Consider the following statements.1. The demand for necessities in inelastic.2. Demand for luxuries is elastic.3. A product which has several uses has an elastic demand.Which of the statement(s) given above is/are correct?

When demand for a factory's products is high, more money is spent at the factory for safety precautions and machinery maintenance than demand is low. Thus the average number of on-the-job accidents per employee each month should be bower during periods when demand is high than when demand is low and less money is available for safety precautions and machinery maintenance. Which of the following,if true about a factory when demand for its product is high casts the most serious doubt on the conclusion drawn above?

A

Its employees ask for higher wages than they do at other times.

B

Its management hires new workers but lacks the time to train them properly.

C

Its employees are less likely to lose their jobs than they are at other times.

D

Its management sponsors a monthly safety award for each division in the factory.

Consider the following statements.
1. Demand is always related to price and time.
2. Individual demand is the sum total of individual demand function.
3. Demand is desire/want back of money.
Which of the statement(s) given above is/are correct?

A

Both 1 and 2

B

Only 1

C

Only 2

D

All of the above

Which of the following statement (s) is/are true about the following eliminations? (1) Hoffmann product is major product in I (2) Saytzeff product is major product in I (3) Hoffmann product is major product in II (4) Saytzeffproduct is major product in II

A

1 and 2

B

1 and 4

C

2 and 3

D

3 and 4

when demand for factory's products is high . more money is spent at the factory for safety precautions and machinery maintenance than when demand is low. thus the average number of on -the-job accidents per employee each month should be lower during perids when demand is high than when demand is low and less money is available for safety precautions and machinery maintenance .when demand for its products is high, casts the most serious doubt on the conclusion drawn above?

A

Employees demand for higher wages than they do at other times.

B

Authority hires new workers but lacks the time to rain them properly.

C

Employees are less likely to lose their jobs than are at other times.

D

Authority sponsors a monthly safety award for each division in the factory.

Three elastic constants for a completely anisotropic elastic material which follows the Hooke's law are young's modulus, elastic limit stress and yield stress. Which of the following properties is most sensitive to increase in strain rate ?

A

Tensile strength

B

Elastic limit

C

Proportional limit

D

Yield strength

Consider the below statements. (i) Inspection is the process of measuring the quality of a product or service in terms of established standards. (ii) Inspection is the art of comparing materials, products or performances with established standards. (iii) Inspection is the art of applying tests, preferably by the aid of measuring appliances to observe whether a given item of product is with n the specified limits of variability. (iv) Inspection is not a tool for controlling the quality of the product. Which of the above statements are correct?

A

i, ii

B

i, v, iv

C

i, ii, iii, iv

D

ii, i, iii

Elastic failure of a material occurs, when the tensile stress equals yield strength, yield point or the elastic limit. Also, the elastic failure occurs according to maximum strain theory, when the maximum tensile strain equals (where, $$\sigma $$ = yield strength and E = modulus of elasticity)

A

E

B

$$\sigma $$

C

$$\frac{\sigma }{{\text{E}}}$$

D

$$\frac{{\text{E}}}{\sigma }$$

Consider the following statements
1. Decrease in demand is caused by change in factors other than own price of the commodity.
2. Contraction of demand is caused by decrease in own price of the same commodity.
3. Extension of demand is caused by increase in own price of the same commodity.
Which of the statement(s) given above is/are correct?

A

Only 1

B

Both 1 and 2

C

Both 2 and 3

D

None of these

Consider the below statements. (i) Quality is defined as fitness for the purpose at the lowest cost (ii) Quality is a grade of the product in appearance, performance, life, reliability, taste, odour, maintainability etc (iii) Quality is the degree to which a specified product is preferred over competing products of equivalent grade, based on the comparative test by customers, normally called as customer’s preference (iv) Quality is a measure of the degree of the general excellence of the product (v) Quality may be defined as the degree of conformance to design and specifications Which of the above statements are correct?

A

i, ii

B

i, v, iv

C

i, ii, iii, iv, v

D

ii, iv, iii

Which of the following could provide an example of exceptional demand curves?
1. Demand for "Giffen goods"
2. Demand based on fears of a future rise in prices
3. Demand for second-hand clothes
4. Demand for daily newspapers
Select the right answer:

A

1 only

B

1 and 2

C

2 and 3

D

1, 2, 3 and 4

Consider the following statements.
1. The demand for necessities in inelastic.
2. Demand for luxuries is elastic.
3. A product which has several uses has an elastic demand.
Which of the statement(s) given above is/are correct?

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