General Knowledge Questions

A passage with three blanks, followed by five options, each containing one word, is given. Choose the word that can fill all the three blanks.
An __________ is a process of buying and selling goods or services by offering them up for bid, taking bids, and then selling the item to the highest bidder. Participants bid openly against one another, with each subsequent bid required to be higher than the previous bid. An auctioneer may announce prices, bidders may call out their bids themselves (or have a proxy call out a bid on their behalf), or bids may be submitted electronically with the highest current bid publicly displayed. In a Dutch ____________, the auctioneer begins with a high asking price for some quantity of like items; the price is lowered until a participant is willing to accept the auctioneer's price for some quantity of the goods in the lot or until the seller's reserve price is met. In economic theory, an ____________ may refer to any mechanism or set of trading rules for exchange.

Which one of the following is a leguminous crop?

Out of the four alternatives, choose the one which can be substituted for the given words/sentences and click the button corresponding to it.

A place where astronomical observations are made

When a ray of light travels from a denser medium to a rarer medium, it bends

In the following question, out of the four alternatives, select the alternative which best expresses the meaning of the idiom/phrase.

Catch red-handed

Read the following passage carefully and choose the most appropriate answer to the question out of the four alternatives.

Most economists in the United States seem captivated by the spell of the free market. Consequently, nothing seems good or normal that does not accord with the requirements of the free market. A price that is determined by the seller or, for that matter (for that matter: so far as that is concerned), established by anyone other than the aggregate of consumers seems pernicious. Accordingly, it requires a major act of will to think of price-fixing (the determination of prices by the seller) as both "normal" and having a valuable economic function. In fact, price-fixing is normal in all industrialized societies because the industrial system itself provides, as an effortless consequence of its own development, the price-fixing that it requires. Modern industrial planning requires and rewards great size. Hence, a comparatively small number of large firms will be competing for the same group of consumers. That each large firm will act with consideration of its own needs and thus avoid selling its products for more than its competitors charge is commonly recognized by advocates of free-market economic theories. But each large firm will also act with full consideration of the needs that it has in common with the other large firms competing for the same customers.

Who, according to the economists, are the right group of people to set the price of a commodity?

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

We have rich cultural _____ . Its roots go into _____. Ours has never been a closed ______. It has _______ just like a tree, ______ to external ______ but holding its roots _______. But one wonders today whether it will be able to hold its _____. The ______ of our cultural heritage has come under the _____ of western culture.

We have rich cultural _____ .

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.

Private companies do not produce new varieties and inputs ______ as a result of their own research.