Tag: social science

Questions Related to social science

When a relationship between DMU of a product and its prices is decided than it helps in determining __________.

social science prices and cost of living value and price utility, value and price price rise/inflation

  1. total marginal value of a product

  2. average utility of product

  3. price of product in market

  4. total utility value of product

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Correct Option: C
Explanation:

When the diminishing marginal utility is set in the market then that is compared with various prices in the market for the commodity which decides the ideal price for the commodity in the market which the consumer is willing to pay if they get required utility from the product. 

A capitalist economy uses_____as the principal means of allocating resources.

social science prices and cost of living value and price utility, value and price price rise/inflation

  1. Demand

  2. Supply

  3. Efficiency

  4. Prices

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Correct Option: D
Explanation:

In a capitalist economy, personal gains are given more preference than social welfare. Therefore, allocating of resources takes place on the basis of what value it will yield after production and this done through prices.

Change in the quantity supplied is caused by a change in ___________.

social science prices and cost of living value and price utility, value and price price rise/inflation

  1. price

  2. income

  3. weather

  4. energy costs

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Correct Option: A
Explanation:

Law of supply states that if the price of a commodity changes other factors remaining constant then the quantity supplied of the commodity also changes.

Prices rate is determined on the basis of demand and supply, such kind of an economy is?

social science prices and cost of living value and price utility, value and price price rise/inflation

  1. Market driven economy

  2. Closed economy

  3. Seller driven economy

  4. None of the above

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Correct Option: A
Explanation:

The demand and supply of a commodity prevails in the market, so if their are changes in the price of the commodity due to change in its demand and supply in the market then it is said that market influences the price rate in the economy.

When prices are falling continuously, the phenomenon is called ___________.

social science prices and cost of living value and price utility, value and price price rise/inflation

  1. inflation

  2. stagflation

  3. deflation

  4. reflation

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Correct Option: C
Explanation:

When prices are falling continuously, the phenomenon is called deflation.

Example of substitutes can be:

social science prices and cost of living value and price utility, value and price price rise/inflation

  1. Tea and sugar

  2. Car and petrol

  3. Pen and Ink

  4. None of the above

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Correct Option: D
Explanation:

Substitute goods are those goods which can be used in place of each other as and when required. Example- tea and coffee.

Administered prices means:

social science prices and cost of living value and price utility, value and price price rise/inflation

  1. Prices fixed by private sector under the guidance of government

  2. Prices fixed by consumer forums

  3. Prices fixed by the Government and private sector

  4. Prices level fixed by the Government

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Correct Option: D

If your cell phone is ringing while you are in driving, you should ________.

social science traffic education traffic and road safety natural hazards : understanding of disaster, management in practice man-made disasters

  1. Answer while driving, and keep a look out for traffic police.

  2. Answer it if the call is from your parents.

  3. Answer it if you have hands-free device

  4. Never mind

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Correct Option: D

Driving faster than traffic and passing the other cars will ______.

social science traffic education traffic and road safety natural hazards : understanding of disaster, management in practice man-made disasters

  1. Increase fuel efficiency

  2. Helps prevent traffic congestion

  3. Increases your chance of an accident

  4. Is ok if you are a parent and late picking up your child

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Correct Option: C

 When you are approaching to a traffic junction, you should ________.

social science traffic education traffic and road safety natural hazards : understanding of disaster, management in practice man-made disasters

  1. Speed up and drive through the junction.

  2. Slow down and prepare to stop if the traffic light turns amber.

  3. Maintain your speed.

  4. Honk your horn and flash your lights and go fast through the junction.

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Correct Option: B