Q:

Stagflation exists when _____

A) price indices and output both decrease.	B) price indices increase but output decreases.
C) price indices and output both increase.	D) price indices decrease but output increases.

Answer & Explanation Answer: B) price indices increase but output decreases.

Explanation:

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Q:

Which is the form of market where there is lack of competition?

A) Monopoly	B) Oligopoly
C) Perfect competition	D) Marketisation

Answer & Explanation Answer: A) Monopoly

Explanation:

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Q:

Which of the following is NOT a property of acids?

A) Acids form salts with bases	B) Acids have bitter taste
C) Acids have sour taste	D) Acids turn blue litmus red

Answer & Explanation Answer: B) Acids have bitter taste

Explanation:

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Q:

Five statements are given below, labelled A, B, C, D and E, among these, four statements are in logical order and form a coherent paragraph/passage. From the given options, choose the option that does not fit into the theme of the passage.

A) This takes us back to John Stuart Mill, the great nineteenth-century economist and philosopher, who believed that nobody can be a good economist if he or she is just an economist.	B) To be sure, most academic disciplines have become highly specialized since Mill’s day; and, since the collapse of theology,
C) no field of study has aimed to understand the human condition as a whole.	D) The life insurance industry has been destroyed by high and uncertain inflation as well.

Answer & Explanation Answer: D) The life insurance industry has been destroyed by high and uncertain inflation as well.

Explanation:

All statements except ‘D’ are based on the economists versus the economy, while sentence D talks about 'The Destructive Power of Inflation'.

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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 quest for a _____ life engrosses every human being on this earth. Everyman tends to define a happy life in a _____ individualistic fashion. _____have attempted to define a happy life in various terms. Hedonists have a _____ notion that happiness lies in the _____ of physical appetites.

_____have attempted to define a happy life

A) Professors	B) Thinkers
C) Researchers	D) Scientists

Answer & Explanation Answer: B) Thinkers

Explanation:

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Q:

In the following question, some part of the sentence may have errors. Find out which part of the sentence has an error and select the appropriate option. If a sentence is free from error, select 'No Error'.
If it would (1)/ rain, they will (2)/not come. (3)/ No Error (4)

A) 1	B) 2
C) 3	D) 4

Answer & Explanation Answer: A) 1

Explanation:

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Q:

Goods and Services Tax likely to be levied in India is not a

A) gross value tax	B) value-added tax
C) consumption tax	D) destination-based tax

Answer & Explanation Answer: A) gross value tax

Explanation:

GST is a destination-based tax, it means end users consuming any goods or services is liable to pay the Goods and Services Tax. The tax is collected by the State in which the goods or services are consumed and not by the state in which goods are manufactured and If there are exports, the seller of the goods or services is exempted from paying the tax. GST is a consumption-based tax, it means the state where the goods were consumed will receive GST and where goods were sold should not get any taxes.GST is a value added tax as it is based on the increase in value of a product or service at each stage of production or distribution.GST is not gross value tax.

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Q:

If quantity of good X demanded increases from 2300 to 2700 when price of good Y increases from Rs. 45 to Rs. 55, find Arc Cross elasticity of demand?

A) 4	B) 1.25
C) 0.25	D) 0.8

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