Monopoly – A monopoly exists when a specific person or enterprise is the only supplier of a particular commodity. Monopolies are thus characterized by a lack of economic competition to produce the good or service, a lack of viable substitute goods, and the possibility of a high monopoly price well above the seller’s marginal cost that leads to a high monopoly profit.
Oligopoly – An oligopoly is a market form wherein a market or industry is dominated by a small number of sellers (oligopolists). Oligopolies can result from various forms of collusion which reduce competition and lead to higher prices for consumers. Oligopoly has its own market structure.
Perfect Competition – the situation prevailing in a market in which buyers and sellers are so numerous and well informed that all elements of monopoly are absent and the market price of a commodity is beyond the control of individual buyers and sellers.
Q2. Which of the following is represented by ‘Lorenz Curve’?
The Lorenz curve is a graphical representation of income inequality or wealth inequality developed by American economist Max Lorenz in 1905. The graph plots percentiles of the population according to income or wealth on the horizontal axis.
Q3. Which of the following is not a fundamental duty?
निम्नलिखित में से कौन सा एक मौलिक कर्त्तव्य नहीं है?
(a) To abide by constitution and respect the National Flag/ संविधान का पालन और राष्ट्रीय ध्वज का सम्मान करना
(b) To promote harmony and brotherhood/ एकता और भाईचारेको बढावा देना
(c) To uphold and protect the sovereignty/ प्रभुत्व की रक्षा और उसे बनाए रखना
(d) Abolition of titles except military and academic/ सैन्य और शिक्षा के अतिरिक्त सभी उपाधियों का उन्मुलन
To abide by the Constitution and respect its ideals and institutions, the National Flag and the National Anthem;
To cherish and follow the noble ideals which inspired our national struggle for freedom;
To uphold and protect the sovereignty, unity and integrity of India;
To defend the country and render national service when called upon to do so;
To promote harmony and the spirit of common brotherhood amongst all the people of India transcending religious, linguistic and regional or sectional diversities; to renounce practices derogatory to the dignity of women;
To value and preserve the rich heritage of our composite culture;
To protect and improve the natural environment including forests, lakes, rivers, wildlife and to have compassion for living creatures;
To develop the scientific temper, humanism and the spirit of inquiry and reform;
To safeguard public property and to abjure violence;
To strive towards excellence in all spheres of individual and collective activity, so that the nation constantly rises to higher levels of endeavour and achievement;
Who is a parent or guardian, to provide opportunities for education to his child, or as the case may be, ward between the age of six to fourteen years.
Q4. Which article can be used by The President of India to declare financial emergency?
किस अनुच्छेद का उपयोग करके भारत के राष्ट्रपति वित्तीय आपातकाल को घोषित कर सकते हैं?
Article 32 – Article 32 of the Indian Constitution enshrines this provision whereby individuals may seek redressal for the violation of their fundamental rights.
Article 349 – Special procedure for enactment of certain laws relating to language
Article 360 – Article 360 of Constitution of India deals with Provisions as to financial emergency.
Article 365 – Article 365 says that where any State has failed to comply with, or to give effect to, any directions given in the exercise of the executive power of the Union under any of the provisions of this Constitution, it shall be lawful for the President to hold that a situation has arisen in which the Government of the State cannot be carried on in accordance with the provisions of this Constitution
Q5. The Poona Pact was signed between Mahatma Gandhi and __________.
The Bengal Sati Regulation which banned the Sati practice in all jurisdictions of British India was passed on December 4, 1829 by the then Governor-General Lord William Bentinck. The regulation described the practice of Sati as revolting to the feelings of human nature.
Q7. Which of the following is NOT a primary green house gas in the earth’s atmosphere?
निम्नलिखित में से कौन सी गैस वायुमंडल में मुख्य ग्रीन हाउस गैस नहीं है?