Law
Question : Which law of economics states, "Bad money drives out good money"?
Option 1: Baxter's Law
Option 2: Ohm's Law
Option 3: Gresham's Law
Option 4: Gauss's Law
Correct Answer: Gresham's Law
Solution : The correct option is Gresham's Law.
Gresham's law is an economic principle that states that bad money drives out good money. It is a monetary principle that can be applied to the currency markets. Good money means any currency or coin whose legal tender value and the value of the commodity do not differ much. Bad money means any currency or coin whose legal tender value and the value of a commodity have a huge difference.
Question : Assertion: Giffen goods violate the law of demand.
Reason: Giffen goods are inferior goods for which the income effect dominates the substitution effect, resulting in an upward-sloping demand curve.
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) Option A Both the assertion and reason are true, and the reason is a correct explanation of the assertion.
Giffen goods are indeed a type of inferior goods for which the income effect dominates the substitution effect. As a result, when the price of a Giffen good increases, the income effect leads to a decrease in the quantity demanded, while the substitution effect is relatively weak. This combination of effects results in an upward-sloping demand curve, which violates the typical downward-sloping relationship stated by the law of demand.
Question : Directions: Pointing to a woman, a girl says, "Her daughter-in-law is married to the only son of my husband's mother-in-law". How is the girl related to the woman?
Option 1: Niece
Option 2: Granddaughter
Option 3: Daughter
Option 4: Cousin
Correct Answer: Daughter
Solution : According to the given information, the family tree is as follows –
Here, the quadrilateral represents the male, and the circular figure represents the female in the figure.
So, the girl is the daughter of the woman. Hence, the third option is correct.
Question : If a consumer's demand for a good moves in the same direction as the consumer's income, the consumer's demand for that good must be inversely related to the price of the good, which is called _____.
Option 1: law of demand
Option 2: law of supply
Option 3: law of substitute
Option 4: law of optimal choice
Correct Answer: law of demand
Solution : The correct answer is the law of demand.
The law of demand asserts that assuming all other conditions remain constant, the quantity desired of an item or service is inversely linked to its price. This suggests that when the price of a commodity or service rises, so will the amount requested and vice versa. As a consumer's income increases, they can purchase more of the product even if the price rises. However, if the cost of the product increases too quickly, the customer can choose to buy less of it.
Question : Directions: Komal is the wife of Daman. Radhika is the mother of Arpan. Sayantani is the daughter of Malaya, who is the brother of Kartik. Sayantani's mother Radhika is the daughter-in-law of Daman. How is Komal related to Kartik?
Option 1: Mother
Option 2: Sister
Option 3: Maternal grandmother
Option 4: Paternal grandmother
Correct Answer: Mother
Solution : As per the given information, the family tree will be as follows –
Here, the quadrilateral represents the male and the circular figure represents the female in the figure.
So, from the above family tree, Komal is the mother of Kartik. Hence, the first option is correct.
Question : Comprehension: In the following passage, some words have been deleted. Fill in the blanks with the help of the alternatives given. Select the most appropriate option for each number.
Equality and freedom have both been identified as important (1)_________ of democracy since ancient times. These. principles are reflected in all citizens being (2)_________ before the law and having equal access to (3)_________ processes. For example, in a representative democracy, (4)__________ vote has equal weight, no unreasonable restrictions can apply to anyone seeking to become a (5)___________, and the freedom of its citizens is secured by legitimised rights and liberties which are generally protected by a constitution.
Question: Select the most appropriate option to fill in the blank number 3.
Option 1: copulative
Option 2: relative
Option 3: legislative
Option 4: perennial
Correct Answer: legislative
Solution : The most appropriate choice is the third option.
Explanation: In the context of the sentence, the word "legislative" is contextually relevant. The sentence is discussing the principles of democracy, and the word should relate to the processes involving laws or legislation. "Legislative" pertains to the legislative branch of government, which is responsible for making laws. In a democratic system, citizens having equal access to legislative processes is a crucial aspect of ensuring equality and freedom.
So, the correct answer is legislative.
Question : The first law of thermodynamics is related to the conservation of which one of the following?
Option 1: Energy
Option 2: Number of molecules
Option 3: Number of moles
Option 4: Temperature
Correct Answer: Energy
Solution : The correct option is Energy.
Energy cannot be created or destroyed in an isolated system, according to the first law of thermodynamics, also referred to as the law of conservation of energy. It can only change forms or be transferred between different parts of the system and its surroundings. Mathematically, the first law of thermodynamics can be expressed as ΔU = Q − W.
Question : Directions: C @ D means C is the father of D; C * D means C is the brother of D; C × D means D is the husband of C; C # D means C is the sister of D; C + D means C is the son-in-law of D; C = D means C is the mother of D. How is A related to C in the following expression? A @ L # F * E × G + C
Option 1: Husband
Option 2: Son
Option 3: Brother
Option 4: Father
Correct Answer: Husband
Solution : Given: C @ D ⇒ C is the father of D C * D ⇒ C is the brother of D C × D ⇒ D is the husband of C C # D ⇒ C is the sister of D C + D ⇒ C is the son-in-law of D C = D ⇒ C is the mother of D
As per the given information, the family tree will be as follows –
So, A is the husband of C. Hence, the first option is correct.
Question : Who holds the highest law office in India?
Option 1: Attorney General
Option 2: Accountant General
Option 3: Lieutenant General
Option 4: Solicitor General
Correct Answer: Attorney General
Solution : The correct option is Attorney General.
The Attorney General of India holds the highest law office in India. The Attorney General is the government's main legal advisor and represents the government in legal disputes before the Supreme Court of India. The Attorney General of India's duties and functions are not clearly defined in any provision of the Indian Constitution.
Question : Assertion (A): The price demand curve is negatively sloped. Reason (R): Inverse relationship between price and demand is stated by the law of demand, holding all other parameters constant.
Option 1: Both Assertion (A) and Reason (R) are true and Reason (R) is the correct explanation of Assertion (A).
Option 2: Both Assertion (A) and Reason (R) are true and Reason (R) is not the correct explanation of Assertion (A)
Option 3: Assertion (A) is true but Reason (R) is False
Option 4: Assertion (A) is False but Reason (R) is True
Correct Answer: Both Assertion (A) and Reason (R) are true and Reason (R) is the correct explanation of Assertion (A).
Solution : One cornerstone of contemporary economics is the law of supply and demand. This idea states that the amount offered and the price of a good are inversely connected. This makes sense for many products since when prices rise, fewer people will be able to purchase them, which will reduce demand. The price-demand curve has a downward slope. Hence option a is the correct answer.
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