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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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Filed Under: Indian Economy
Exam Prep: Bank Exams

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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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Filed Under: Indian Economy
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Q:

Which state of India produces the highest quantity of Jute?

A) Bihar B) Odisha
C) West Bengal D) Jharkhand
 
Answer & Explanation Answer: C) West Bengal

Explanation:
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Filed Under: Indian Geography
Exam Prep: Bank Exams

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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'.

 

The most effective measure to keep (1)/ our roads safe is enforcement of rules (2)/ with zero tolerance to any violate rule. (3)/ No error. (4)

 

A) 1 B) 2
C) 3 D) 4
 
Answer & Explanation Answer: C) 3

Explanation:
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Filed Under: English
Exam Prep: Bank Exams

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Q:

At the beginning of the 4th centuary CE, the Guptas established a small kingdom in ___.

A) Vatapi B) Magadh
C) Malwa D) Avadh
 
Answer & Explanation Answer: B) Magadh

Explanation:
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Filed Under: Indian History
Exam Prep: Bank Exams

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Q:

Which country among the following is the smallest in terms of area?

A) Brazil B) India
C) Canada D) Russia
 
Answer & Explanation Answer: B) India

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Filed Under: World Geography
Exam Prep: Bank Exams

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Q:

Select the missing numbers from the given alternatives

A) 30 B) 35
C) 20 D) 25
 
Answer & Explanation Answer: B) 35

Explanation:
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Filed Under: Verbal Reasoning - Mental Ability

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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.

 

My brother said to me, "I was upset, but now I am fine."

 

A) My brother told me that he was upset, but now he was fine. B) My brother told me that he had been upset, but then he will be fine.
C) My brother told me that he had been upset, but then he was fine. D) My brother told me that he has been upset, but then he is fine.
 
Answer & Explanation Answer: C) My brother told me that he had been upset, but then he was fine.

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Filed Under: English
Exam Prep: Bank Exams

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