General Knowledge Questions

There are certain assumptions underlying the law of demand, which are as follows:

i. Assumes that the consumer’s income remains same

ii. Assumes that the preferences of consumer remain same.

iii. Considers that the fashion does not show any changes, because if fashion changes, then people would not purchase the products that are out of fashion.

iv. Assumes that there would be no change in the age structure, size, and sex ratio of population. This is because if population size increases, then the number of buyers increases, which, in turn, affect the demand for a product directly.

v. Restricts the innovation and new varieties of products in the market, which can affect the demand for the existing product.

vi. Restricts changes in the distribution of income.

vii. Avoids any type of change fiscal policies of the government of a nation, which reduces the effect of taxation on the demand of product.

The principles of internal control are the concepts management uses to establish the ways to protect company assets.

The main internal control principles include:

• Establish Responsibilities
• Maintain Records
• Insure Assets by Bonding Key Employees
• Segregate of Duties
• Mandatory Employee Rotation
• Split Related Party Responsibility
• Use Technological Controls
• Perform Regular Independent Reviews

The  Directive  Principles  of  State Policy are enumerated in Part IV of the Constitution from Articles 36 to 51.   The   Directive   Principles   are non-justiciable  in  nature,  that  is, they are not legally enforceable by the  courts  for  their  violation.  So, the     Governments     cannot     be compelled   to   implement   them.Although the Constitution in Article 37  itself  says  that  these  principles are fundamental in the governance of  the  country  and  it  shall  be  the duty  of  the  State  to  apply  these principles  in  making  laws. These principles  reflect  the  ideology  of socialism, Gandhian and liberalism.