Law MCQ Question For 1st year. Chapter-Indian Contract Act- Part -1
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21 September 2017
Economics MCQ Chapter: Demand and supply. 1
Chapter Demand and Supply. Part -1
1. The natural shape of the demand curve is?
A. Horizontal
B. Vertical
C. Downward
D. Upward
2. Law of demand shows the relation between ---
A. Income and the price of the commodity
B. Price and quantity of a commodity
C. Supply and income
D. Price and savings
3. When there is a huge availabity of substitute product the elasticity of price will be
A. Larger
B. Lower
C. Similar
D. 1
4. The elasticity of Necessity commodity is
A. Very low
B. very high
C. Equal to 0
D. Either High or Low
5. When there is perfect elasticity in the market, a decrease in price will result in?
A. Increase in Demand of the commodity
B. Decrease in the Demand
C. Both 1 and 2
D. either 1 or 2
6. RAJU buys spends ₹5000 on a product, no matter what is the price the product he will spend ₹5000 only. The elasticity of demand is—
a. More Than 1
b. Less than 1
c. Equals to 1
d. 0
7. Which of the following is the assumption to the law of demand?
A. The price of the substitute product is fixed.
B. The demand of the product is fixed
C. The price of the product is fixed
D. the product is for free
8. Which one of the following is the substitute of Tea
A. Sugar
B. Water
C. Coffee
D. oil
9. Income elasticity of normal goods is
A. Negative
B. Positive
C. none of these
D. 0
10. Demand is a function of
A. Goods
B. Demand
C. supply
D. price
ANSWER KEY: 1-c, 2-b, 3-a, 4-a, 5-a, 6-c, 7-a, 8-c, 9-b, 10-d
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18 September 2017
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2 September 2017
Fake Note From ATM? See what you can do to secure your money.
How to deal with fake Note if you get it from any ATM.
Have you got any fake or counterfeit Note from ATM? Do you know what to do if you get a fake note from ATM?
We all know that the number of fake notes is again increasing. if you are going to deposit money into your bank account, and the note is a fake note, your money will not be deposited instead bank officer will seize the money and will note down the details of the money along with your signature.
But what if you get a fake note from ATM? There is neither any officer nor any proof to prove that the Fake note is from the ATM.
You should follow the following steps to protect your money :-
Use CCTV camera: As and when you get a fake note, show both the side of the fake note to The CCTV camera. This is instance visual proof of the fake note. Meet ATM Guard: Talk to the ATM guard and explain the fact, afterward write down the detail of the note (NO. of note Etc) on a paper and have a sign from the Guard. Contact the Bank: Do call or visit the bank if possible and explain the thing and show a copy of the Fake Note along with the copy which you wrote with the Guard. Police Diary: Make a GD with nearest police station On the fact.
You can also inform RBI about the fact. Now you have Strong proof on your side and you will get back your money.
Thank you and be careful every time you use ATM
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1 September 2017
99% of Money found its way back to Bank. is this okey?
Demonetization is really a big failure or a major success?
As per RBI statement, 99% of high-denomination value notes (₹1000 & ₹500) have found its way back to the banking system. Now you may think that the total procedure has resulted in a great failure. Right?
Here are few things to know.
The intention of demonetization was not to cancel out money from the economy if a major part of the money couldn’t get its way back, the economy could have faced a great damage and disturb due to lack of money.
The main objective of demonetization was to track all the money. As all the money found its way back to the bank, the government has information of one’s money.
Some Positive Points of demonetization are described below.
1. What Happened to self-declared Black Money: Government has charged 50% tax on self-disclosed money (earlier which was black money) and 25% of the money was kept with the government for 4 years without any interest, only the rest 25% of the money was returned to the owner.
2. Way out of fake currency: counterfeit money is considered to be the cancer of any economy, due to some dishonest and corrupt people our country was grabbed by the fake currency which resulted in de-growth of our economy. The step of voiding the old 500 and 1000 currencies completely removed the fake currency and for high security of the new currency, it is also very hard to print new fake currencies. so, there is less fake currency.
3. Increase in the Number of Tax Payers: The official number of Income Tax Payers showed that 5,60,000 new tax payers have filed returns this year compared to only 2,20,000 tax payers last year.
4. The growth of Economy: After demonetization, a very larger amount of black money has stepped into the white economy which helped the economy to boost. All money has come under the observation of government and it is easy to trace any transaction and they can be taxed easily too.
5. A step towards digitization: The non-availability of currency somewhat forced the common people towards the online mode of transaction. And it is seen that now young India is preferring digital mode to cash.
6. To stop terror funding: terrorists are mostly funded by cash and the fund used to be derived from illegal activity and fake currencies. So now there is less scope to fund terror.
At the last but not the least I would like to state as per light of above mentioned facts that demonetization is no doubt a considerable and important step which is appreciated by several international organizations and individuals including The World Bank, IMF, and ADB etc. this initiative has ignited a light of positivity in the heart of citizen in particular among the young stars which will create a positive neuro path and will result in a rapid circle of growth. The whole country will flow by the stream of prosperity, wealth, and peace towards a bright and shining future.
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