**1. You have an option to attend lady gaga and metallica concerts, but both are on the same day. You have lady gaga tickets for free. You would be willing to pay Rs 500 for a metallica ticket, but the tickets are available at Rs 400. If you cannot sell the Lady Gaga tickets and you want to attend Metallica. What is your opportunity cost?
a. 10
b. 40
c. 50
d. 0
2. If we live in a country where the perpetual real rate of interest is 2% and the people (or the market) of the country believes the inflation would be around 6% p.a. for the next 5 years. But there is a Baba Ramdev who has been known to accurately predict the future interest rates because of his magical powers. He has always predicted it correctly, and it is safe to assume that he always will too. He predicts (or maybe he knows because of his divine powers) that the inflation will be 5% p.a. over the next 5 years. But cunningly enough, he does not tell anyone. What do you think the exact real returns would be at the end of 5 years for a Rs 100 investment made today(approximately).
a. 147.75
b. 140.91
c. 145.56
d. 143.29
3. The RBI has recently been blamed saying that the policies they have used to reduce inflation are detrimental to growth. Inflation reduction almost always costs a slowdown in the economy. During the Reagon-Volcker administration the policies that caused disinflation and recession shocked the economy with high unemployment but succeeded in reducing inflation. The loss in the output that the economy experienced for every percent reduction in inflation was called:
a. Okun’s Percentage
b. GDP Deflator
c. Sacrifice Ratio
d. Shock Ratio
4. In a certain market, a manager is willing to pay extra (more than the equilibrium price) to his employees, just so that they perform better than their peers in other similar companies. This in economics forms the basis of X. Because of the extra wage that workers get, there is lesser adverse selection; fewer employees quit the job and those who stay work hard to maintain their jobs. What is X?
a. Residual Claimant theory
b. Wage Fund Theory
c. Efficiency Wage theory
d. Subsistence Theory of Wages
5. Under the paradigm of Keynesian Economics, consider an economy with very high savings rate and low interest rates. In such a situation, any injection of capital by the central bank does not lead to an increase in bond purchases because the low interest rates generate an expectation of an imminent interest rate rise. Because of such a mentality, stimulation of an economy by increasing the money supply becomes a worthless exercise.
a. Keynesian Endpoint
b. Liquidity Squeeze
c. Liquidity Trap
d. Pigou Effect
6. A large country introduces import tariffs on a certain good. Which of the following decrease?
I. Overall Consumption II. Price Domestic Consumers Pay
III. Price Foreign Producers receive IV. Quantity of Imports
a. I, III
b. I, III, IV
c. I only
d. IV only
7. The demand for Good A decreases with an increase in income; it has few substitutes and has a positive elasticity of demand. Good A’s demand increases with an increase in price. Good B is a positional good who’s demand decreases when there is a reduction in prices. Good A and Good B are respectively:
a. Inferior Good, Veblen good
b. Giffen Good, Velben good
c. Velben Good, Inferior Good
d. Inferior Good, Giffen Good
**8. Tata Motors makes Tata Nanos at their Sanand Plant in Gujarat, which have a price of Rs 1 Lakh (All inclusive) globally. Tata exports 500 Nanos to a New York based Cab Company and the Cab Company deposits $ 1 million check in Tata’s Bank Account at Citibank’s NY branch. What is the impact on the current and capital account balances of India. Current Exchange rate: 1 USD = Rs 50.
a. Current Account Credit, Capital Account Debit
b. Current Account Debit, Capital Account Debit
c. Current Account Debit, Capital Account Credit
d. Current Account Credit, Capital Account Credit
**9. In case of fixed exchange rate and capital immobility an expansionary fiscal policy can lead to
a. Increased Income, Increased interest rates
b. Increased Income, Same interest rates
c. Same Income, Increased interest rates
d. Increased Income, Decreased interest rates
10. In the 2005 celebration honoring Alan Greenspan, this particular economist rose up and delivered a paper that was extremely critical of the current state of financial sector. Among other things, he was the chief economist at the IMF and was named by Foreign Policy magazine in its list of top global thinkers.
a. Nouriel Roubini
b. Jeffery Sachs
c. Raghuram Rajan
d. Dominique Strauss-Kahn
11. Suppose a person X wants to buy a card worth Rs 30 and borrows that money from his friend Y to pay to the card shop owner. Person X promises to pay Person Y the money at a later date. Which of the following is true?
