61. The Winner of Best Actor at 60th National Film Awards were
(A) Amir Khan and Salman Khan
(B) Shahrukh Khan and Amir Khan
(C) Irfan Khan and Vikram Gokhale
(D) Ajay Devgan and Amir Khan
Answer:
(C) Irfan Khan and Vikram Gokhale
Explanation:
At the 60th National Film Awards (2012), the prestigious Best Actor award was tied and shared by Irrfan Khan (for Paan Singh Tomar) and Vikram Gokhale (for Anumati)
62. The central economic problem of every society is
(A) To maintain peace in the world
(B) To prevent riots in our cities
(C) The scarcity of economic resources
(D) To preserve democracy
Answer:
(C) The scarcity of economic resources
Explanation:
The fundamental, core problem underlying all of economics is “scarcity”—the fact that societies possess limited resources to fulfill virtually unlimited human wants and needs.
63. If the percentage increase in the quantity of a commodity demanded is smaller than the percentage fall in the price, the coefficient of price elasticity of demand is
(A) Greater than 1
(B) Equal to 1
(C) Less than 1
(D) Zero
Answer:
(C) Less than 1
Explanation:
Price elasticity of demand is calculated as the % change in quantity demanded divided by the % change in price. If the numerator (quantity change) is smaller than the denominator (price change), the resulting coefficient is less than 1 (meaning demand is inelastic).
64. Indifference curve is downward sloping from left to right since more X and less Y give
(A) Less satisfaction
(B) More satisfaction
(C) Maximum satisfaction
(D) Same level of satisfaction
Answer:
(D) Same level of satisfaction
Explanation:
An indifference curve represents combinations of two goods that yield the same level of satisfaction. Therefore, to get more of good X while maintaining that same utility, one must give up some of good Y, making the curve slope downwards.
65. The cost that a firm incurs in purchasing or hiring any factor of production is called _________
(A) Explicit cost
(B) Implicit cost
(C) Variable cost
(D) Fixed cost
Answer:
(A) Explicit cost
Explanation:
Explicit costs are the direct, out-of-pocket, measurable monetary payments a firm makes to purchase or hire external factors of production (like wages to workers or raw materials).
