Tag: social science

Questions Related to social science

Identify the types of rainwater harvesting method.

social science water a precious resource water resources and conservation receding water table water conservation and irrigation

  1. Roof top

  2. Run off

  3. Dam

  4. Both A and B

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Correct Option: D
Explanation:
  • Rainwater harvesting is the collection and storage of rainwater for reuse on-site, rather than allowing it to run off. 
  •  These stored waters are used for various purposes such as gardening, irrigation, etc.
  • Broadly there are two ways of harvesting rainwater. They are Surface runoff harvesting and Rooftop rainwater harvesting.
  • Hence Rooftop and runoff are the types of rainwater harvesting methods.
  • So, the correct answer is 'Both A and B'.

Tertiary consumers in ponds, feed on

social science water a precious resource water resources and conservation receding water table water conservation and irrigation

  1. Big fishes

  2. Plants

  3. Planktons

  4. Decomposers

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Correct Option: A

Water contains impurities during

social science water a precious resource water resources and conservation receding water table water conservation and irrigation

  1. Evapo-transpiration

  2. Condensation

  3. Transpiration

  4. Filtration

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Correct Option: B

The ratio of current year prices to the base year price multiplied by 100 is called ________ index number.

social science index number value and price important index numbers price rise/inflation

  1. quantity

  2. price

  3. quality

  4. cost of living

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Correct Option: B

_____ measures the average change in retail

prices. 

social science index number value and price important index numbers price rise/inflation

  1. WPI

  2. CPI

  3. IIP

  4. None

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Correct Option: B

Pricing strategy which considers setting price after designing marketing program is termed as _______.

social science index number value and price important index numbers price rise/inflation

  1. Value based pricing

  2. Cost based pricing

  3. Discount based pricing

  4. Ceiling based pricing

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Correct Option: A
Explanation:

Value-based price is a pricing strategy which sets prices primarily, but not exclusively, according to the perceived or estimated value of a product or service to the customer rather than according to the cost of the product or historical prices.

If customers perceive that price of product is greater than value then customer _______.

social science index number value and price important index numbers price rise/inflation

  1. Would get product free of cost

  2. Would get discount

  3. Would buy that product

  4. Would not buy the product

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Correct Option: D
Explanation:

If customers after bergain find out the offered price of a product is more than what it is originally, that means the customer needs to give a higher price for their satisfaction. In such a case, the opportunity cost of the product is more than expected. o customers will prefer not buy such products.

Set price limit from which no more demand is accepted is termed as _______.

social science index number value and price important index numbers price rise/inflation

  1. Cost ceiling

  2. Cost floor

  3. Price ceiling

  4. Price floor

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Correct Option: C
Explanation:

A price ceiling is a government-imposed price control or limit on how high a price is charged for a product. Governments intend price ceilings to protect consumers from conditions that could make commodities prohibitively expensive. Such conditions can occur during periods of high inflation or in monopolistic markets.

Company will face low sales and low markups if company sets its product prices _____.

social science index number value and price important index numbers price rise/inflation

  1. Too high

  2. Too low

  3. Too discount

  4. None of above

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Correct Option: A
Explanation:

If any company sets the price of its product or service too high, in the sense it is higher than others, even if they aren't compromising on other factors such as quality etc, the company will face low sales and low markup by the consumers. That is because the consumers will tend to buy from ones who have lesser prices at the best opportunity cost of other factors.

Third step of value based pricing is to ______.

social science index number value and price important index numbers price rise/inflation

  1. Assess needs of customer

  2. Set target price

  3. Determine incurred costs

  4. Design product

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Correct Option: C
Explanation:

Value based pricing is the strategy which sets prices primarily, but not exclusively, according to the perceived or estimated value of a product or service to the customer rather than according to the cost of the product or its historical prices. So once the customer needs are found out and a target price is set, the incurred costs behind those products need to be found out.