I. The obligation of X to Y is not money
II. The payment given by X to shop owner is money
* Here money is either of the three types of money i.e. M1, M2 or M3
a. Neither I nor II
b. Only I
c. Only II
d. Both I and II
12. In the seventeenth century, John Locke, urged the parliament to vote against a bill which intended to reduce the permissible interest rate in the economy. He argued that it would not help the borrowers as the lenders would find ways to circumvent the law and the cost will be borne by the borrower. He concluded that this would lead to lesser available credit and income redistribution. This is an example of which economic/social-science phenomenon?
a. Public Choice Theory
b. Dynamic Inconsistency
c. Theory of Unintended Consequences
d. Social Choice Theory
13. After buying a movie ticket, an economist overhears a conversation between two people who have seen the movie already. Not hearing very favourable reviews, he starts to reconsider the decision to watch the movie. Being a busy man, he starts to weigh the costs and benefits of watching the movie. How then, will he designate the cost of the movie ticket?
Opportunity Cost
b. Sunk Cost
Fixed Cost
Marginal Cost
14. ‘The developing countries shouldn’t worry about the growing disparity in their countries when they enter the path of development. As they grow, the disparities will start to reduce.’ Which theory propounds this statement?
Philips’ Curve
Stolper-Samuelson Theorum
c. Kuznets Curve Hypothesis
Solow Model
15. India and the US trade in a number of goods and services. This, despite the fact that the US is technologically sound enough to produce almost everything in a fashion far more efficient than India. What is the theory underlying the trade between the countries, despite this?
Theory of Absolute Advantage
b. Theory of Comparative Advantage
Marginal Cost Analysis
Ricardo’s Theory of Trade
16. In what kind of economic situation can following an expansionary monetary policy actually help in reducing inflation?
Hyper-Inflation
Structural Inflation
c. Stagflation
Deflation
17. Life insurance companies typically conduct a medical examination of policy applicants. Such a requirement helps them prevent the problem of ______; The principal-agent problem as well as labor market problems such as unemployment can be best explained by _______; In insurance markets, ____ occurs when the behaviour of the insured changes such that it raises costs for the insurer, since the insured person no longer bears the full cost of that behaviour
a) Adverse selection, market signalling, moral hazard
b) Asymmetric information, adverse selection, moral hazard
c) Moral hazard, asymmetric information, moral hazard
d) Adverse selection, asymmetric information, moral hazard
18. Production possibility frontiers are typically ____ because______;
a) Concave; there is increasing marginal utility
b) Convex; there are decreasing returns to scale
c) Concave; there are decreasing returns to scale
d) Convex; there is diminishing marginal utility
19. Economists would believe that whales have become endangered because _______; this commonly refers to a phenomena of ____________
a) Of natural selection; adverse selection
b) Fisherman have killed too many whales; tragedy of commons
c) Fisherman have killed too many whales; principal-agent problem
d) Of natural selection; a zero sum relationship
20. A person who is rendered redundant because of the contraction/recession in an industry is facing ____________; A person left his previous job as he was not comfortable working for the previous employer because of location issues, he however is looking for another job, he/she faces ___________________;
a) Frictional unemployment; classical unemployment
b) Structural unemployment; frictional unemployment
c) demand-deficient unemployment; frictional unemployment
d) classical unemployment; classical unemployment
21. A cartel is a formal (explicit) agreement among competing firms. Cartels usually occur in an oligopolistic industry, where there is a small number of sellers and usually involve homogeneous products. In a cartel_____
a) firms believe that price increases result in a very elastic demand and each firm produces where marginal cost equals marginal revenue
b) one dominant firm takes the reactions of all other firms into account in its output and pricing decisions and produces where the average cost curve is minimum
c) firms coordinate their decisions to act as a multi-plant monopoly and each firm produces where marginal cost equals marginal revenue
d) firms coordinate their decisions to act as a multi-plant monopoly and each firm produces where price equals marginal cost
**22. Choose the correct option
a) The accountant’s cost of producing a car is the value of goods that were given up to produce the car and this firm’s economic profits are given by total revenue minus the firm’s opportunity cost
b) The accountant’s cost of producing a car is the marginal cost of the last car produced and this firm’s economic profits are given by total revenue minus sum of total accounting cost and firm’s opportunity cost
c) The accountant’s cost of producing a car is the out-of-pocket payments made to produce the car and this firm’s economic profits are given by total revenue minus total economic cost
d) The accountant’s cost of producing a car is the marginal cost of the last car produced and this firm’s economic profits are given by total revenue minus the firm’s opportunity cost
23. “The less elastic its demand curve, the more monopoly power a firm has”. Which factor determines a firm’s elasticity of demand?
