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:

If price of an article decreases from Rs 800 to Rs 700, quantity demanded increases from Q1 units to 70 units. If point elasticity of demand is -1.333 find Q1?

A) 80 units	B) 90 units
C) 60 units	D) 50 units

Answer & Explanation Answer: C) 60 units

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Q:

The demand curve _____.

A) shows that as the price of a good increases, demand for the good will increase	B) shows that as the price of a good increases, demand for the good will decrease
C) has a positive gradient	D) indicates that there is a direct relationship between quantity demanded and price

Answer & Explanation Answer: B) shows that as the price of a good increases, demand for the good will decrease

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Q:

What is the name of the book in Harry Potter series written by Jack Thorne to be published in mid - 2016?

A) Harry Potter and the Cursed Child	B) Harry Potter and the Deathly Hallows
C) Fantastic Beasts and Where to Find Them	D) The Tales of Beedle the Bard

Answer & Explanation Answer: A) Harry Potter and the Cursed Child

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Q:

The centre of the reflecting surface of a spherical mirror is called the

A) radius	B) centre of curvature
C) pole	D) focus

Answer & Explanation Answer: C) pole

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Q:

Who does not the kinetic energy of an object increase with?

A) Friction	B) Time
C) Mass	D) Speed

Answer & Explanation Answer: D) Speed

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Q:

What happens to the Potential and Kinetic energies of a body as it falls down from a height?

A) Its Potential energy decreases while its Kinetic energy increases	B) There is no change in its Potential or Kinetic energy
C) Its Potential and Kinetic energies decrease	D) Its Potential energy increases while its Kinetic energy decreases

Answer & Explanation Answer: A) Its Potential energy decreases while its Kinetic energy increases

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Q:

According to Article 75 of Indian Constitution, the ministers are collectively responsible to the Parliament in general and to the _____ in particular.

A) People	B) Lok Sabha
C) Rajya Sabha	D) President

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