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 to spend a smaller proportion of their income on necessities like food and have more money available for other purchases.
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Question : The law of demand is based on:
Option 1: Manufacturer's preference
Option 2: Seller's preference
Option 3: Supplier's preference
Option 4: Consumer's preference
Question : Which law was developed in the 1600s to describe that any force applied to a confined fluid is transmitted equally in all directions, regardless of the shape of the container?
Option 1: Magnus's law
Option 2: Graham's law
Option 3: Pascal's law
Option 4: Torricelli's law
Question : The Newton's First law is also called as:
Option 1: Law of moments
Option 2: Law of interia
Option 3: Law of energy
Option 4: law of momentum
Question : Newton's first law is also known as:
Option 1: Law of friction
Option 2: Law of momentum
Option 3: Law of inertia
Option 4: Law of motion
Question : Directions: Mukesh's sister is the wife of Ramesh. Ramesh is Rani's only brother. Ramesh's father is Madhur. Sheetal is Ramesh's paternal grandmother. Rema is Sheetal's daughter-in-law. Ronit is Rani's brother's son. How is Ronit related to Mukesh?
Option 1: Son
Option 2: Nephew
Option 3: Brother
Option 4: Brother-in-law
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