I. Elasticity of market demand
II. Number of firms in the market
III. The interaction among firms
a) I and III only
b) II and III only
c) I and II only
d) I , II and III
24. If you are head of a firm in a perfectly competitive market, you would be spending your time making decisions on________________ ; As compared to a competitive market, a monopoly _______________
a) What price to charge; produces lesser output and earns only a normal profit
b) How much of each input to use; produces lesser output and earns economic profits.
c) Design of the product; produces lesser output and earns economic profits.
d) How much to spend on advertising; produces more output and earns economic profits
25. The index used for calculating headline inflation in India is _______; An index of prices of all domestically produced goods in the economy is the________
a) Consumer price Index; GDP deflator
b) Wholesale price index; GDP deflator
c) Wholesale price index; Producer price index
d) Consumer price index; Producer price index
26. In an imaginary country assume that the markets have failed to allocate the resources efficiently in the economy, the ultimate source of the problem could be that
The greed of the market players
prices are not low so firms overproduce.
prices are not high so people overconsume
d. property rights are not well established
27. Choose the correct option
a. a shift of the aggregate demand curve will eventually change both the price level and the level of real output
a reduction in the general price level results in a reduction in aggregate demand
Supply-side economists say that if taxes are cut so that people have an increased incentive to work and businesses have an increased incentive to invest then aggregate supply will increase, aggregate output will increase, and the price level will increase
supply-side economists say that if taxes are cut so that people have an increased incentive to work and businesses have an increased incentive to invest then both aggregate supply and demand will increase and the price level will increase
28. Who of these designated as the ‘dictatorship of the proletariat’ as the ultimate aim of the socialist revolution?
a. Vladimir Lenin
Karl Marx
Mao Zedong
Leon Trotsky
29. Imagine country XYZ. It follows the gold standard exchange rate and puts no barriers on capital flowing in or out. This country now faces a situation of extreme inflation. What will happen if it raises the interest rates to cope with this?
Reduction in Money Supply, leading to a fall in inflation
b. Increase in Demand for real balances, leading to a fall in inflation
Slight change in real terms, mostly a monetary change
A fall in Money Demand, leading to a fall in inflation
30. Choose the correct option:
The principle of multiplier states that any increase in national income will result in a larger increase in aggregate spending
The principle of multiplier states for any given increase in income, there will be a less than proportional increase in consumer spending
Suppose that a government increases its spending by 5% and also increases taxes by 5%. This will have no effect on national income
d. Suppose that the government increases its spending by 5% and also increases taxes by 5%. This will have an expansionary effect on national income
31. In economics, the Laffer curve is a theoretical representation of the relationship between government revenue raised by taxation and all possible rates of taxation. According to the curve as tax rate increases, tax revenues
increases
decreases
c. initially increases then decreases
initially decreases then increases
32. A ship from a certain country in 2009 was anchored near Chennai for refuelling. This was a soverign owned ship, unfortunately the captain of the ship was arrested for not having enough money to get the permission for anchoring. Leave alone the money required to refuel. This incident was an outcome of what phenomenon? It will help if you can guess the country
A) Famine
B) Stagflation
C) B > 1, Hyperinflation
D) B < 1, Hyperinflation
33. “We are going to let the bull loose” – was the part of the speech that Ronal Reagan gave. It was a sign of things to come in the form of Regulation Policies for financial firms that America will come to see.
During this speech there was a famous dialogue by a certain X in which he asked the president to “hurry up” his speech. X was chief of staff (US Gov.) and also chairman of a famous financial institution (Brokerage firm). Who was X.
A) James Baker
B) Donald Regan
C) Donald Rumsfeld
D) William Daley
34. This hotel X in city Y is a 105 floor building. Its construction began in 1987 and was slated for completion in 1989. Now, from here on till 2008 the building’s fate mirrored the country Y’s fate. After few delays the construction was stopped in 1992. The fall of the Soviet Union resulted in Y’s economy getting affected and thus created a shortage of raw materials and monetary flow. The incomplete building stood in this state for 16 years, till the exterior was completed in 2011. The interior still remains incomplete (A striking resemblance to the country Y, metaphysically!). So what is the country Y?
