Questions

Q:

____________ is the relationship between the variable input and output, keeping all other inputs are held constant.

A) Total product B) Average product
C) Isoquant D) The Long Run
 
Answer & Explanation Answer: A) Total product

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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:

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:

In the following question, the sentence given with blank to be filled in with an appropriate word. Select the correct alternative out of the four and indicate it by selecting the appropriate option.

 

______ European was seen eating Kadi Chawal in New Delhi.

 

A) An B) A
C) The D) All
 
Answer & Explanation Answer: B) A

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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.

 


The result is that the impact of humanities and liberal arts on _____________ action and day-to-day activities seems to be distinctly on the wane. ______________ and conventional approaches of teaching coupled with stasis that makes them traverse the __________ beaten path of course curricula isn’t helping society see the relevance of humanities and social science ____________ a technology-driven, changing world. The approach inevitably will be nuanced and there will be a need to weak the course content and fine-tune it to come ____________ with newer products to stay relevant and act as a facilitator to business and industry.

 

and liberal arts on _____________ action and day-to-day

 

A) humane B) humanly
C) human D)  humanity
 
Answer & Explanation Answer: C) human

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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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