Question : In which of the following cases does the law of demand fail?
Option 1: Giffen goods
Option 2: Normal goods
Option 3: Inferior goods
Option 4: Both Giffen and inferior goods
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Correct Answer: Giffen goods
Solution : The correct answer is Giffen goods.
The law of demand generally holds that when a good's price goes up, people tend to buy less of it, and when its price goes down, they buy more. However, Giffen goods stand as a unique exception to this principle. Giffen goods, while uncommon, are typically linked to essential but lower-quality products, such as basic staple foods.
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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
Question : Which law was based on notes of the music?
Option 1: Newton law
Option 2: Law of octaves
Option 3: Mendeleev law
Option 4: Modern periodic law
Question : Which law was proposed in 1811, predicted that the same volume of gases at the same temperature and pressure would have the same number of molecules?
Option 1: Dalton’s law
Option 2: Gay-Lussac’s law
Option 3: Avogadro’s law
Option 4: Charles' law
Question : Which of the following launched NEAT 3.0 to provide the best-developed ed-tech solutions?
Option 1: Ministry of Law and Justice
Option 2: Ministry of Electronics and Information Technology
Option 3: Ministry of Social Justice and Empowerment
Option 4: Ministry of Education
Question : Which of the following Articles of the Indian Constitution deals with the Right to Equality before the Law?
Option 1: Article 13
Option 2: Article 14
Option 3: Article 15
Option 4: Article 17
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