A) Poland
B) Mongolia
C) Georgia
D) North Korea
35. Old Major:X::Napolean:Y::Snowball:Z. X,Y,Z?
A) Karl Marx, Joseph Stalin, Vladimir Lenin
B) Vladimir Lenin, Karl Marx, Joseph Stalin
C) Leon Trotsky, Joseph Stalin, Vladimir Lenin
D) Karl Marx, Leon Trotsky, Joseph Stalin
a. 10
b. 40
c. 50
d. 0
2. If we live in a country where the perpetual real rate of interest is 2% and the people (or the market) of the country believes the inflation would be around 6% p.a. for the next 5 years. But there is a Baba Ramdev who has been known to accurately predict the future interest rates because of his magical powers. He has always predicted it correctly, and it is safe to assume that he always will too. He predicts (or maybe he knows because of his divine powers) that the inflation will be 5% p.a. over the next 5 years. But cunningly enough, he does not tell anyone. What do you think the exact real returns would be at the end of 5 years for a Rs 100 investment made today(approximately).
a. 147.75
b. 140.91
c. 145.56
d. 143.29
3. The RBI has recently been blamed saying that the policies they have used to reduce inflation are detrimental to growth. Inflation reduction almost always costs a slowdown in the economy. During the Reagon-Volcker administration the policies that caused disinflation and recession shocked the economy with high unemployment but succeeded in reducing inflation. The loss in the output that the economy experienced for every percent reduction in inflation was called:
a. Okun’s Percentage
b. GDP Deflator
c. Sacrifice Ratio
d. Shock Ratio
4. In a certain market, a manager is willing to pay extra (more than the equilibrium price) to his employees, just so that they perform better than their peers in other similar companies. This in economics forms the basis of X. Because of the extra wage that workers get, there is lesser adverse selection; fewer employees quit the job and those who stay work hard to maintain their jobs. What is X?
a. Residual Claimant theory
b. Wage Fund Theory
c. Efficiency Wage theory
d. Subsistence Theory of Wages
5. Under the paradigm of Keynesian Economics, consider an economy with very high savings rate and low interest rates. In such a situation, any injection of capital by the central bank does not lead to an increase in bond purchases because the low interest rates generate an expectation of an imminent interest rate rise. Because of such a mentality, stimulation of an economy by increasing the money supply becomes a worthless exercise.
a. Keynesian Endpoint
b. Liquidity Squeeze
c. Liquidity Trap
d. Pigou Effect
6. A large country introduces import tariffs on a certain good. Which of the following decrease?
I. Overall Consumption II. Price Domestic Consumers Pay
III. Price Foreign Producers receive IV. Quantity of Imports
a. I, III
b. I, III, IV
c. I only
d. IV only
7. The demand for Good A decreases with an increase in income; it has few substitutes and has a positive elasticity of demand. Good A’s demand increases with an increase in price. Good B is a positional good who’s demand decreases when there is a reduction in prices. Good A and Good B are respectively:
a. Inferior Good, Veblen good
b. Giffen Good, Velben good
c. Velben Good, Inferior Good
d. Inferior Good, Giffen Good
**8. Tata Motors makes Tata Nanos at their Sanand Plant in Gujarat, which have a price of Rs 1 Lakh (All inclusive) globally. Tata exports 500 Nanos to a New York based Cab Company and the Cab Company deposits $ 1 million check in Tata’s Bank Account at Citibank’s NY branch. What is the impact on the current and capital account balances of India. Current Exchange rate: 1 USD = Rs 50.
a. Current Account Credit, Capital Account Debit
b. Current Account Debit, Capital Account Debit
c. Current Account Debit, Capital Account Credit
d. Current Account Credit, Capital Account Credit
**9. In case of fixed exchange rate and capital immobility an expansionary fiscal policy can lead to
a. Increased Income, Increased interest rates
b. Increased Income, Same interest rates
c. Same Income, Increased interest rates
d. Increased Income, Decreased interest rates
10. In the 2005 celebration honoring Alan Greenspan, this particular economist rose up and delivered a paper that was extremely critical of the current state of financial sector. Among other things, he was the chief economist at the IMF and was named by Foreign Policy magazine in its list of top global thinkers.
a. Nouriel Roubini
b. Jeffery Sachs
c. Raghuram Rajan
d. Dominique Strauss-Kahn
11. Suppose a person X wants to buy a card worth Rs 30 and borrows that money from his friend Y to pay to the card shop owner. Person X promises to pay Person Y the money at a later date. Which of the following is true?
