Questions

Q:

If price of an article decreases from Rs 40 to Rs 30, quantity demanded increases from Q1 units to 7500 units. If point elasticity of demand is -1 find Q1?

A) 9000 units B) 4500 units
C) 10500 units D) 6000 units
 
Answer & Explanation Answer: D) 6000 units

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Q:

The consumption and saving schedules reveal that the:

A) MPC and APC are equal at the point where the consumption schedule intersects the 45-degree line. B) MPC is equal to or greater than one at all income levels.
C) MPC is greater than zero, but less than one. D) APS is positive at all income levels.
 
Answer & Explanation Answer: C) MPC is greater than zero, but less than one.

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Q:

Cricket World Cup 2015 was hosted by

A) England B) New Zealand
C) Australia D) New Zealand & Australia
 
Answer & Explanation Answer: D) New Zealand & Australia

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Q:

In which city is St. Peter's Basilica, one of the most famous churches in Christianity, located?

A) Madrid B) Lisbon
C) Pisa D) Vatican
 
Answer & Explanation Answer: A) Madrid

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Filed Under: World Geography
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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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Filed Under: Physics
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Q:

In August 2017, RBI announced to transfer approximately how much amount for the Financial Year 2016-17 as a dividend to the Government?

A) Rs 30,659 crore B) Rs 50,650 crore
C) Rs 60,659 crore D) Rs 70,659 crore
 
Answer & Explanation Answer: A) Rs 30,659 crore

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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.

 

when we drink a glass __________ a hot day.

 

A) on   B) onto  
C) of   D) for
 
Answer & Explanation Answer: A) on  

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Filed Under: English
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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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