Questions

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:

The ________ curve represents the demand of all consumers in the market taken together at different levels of the price of the good.

A) monotonic B) indifferent
C) market demand D) diminishing
 
Answer & Explanation Answer: C) market demand

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Q:

A manufacturer faces price elasticity of demand of a ­1.25 for its product. If it lowers its price by 6.4%, the increase in quantity sold will be _____.

A) 5.15 percent B) 7.65 percent
C) 8 percent D) 5.12 percent
 
Answer & Explanation Answer: C) 8 percent

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Q:

Which of the following best defines disposable income?

A) income received by households less personal taxes B) the before-tax income received by households
C) all income earned by resource suppliers for their current contributions to production D) the market value of the annual output net of consumption of fixed capital
 
Answer & Explanation Answer: A) income received by households less personal taxes

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Q:

Dwarfness can be controlled by treating plants with

A) Gibberellic acid B) Cytokinin
C) Ethylene D) Auxin
 
Answer & Explanation Answer: A) Gibberellic acid

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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, perceived _______________ in the distribution

 

A) duty B) fairness
C) faith D) inequity
 
Answer & Explanation Answer: B) fairness

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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.

 

This is the arresting and dominant fact about modern social discussion; that the quarrel is __________ merely about the difficulties, but about the aim. We agree about the evil; it is about the good that we should tear each ____________ eyes out. We all admit that a lazy aristocracy is a bad thing. We should not by ________ means all admit that an active aristocracy would be a good thing. We all feel angry with an irreligious priesthood; but some of us would _______ mad with disgust at a really religious one. Everyone is indignant if our army is weak, _____________ the people who would be even more indignant if it were strong.

 

We should not by ________ means all admit

 

 

A) anything B) anybody
C) anyways   D) any
 
Answer & Explanation Answer: D) any

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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.

 

It is necessary, then, to keep our ____________ acts under some surveillance of attention, to pass them in review for inspection every now and _________, that we may discover possible modifications which will make them more serviceable. We need to be __________, constantly to find out better ways of doing things. Habit takes care of our standing, walking, sitting; but how many of us could _________ improve his poise and carriage if he would? Our speech has become largely automatic, but no doubt all of us might remove _____________ of enunciation, pronunciation or stress from our speaking.

 

every now and _________, that we may

 

A) than B) then  
C) that   D) this
 
Answer & Explanation Answer: B) then  

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