I. The obligation of X to Y is not money
II. The payment given by X to shop owner is money
* Here money is either of the three types of money i.e. M1, M2 or M3
a. Neither I nor II
b. Only I
c. Only II
d. Both I and II
12. In the seventeenth century, John Locke, urged the parliament to vote against a bill which intended to reduce the permissible interest rate in the economy. He argued that it would not help the borrowers as the lenders would find ways to circumvent the law and the cost will be borne by the borrower. He concluded that this would lead to lesser available credit and income redistribution. This is an example of which economic/social-science phenomenon?
a. Public Choice Theory
b. Dynamic Inconsistency
c. Theory of Unintended Consequences
d. Social Choice Theory
13. After buying a movie ticket, an economist overhears a conversation between two people who have seen the movie already. Not hearing very favourable reviews, he starts to reconsider the decision to watch the movie. Being a busy man, he starts to weigh the costs and benefits of watching the movie. How then, will he designate the cost of the movie ticket?
Opportunity Cost
b. Sunk Cost
Fixed Cost
Marginal Cost
14. ‘The developing countries shouldn’t worry about the growing disparity in their countries when they enter the path of development. As they grow, the disparities will start to reduce.’ Which theory propounds this statement?
Philips’ Curve
Stolper-Samuelson Theorum
c. Kuznets Curve Hypothesis
Solow Model
15. India and the US trade in a number of goods and services. This, despite the fact that the US is technologically sound enough to produce almost everything in a fashion far more efficient than India. What is the theory underlying the trade between the countries, despite this?
Theory of Absolute Advantage
b. Theory of Comparative Advantage
Marginal Cost Analysis
Ricardo’s Theory of Trade
16. In what kind of economic situation can following an expansionary monetary policy actually help in reducing inflation?
Hyper-Inflation
Structural Inflation
c. Stagflation
Deflation
17. Life insurance companies typically conduct a medical examination of policy applicants. Such a requirement helps them prevent the problem of ______; The principal-agent problem as well as labor market problems such as unemployment can be best explained by _______; In insurance markets, ____ occurs when the behaviour of the insured changes such that it raises costs for the insurer, since the insured person no longer bears the full cost of that behaviour
a) Adverse selection, market signalling, moral hazard
b) Asymmetric information, adverse selection, moral hazard
c) Moral hazard, asymmetric information, moral hazard
d) Adverse selection, asymmetric information, moral hazard
18. Production possibility frontiers are typically ____ because______;
a) Concave; there is increasing marginal utility
b) Convex; there are decreasing returns to scale
c) Concave; there are decreasing returns to scale
d) Convex; there is diminishing marginal utility
19. Economists would believe that whales have become endangered because _______; this commonly refers to a phenomena of ____________
a) Of natural selection; adverse selection
b) Fisherman have killed too many whales; tragedy of commons
c) Fisherman have killed too many whales; principal-agent problem
d) Of natural selection; a zero sum relationship
20. A person who is rendered redundant because of the contraction/recession in an industry is facing ____________; A person left his previous job as he was not comfortable working for the previous employer because of location issues, he however is looking for another job, he/she faces ___________________;
a) Frictional unemployment; classical unemployment
b) Structural unemployment; frictional unemployment
c) demand-deficient unemployment; frictional unemployment
d) classical unemployment; classical unemployment
21. A cartel is a formal (explicit) agreement among competing firms. Cartels usually occur in an oligopolistic industry, where there is a small number of sellers and usually involve homogeneous products. In a cartel_____
a) firms believe that price increases result in a very elastic demand and each firm produces where marginal cost equals marginal revenue
b) one dominant firm takes the reactions of all other firms into account in its output and pricing decisions and produces where the average cost curve is minimum
c) firms coordinate their decisions to act as a multi-plant monopoly and each firm produces where marginal cost equals marginal revenue
d) firms coordinate their decisions to act as a multi-plant monopoly and each firm produces where price equals marginal cost
**22. Choose the correct option
a) The accountant’s cost of producing a car is the value of goods that were given up to produce the car and this firm’s economic profits are given by total revenue minus the firm’s opportunity cost
b) The accountant’s cost of producing a car is the marginal cost of the last car produced and this firm’s economic profits are given by total revenue minus sum of total accounting cost and firm’s opportunity cost
c) The accountant’s cost of producing a car is the out-of-pocket payments made to produce the car and this firm’s economic profits are given by total revenue minus total economic cost
d) The accountant’s cost of producing a car is the marginal cost of the last car produced and this firm’s economic profits are given by total revenue minus the firm’s opportunity cost
23. “The less elastic its demand curve, the more monopoly power a firm has”. Which factor determines a firm’s elasticity of demand?
