Questions

Q:

Which is the most important factor that determines whether advertising by manufacturing sector will lead to higher sales?

A) Demand is elastic B) Demand is inelastic
C) The product can be differentiated D) The product can be homogenous.
 
Answer & Explanation Answer: C) The product can be differentiated

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Q:

Economics assumes that

A) people have unlimited desires but limited resources B) people have limited desires but unlimited resources
C) allocation of resources if not centrally planned will cause inefficiency D) people are emotional and make irrational decisions
 
Answer & Explanation Answer: A) people have unlimited desires but limited resources

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Q:

A ceramic pottery unit hires 8 craftsmen by paying each of them Rs 900 per day. The 9th craftsman demands Rs 950 per day. If this craftsman is hired then all other craftsmen must be paid Rs 950. The marginal resource (labour) cost of the 9th craftsman is _________.

A) Rs 1530 B) Rs 1050
C) Rs 50 D) Rs 1350
 
Answer & Explanation Answer: D) Rs 1350

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Q:

Blocking in experimental design is useful because it

A) keeps the experimenter from knowing which subjects are in the treatment group. B) prevents response bias from entering into the experiment.
C) gives the quarterback enough time to throw the ball. D) controls for multiple variables in an experiment.
 
Answer & Explanation Answer: D) controls for multiple variables in an experiment.

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Q:

In the following question, some part of the sentence may have errors. Find out which part of the sentence has an error and select the appropriate option. If a sentence is free from error, select No Error.

 

Government has reportedly made its displeasure known, (1)/ particularly on the speed and stealth with which (2)/ the negotiations are completed. (3)/ No error. (4)

 

A) 1 B) 2
C) 3 D) 4
 
Answer & Explanation Answer: C) 3

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Q:

In the following passage, some of the words have been left out. Read the passage carefully and select the correct answer for the given blank out of the four alternatives.

 

Business is for profits and the spirit of __________________ and driving high performance are encouraged in a ______________ environment. Also, in a democratic country like India, perceived _______________ in the distribution of earnings or wealth is crucial to hold the fabric of its society, be it the citizens __________ the country or employees of a corporation. The evolution of compensation practices in India over the ____________ five decades demonstrates the changes that have taken place.

 

India over the ____________ five decades

 

A) lastly B) lasting
C) at last D) last
 
Answer & Explanation Answer: D) last

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Q:

If a perfectly competitive firm can increase its profits by increasing its output, then that firm's product's _____.

A) price exceeds its marginal costs B) price exceeds its average total costs
C) average variable costs exceed its average total costs D) fixed costs are zero
 
Answer & Explanation Answer: A) price exceeds its marginal costs

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Q:

Battle of Plassey was fought by the British under the leadership of

A) Robert Clive B) Lord Dalhousie
C) Warren Hastings D) James Heartly
 
Answer & Explanation Answer: A) Robert Clive

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