a incorrect. The passage is all about the human ability to discern different tastes. One cannot infer about the likability of certain tastes from the given passage making option 2 incorrect. In the first sentence itself the passage talks about how majority of the human population can taste a certain artificial flavour. Thus, it can be inferred that majority of the human population have a determinant taste profile making the opposite as stated in option 3 also correct. This also makes option 4 incorrect.

LRS stands for - Liberalised Remittance Scheme.
LRS is a facility provided by the Reserve Bank of India for all resident individuals to freely remit certain amount in terms of US dollar every financial year for a permissible set of current or capital account transactions.
Note:
* In April 2018, the Reserve Bank of India (RBI) has tightened reporting norms for the Liberalised Remittance Scheme (LRS) under which individual can transfer up to US $2,50,000 abroad in a year.

* The purpose of tightening of norms is to improve monitoring and to ensure compliance with LRS limits.
* The scheme was introduced in February 2004 and its regulations are provided under Foreign Exchange Management Act (FEMA), 1999.

Under the Liberalised Remittance Scheme, Authorised Dealers may freely allow remittances by resident individuals up to USD 2,50,000 per Financial Year (April-March) for any permitted current or capital account transaction or a combination of both