I. Elasticity of market demand
II. Number of firms in the market
III. The interaction among firms
a) I and III only
b) II and III only
c) I and II only
d) I , II and III
24. If you are head of a firm in a perfectly competitive market, you would be spending your time making decisions on________________ ; As compared to a competitive market, a monopoly _______________
a) What price to charge; produces lesser output and earns only a normal profit
b) How much of each input to use; produces lesser output and earns economic profits.
c) Design of the product; produces lesser output and earns economic profits.
d) How much to spend on advertising; produces more output and earns economic profits
25. The index used for calculating headline inflation in India is _______; An index of prices of all domestically produced goods in the economy is the________
a) Consumer price Index; GDP deflator
b) Wholesale price index; GDP deflator
c) Wholesale price index; Producer price index
d) Consumer price index; Producer price index
26. In an imaginary country assume that the markets have failed to allocate the resources efficiently in the economy, the ultimate source of the problem could be that
The greed of the market players
prices are not low so firms overproduce.
prices are not high so people overconsume
d. property rights are not well established
27. Choose the correct option
a. a shift of the aggregate demand curve will eventually change both the price level and the level of real output
a reduction in the general price level results in a reduction in aggregate demand
Supply-side economists say that if taxes are cut so that people have an increased incentive to work and businesses have an increased incentive to invest then aggregate supply will increase, aggregate output will increase, and the price level will increase
supply-side economists say that if taxes are cut so that people have an increased incentive to work and businesses have an increased incentive to invest then both aggregate supply and demand will increase and the price level will increase
28. Who of these designated as the ‘dictatorship of the proletariat’ as the ultimate aim of the socialist revolution?
a. Vladimir Lenin
Karl Marx
Mao Zedong
Leon Trotsky
29. Imagine country XYZ. It follows the gold standard exchange rate and puts no barriers on capital flowing in or out. This country now faces a situation of extreme inflation. What will happen if it raises the interest rates to cope with this?
Reduction in Money Supply, leading to a fall in inflation
b. Increase in Demand for real balances, leading to a fall in inflation
Slight change in real terms, mostly a monetary change
A fall in Money Demand, leading to a fall in inflation
30. Choose the correct option:
The principle of multiplier states that any increase in national income will result in a larger increase in aggregate spending
The principle of multiplier states for any given increase in income, there will be a less than proportional increase in consumer spending
Suppose that a government increases its spending by 5% and also increases taxes by 5%. This will have no effect on national income
d. Suppose that the government increases its spending by 5% and also increases taxes by 5%. This will have an expansionary effect on national income
31. In economics, the Laffer curve is a theoretical representation of the relationship between government revenue raised by taxation and all possible rates of taxation. According to the curve as tax rate increases, tax revenues
increases
decreases
c. initially increases then decreases
initially decreases then increases
32. A ship from a certain country in 2009 was anchored near Chennai for refuelling. This was a soverign owned ship, unfortunately the captain of the ship was arrested for not having enough money to get the permission for anchoring. Leave alone the money required to refuel. This incident was an outcome of what phenomenon? It will help if you can guess the country
A) Famine
B) Stagflation
C) B > 1, Hyperinflation
D) B < 1, Hyperinflation
33. “We are going to let the bull loose” – was the part of the speech that Ronal Reagan gave. It was a sign of things to come in the form of Regulation Policies for financial firms that America will come to see.
During this speech there was a famous dialogue by a certain X in which he asked the president to “hurry up” his speech. X was chief of staff (US Gov.) and also chairman of a famous financial institution (Brokerage firm). Who was X.
A) James Baker
B) Donald Regan
C) Donald Rumsfeld
D) William Daley
34. This hotel X in city Y is a 105 floor building. Its construction began in 1987 and was slated for completion in 1989. Now, from here on till 2008 the building’s fate mirrored the country Y’s fate. After few delays the construction was stopped in 1992. The fall of the Soviet Union resulted in Y’s economy getting affected and thus created a shortage of raw materials and monetary flow. The incomplete building stood in this state for 16 years, till the exterior was completed in 2011. The interior still remains incomplete (A striking resemblance to the country Y, metaphysically!). So what is the country Y?
A) Poland
B) Mongolia
C) Georgia
D) North Korea
35. Old Major:X::Napolean:Y::Snowball:Z. X,Y,Z?
A) Karl Marx, Joseph Stalin, Vladimir Lenin
B) Vladimir Lenin, Karl Marx, Joseph Stalin
C) Leon Trotsky, Joseph Stalin, Vladimir Lenin
D) Karl Marx, Leon Trotsky, Joseph Stalin