Law
Question : Which law states that with constant taste and preference, the proportion of income spent on food stuff diminishes as income increases?
Option 1: Say's Law
Option 2: Griffin's Law
Option 3: Gresham's Law
Option 4: Engel's Law
Correct Answer: Engel's Law
Solution : The correct option is Engel's Law.
According to Engel's Law, even though the quantity spent on food increases in absolute terms, the percentage of income spent on food drops as income rises. Based on the observation that when income levels rise, people tend
Question : In 1834, who proposed a law that states that the current induced by a change in flow opposes the effect of creating the change?
Option 1: David Brewster
Option 2: Henry Moseley
Option 3: Christian Johann Doppler
Option 4: Heinrich Friedrich Lenz
Correct Answer: Heinrich Friedrich Lenz
Solution : The correct answer is Heinrich Friedrich Lenz.
Heinrich Friedrich Lenz was a Russian physicist of German origin who independently formulated what is known as Lenz's Law in 1834. Lenz's law articulates that when a magnetic field around a conductor changes, the induced
Question : Which of the following is the right expansion of ILO?
Option 1: International Law and Order
Option 2: Inter-State Lawful Ordinance
Option 3: Indian Legal Orientation
Option 4: International Labour Organisation
Correct Answer: International Labour Organisation
Solution : The correct option is the International Labour Organisation.
One of the first and most specialized UN organisations, the International Labour Organisation was established by the League of Nations in October 1919. Setting global labour standards is part of its purpose to enhance social
Question : Who has propounded the law of diminishing marginal utility?
Option 1: Marshall
Option 2: AC Pigou
Option 3: Gossen
Option 4: Hicks and Allen
Correct Answer: Gossen
Solution : Gossen is the proponent of the Law of Diminishing Marginal Utility. The Law of diminishing marginal utility states that the marginal utility of a good or service declines as more of it is consumed by an individual.
Question : Which of the following articles of the Constitution declares that no person shall be deprived of his life or personal liberty, except according to procedure established by law?
Option 1: Article 19
Option 2: Article 21
Option 3: Article 20
Option 4: Article 18
Correct Answer: Article 21
Solution : The correct option is Article 21.
The article of the Indian Constitution that declares that no person shall be deprived of their life or personal liberty except according to the procedure established by law is Article 21.
Question : Select the option that can be used as a one-word substitute for the given group of words.
Cancel or do away with (a law or agreement).
Option 1: Abrogate
Option 2: Cancellation
Option 3: Ultimation
Option 4: Prorogation
Correct Answer: Abrogate
Solution : The correct option is the first option.
Explanation: Abrogate means to cancel or repeal a law, agreement, or formal agreement between two parties. It specifically refers to the act of officially ending or abolishing something, especially a legal document or a law.
Therefore, the
Question : Because of the following, an individual demand curve slopes downward to the right: A: The application of the law of diminishing marginal utility B: The substitution effect of a price decrease C: Income impact of price decrease
Option 1: Only A correct
Option 2: Only B correct
Option 3: Only B and C correct
Option 4: A, B and C all are correct
Correct Answer: A, B and C all are correct
Solution : If the demand for a good is inelastic, an increase in its price will cause the total expenditure of the consumers of the good to increase. Raising prices will always cause total revenue to increase. Hence d is the
Question : A librarian purchased 60 storybooks for his library. However he found that they could get four extra books by spending INR 336 more, and then the overall average price per book would be reduced by INR 1. The previous average price of each book was:
Option 1: INR 84
Option 2: INR 83
Option 3: INR 68
Option 4: INR 100
Correct Answer: INR 100
Solution : Given: A librarian purchased 60 storybooks for his library. Let the cost price of each book be INR $x$. According to the question, $60x+336=64(x-1)$ $⇒60x+336=64x-64$ $⇒4x=400$ $\therefore x= 100$ Hence, the correct answer is INR 100.
Question : Directions: Preeti is the only sister of Virat. Manoj is the son of Dileep, who is the husband of Maaya. Virat is the son of Devansh. Devansh is Manoj's father-in-law. How is Maaya related to Preeti?
Option 1: Mother-in-law
Option 2: Daughter-in-law
Option 3: Sister-in-law
Option 4: Mother
Correct Answer: Mother-in-law
Solution : Following the instructions of the question, the family tree will be –
Here, the quadrilateral represents the male and the circular figure represents the female in the figure.
So, Maaya is the mother-in-law of Preeti. Hence, the first option is correct.
Question : Assertion: The law of supply states that as the price of good increases, the quantity supplied of that good also increases.
Reason: The law of supply is based on the positive relationship between price and quantity supplied, assuming other factors remain constant.
Option 1: Both the assertion and reason are true, and the reason is a correct explanation of the assertion.
Option 2: Both the assertion and reason are true, but the reason is not a correct explanation of the assertion.
Option 3: The assertion is true, but the reason is false.
Option 4: The assertion is false, but the reason is true.
Correct Answer: Both the assertion and reason are true, and the reason is a correct explanation of the assertion.
Solution : The correct answer is (a) Both the assertion and reason are true, and the reason is a correct explanation of the assertion.
The law of supply states that as
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