Law
Question : Which of the following is the assumption of the law of demand? A: The commodity's price should not change. B: The quantity requested should not change. C: Substitute prices should not change.
Option 1: Only A correct
Option 2: B and C are correct
Option 3: Only C correct
Option 4: A, B, and C all are correct.
Correct Answer: Only C correct
Solution : According to the law of demand, if all other factors remain constant (cetris peribus), the price and quantity demand of any good or service are inversely related. When the price of a product rises, so does the demand for the same product. Hence substitute prices should not change.
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
Correct Answer: Pascal's law
Solution : The correct option is Pascal's law.
The external static pressure given to a confined liquid "is distributed or transmitted evenly throughout the liquid in all directions," as stated by Pascal's law.
According to Blaise Pascal, a pressure change at any point in a confined, incompressible fluid is transmitted throughout the fluid, so that change occurs everywhere. This principle is known as Pascal's law, Pascal's principle, or the principle of transmission of fluid pressure.
Question : In 1851, who founded the science of hydrodynamics with his law of viscosity describing the velocity of a small sphere through a viscous fluid?
Option 1: Daniel Bernoulli
Option 2: George Gabriel Stokes
Option 3: Evangelista Torricelli
Option 4: Heinrich Gustav Magnus
Correct Answer: George Gabriel Stokes
Solution : The correct option is George Gabriel Stokes.
In 1851, George Gabriel Stokes, an Irish mathematician and physicist, founded the science of hydrodynamics with his law of viscosity. This seminal work described the motion of a small sphere through a viscous fluid, providing fundamental insights into fluid dynamics and paving the way for significant advancements in fluid mechanics. He also made significant contributions to fluid dynamics, optics, and the behaviour of waves, coining the term Stokes' Law for viscous drag in fluids.
Question : Select the most appropriate option to substitute the underlined segment in the given sentence.
After a prolonged discussion, Gayatri got a permission from her parents to study law.
Option 1: got the permission
Option 2: got proper permission
Option 3: got permission
Option 4: got her permission
Correct Answer: got permission
Solution : The correct choice is the third option.
The original sentence contains an unnecessary article "a" before "permission". In English, when referring to the concept of permission, the noun "permission" is typically used without an article, as it is not a countable noun.
So, the correct sentence is: After a prolonged discussion, Gayatri got permission from her parents to study law.
Question : Which of the following Mughal rulers is believed to have ruled under the influence of his father-in-law, Itimad-ud-Daulah?
Option 1: Bahadur Shah II
Option 2: Jahangir
Option 3: Humayun
Option 4: Shah Alam I
Correct Answer: Jahangir
Solution : The correct answer is Jahangir.
Ghiyas Beg was a merchant from Iran. He was the father of Nur Jahan. Ghiyas Beg was appointed chief minister, or Wazir, by Jahangir upon his coronation as Mughal emperor. Jahangir gave his father-in-law the title of Itimad-ud-Daulah, or "Pillar of the Empire." Following her father's death in 1622, Nur Jahan placed an order for a mausoleum.
Question : Directions: A @ B means A is the husband of B. A & B means A is the mother of B. A # B means A is the wife of B. Which of the following options would mean P is the father-in-law of S?
Option 1: P @ Q & S # R
Option 2: Q @ P & R # S
Option 3: P @ Q & R # S
Option 4: P @ Q & R & S
Correct Answer: P @ Q & R # S
Solution : Given: A @ B means A is the husband of B. A & B means A is the mother of B. A # B means A is the wife of B.
Now, let's check the options – First option: P @ Q & S # R
From the above family tree, it shows that P is the father of S.
Second option: Q @ P & R # S According to the given information, the family tree will be –
From the above family tree, it shows that P is the mother-in-law of S. Third option: P @ Q & R # S According to the given information, the family tree will be –
From the above family tree, it is evident that the P is the father-in-law of S. Fourth option: P @ Q & R & S According to the given information, the family tree will be –
Here, the quadrilateral represents the male and the circular figure represents the female in the figure. From the above family tree, it shows that P is the grandfather of S.
So, only the third option fulfils the relation as per the family tree. Hence, the third option is correct.
Question : Law of Demand violations include:
Option 1: Substitution effect is negative
Option 2: Income effect is negative
Option 3: Negative income effect is less than substitution effect
Option 4: Negative income effect is greater than substitution effect
Correct Answer: Negative income effect is greater than substitution effect
Solution : Income effect is greater than substitution effect in giffen goods. Giffen goods are the exceptions to the law of demand. GIffen goods are those incredibly subpar products that, even if their prices go down, their demand goes down. Giffen products have a strong negative income effect, which indicates that when buyer income rises, so does consumer demand for these products. Hence option d is the correct answer.
Question : What is the difference between mandatory spending and discretionary spending?
Option 1: Mandatory spending is spending that is authorized by Congress every year, while discretionary spending is spending that is not authorized by Congress every year
Option 2: Mandatory spending is spending that is required by law, while discretionary spending is spending that is not required by law
Option 3: Mandatory spending is spending that is authorized by the President, while discretionary spending is spending that is authorized by Congress
Option 4: Mandatory spending is spending that is required by the Constitution, while discretionary spending is spending that is not required by the Constitution
Correct Answer: Mandatory spending is spending that is required by law, while discretionary spending is spending that is not required by law
Solution : The correct answer is (b) Mandatory spending is spending that is required by law, while discretionary spending is spending that is not required by law.
Mandatory spending, also known as entitlement spending, refers to government expenditures that are determined by existing laws and obligations. These are typically programs like Social Security, Medicare, Medicaid, and other mandatory benefit programs. The funding for mandatory spending is considered mandatory because it is required by the eligibility criteria and rules established in the legislation.
On the other hand, discretionary spending is spending that is determined by annual appropriation acts passed by Congress. It includes funding for various government agencies, defense, education, infrastructure, research, and other programs. Unlike mandatory spending, discretionary spending is subject to annual budget decisions and can be adjusted by Congress through the appropriations process.
To summarize, mandatory spending is legally required, while discretionary spending is subject to annual congressional appropriations.
Question : In which year was Gay-Lussac’s law of gaseous volumes given by Gay-Lussac?
Option 1: 1812
Option 2: 1800
Option 3: 1808
Option 4: 1802
Correct Answer: 1800
Solution : The correct option is 1808.
When we talk about Joseph Louis Gay-Lussac's law of combining volumes of gases, which was discovered in 1808 and published in 1809, we normally mean Gay-Lussac's law.
Question : Assertion: A financial market facilitates the exchange of financial assets.
Reason: Financial markets involve the trading of goods and services.
Option 1: Both assertion and reason are true, and the reason is the correct explanation of the assertion.
Option 2: Both assertion and reason are true, but the reason is not the correct explanation of the assertion.
Option 3: Assertion is true, but the reason is false.
Option 4: Assertion is false, but the reason is true.
Correct Answer: Both assertion and reason are true, but the reason is not the correct explanation of the assertion.
Solution : The correct answer is (b) Both assertion and reason are true, but the reason is not the correct explanation of the assertion.
The assertion is true. A financial market facilitates the exchange of financial assets, which include stocks, bonds, derivatives, currencies, commodities, and other financial instruments.
The reason is not a correct explanation. Financial markets primarily involve the trading of financial assets, not goods and services. While financial assets represent ownership of goods and services, the core function of financial markets is the exchange of these financial instruments rather than the underlying goods and services themselves.
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