Questions

Q:

If for the year a country's GDP was $ 1315 million, consumer spending was $900 million, investment by businesses was $180 million, exports were $85 million and imports were $100 million, calculate government spending?

A) $220 million B) $250 million
C) $580 million D) $610 million
 
Answer & Explanation Answer: B) $250 million

Explanation:
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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.

 

Let us examine the facts in the case more ____________. First of all, language is no more ____________ a medium; it is like air to the creatures of the land or water to fishes. If it is perfectly clear and pure, we do not notice it any more than we notice pure air when the sun is shining ________ a clear sky, or the taste of pure cool water when we drink a glass __________ a hot day. Unless the sun is shining, there is no brightness; unless the water is cool, there is __________ refreshment.

 

sun is shining ________ a clear sky,

 

A) inside   B) in  
C) into   D) inner
 
Answer & Explanation Answer: B) in  

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Q:

In the following question, a word has been written in four different ways out of which only one is correctly spelt. Select the correctly spelt word.

 

A) Maineveer   B)  Maneuver  
C)  Maneover   D) Manever
 
Answer & Explanation Answer: B)  Maneuver  

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Q:

In the following question, out of the given four alternatives, select the one which best expresses the meaning of the given word.


Jubilant

 

 

A) Happy   B) Aggressive
C) Ancient   D) Defeat
 
Answer & Explanation Answer: A) Happy  

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Q:

In the following question, a sentence has been given in Direct/Indirect speech. Out of the four alternatives suggested, select the one which best expresses the same sentence in Indirect/Direct speech.

 

He said, "This man will be waiting for you here at the lobby."

A) He said this that man would be waiting for me there at the lobby. B) He said that that man would be waiting for me there at the lobby.
C) He said that that man would be waiting for me here at the lobby. D) He said this that man would be waiting for me here at the lobby.
 
Answer & Explanation Answer: B) He said that that man would be waiting for me there at the lobby.

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Q:

Which one of the following is not an assumption in the law of demand?

A) There are no changes in the taste and preferences of consumers B) Income of consumers remains constant
C) Consumers are affected by demonstration effect D) There are no changes in the price of substitute goods.
 
Answer & Explanation Answer: C) Consumers are affected by demonstration effect

Explanation:

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.

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Q:

As per Economic survey 2017-18, the percentage contribution of the services sector to India's GDP will be in the range of

A) Between 40-50% B) Greater than 50%
C) Less than 30% D) Between 30-40%
 
Answer & Explanation Answer: B) Greater than 50%

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Q:

Which of the following is not an assumption of perfect competition?

A) There are many buyers and sellers B) Average total costs continually decrease.
C) The good sold by all sellers in the market is assumed to be homogeneous. D) Buyers and sellers in the market are assumed to have perfect information.
 
Answer & Explanation Answer: B) Average total costs continually decrease.

Explanation:
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