In the height of the recent global recession , many billionaires in US and Europe, wrote to their respective governments, asking them to tax them more. They reasoned that, this would harness the much needed funds for the recovery of the world economy. Whether this was an action driven by phenomenal generosity or remarkable prescience , is a debatable question. The link leads to an article which suggests the later. The article deals with the rising urban inequality all over the world. It can also be used to justify the concept ( mind you, not the implementation) of CSR. Market is a necessity for any enterprise to thrive. For if most of the people are poor, what will you sell, and to whom?
http://www.thehindu.com/opinion/op-ed/the-aap-as-part-of-a-global-phenomenon/article6937734.ece
Saturday 28 February 2015
35) Arguing that a culture's heritage can be understood through (i)______________of its written music
is similar to arguing that the depth of a religion can be (ii) ______________ by scrutinizing the voice quality
of members of any (iii) ______________ church.
| Blank (i) A. hindrance B. analysis C. discomfiting | Blank (ii) D. idealized E. comprehended F. charged | Blank (ii) G. parent H. universal I. affiliated |
34) The behavior of people not mixing well with the mandate to use seat belts has made the latter a
(i) ______________ topic in the state, but the state's desire to increase revenues has resulted in a stalling of
(ii) ______________ reforms that would match people's natural driving tendencies with better methods for
protecting their safety.
| Blank (i) A. comprehensive B. polemical C. missing | Blank (ii) D. efficacious E. somnolent F. indignant |
Giffen Goods
Definition of Giffen Good. A good where higher price causes an increase in demand (reversing the usual law of demand). The increase in demand is due to the income effect of the higher price outweighing the substitution effect.
- The concept of a giffen good is limited to very poor communities with a very limited choice of goods. Empirical evidence is hard to find, though some economists thought it applied to the Victorian poor who had very limited diet.
The idea is that if you are very poor and the price of your basic foodstuff (e.g bread) increases, then you can't afford the more expensive alternative food (meat) therefore, you end up buying more bread because it is the only thing you can afford.
"As Mr.Giffen has pointed out, a rise in the price of bread makes so large a drain on the resources of the poorer labouring families and raises so much the marginal utility of money to them, that they are forced to curtail their consumption of meat and the more expensive farinaceous foods: and, bread being still the cheapest food which they can get and will take, they consume more, and not less of it.—Alfred Marshall, Principles of Economics (1895 ed.)Readers question: This post reminded me of a similar situation: a Giffen good. In fact, Veblen goods and Giffen goods seem to be extremely similar, and I was hoping you could clarify the difference between the two!
The law of demand says a higher price leads to lower demand. However, there are two exceptions
- Veblen Good. In this post, we defined a Veblen Good (sometimes known as ostentatious good). The basic principle is that as price rises people buy more. This is because people think if it is more expensive it must be better quality. This is possible for some designer clothes e.t.c.
- Giffen Good.
A Giffen good has the same affect – higher price leads to higher demand. But, it is for a completely different reason.
A giffen good occurs when a rise in price causes higher demand because the income effect outweighs the substitution effect.
Suppose you have a very low income and eat two basic food stuffs rice and meat. Meat is a luxury and is much more expensive than rice. If rice increased in price, your disposable income is effectively reduced significantly therefore, you buy less meat, to compensate for less meat you buy more rice to gain enough calories.
It is quite rare and whether it really happens has a little uncertainty. But, it shows that there are two factors affecting demand price (substitution effect) and income.
32) Disappointingly, since education in entrepreneurship is often (i) ______________ in law school
coursework, a typical lawyer is (ii) ______________ going to be a reliable source of knowledge
on small business activity.
| Blank (i) A. emphasized B. lacking C. reluctant | Blank (ii) D. never E. rarely F. possibly |
31) Antitrust laws attempt to promote creativity while ensuring free trade, hence it would be (i) ______________
inappropriate if increased protection from these laws resulted in (ii) ______________ avoidance of
participation by business (iii) ______________.
| Blank (i) A. undeniably B. slightly C. potentially | Blank (ii) D. minimalist E. sheer F. consigned | Blank (iii) G. detractors H. entities I. colluders |
Thursday 26 February 2015
FIND THE DAY OF THE DATE
Here are some shortcuts/tips to find out the day of the week from the given date. You can play these trick as instructed, with your parents or friends and prove your talent to them.
Day of the Date
ADURO
ADUR0 - BECAUSE THE WORLD NEEDS LIGHT
REACH OUT TO US IF YOU NEED HELP IN ACHIEVING YOUR GOALS / DREAMS / ASPIRATIONS
MESSAGE ME
24. A. Although there are large regional variations, it is not infrequent to find a large number of people sitting here and there and doing nothing.
B. Once in office, they receive friends and relatives who feel free to call any time without prior appointment.
C. While working, one is struck by the slow and clumsy actions and reactions, indifferent attitudes, procedure rather than outcome orientation, and the lack of consideration for others.
D. Even those who are employed often come late to the office and leave early unless they are forced to be punctual.
E. Work is not intrinsically valued in India.
F. Quite often people visit ailing friends and relatives or go out of their way to help them in their personal matters even during office hours.
1. ECADBF 2. EADCFB 3. EADBFC 4. ABFCDE
B. Once in office, they receive friends and relatives who feel free to call any time without prior appointment.
C. While working, one is struck by the slow and clumsy actions and reactions, indifferent attitudes, procedure rather than outcome orientation, and the lack of consideration for others.
D. Even those who are employed often come late to the office and leave early unless they are forced to be punctual.
E. Work is not intrinsically valued in India.
F. Quite often people visit ailing friends and relatives or go out of their way to help them in their personal matters even during office hours.
1. ECADBF 2. EADCFB 3. EADBFC 4. ABFCDE
25. A. But in the industrial era, if you need to destroy the enemy's productive capacity means bombing the factories which are located in the cities.
B. So in the agrarian era, if you need to destroy the enemy's productive capacity, what you want to do is burn his fields, or if you're really vicious, salt them.
C. Now in the information era, destroying the enemy's productive capacity means destroying the information
infrastructure.
D. How do you battle with your enemy?
E. The idea is to destroy the enemy's productive capacity, and depending upon the economic foundation, that productive capacity is different in each case.
F. With regard to defence, the purpose of the military is to defend the nation and be prepared to do battle with its enemy.
1. FDEBAC 2. FCABED 3. DEBACF 4. DFEBAC
B. So in the agrarian era, if you need to destroy the enemy's productive capacity, what you want to do is burn his fields, or if you're really vicious, salt them.
C. Now in the information era, destroying the enemy's productive capacity means destroying the information
infrastructure.
D. How do you battle with your enemy?
E. The idea is to destroy the enemy's productive capacity, and depending upon the economic foundation, that productive capacity is different in each case.
F. With regard to defence, the purpose of the military is to defend the nation and be prepared to do battle with its enemy.
1. FDEBAC 2. FCABED 3. DEBACF 4. DFEBAC
. A. As officials, their vision of a country shouldn't run too far beyond that of the local people with whom they have to deal.
B. Ambassadors have to choose their words.
C. To say what they feel they have to say, they appear to be denying or ignoring part of what they know.
D. So, with ambassadors as with other expatriates in black Africa, there appears at a first meeting a kind of ambivalence.
E. They do a specialized job and it is necessary for them to live ceremonial lives.
1. BCEDA 2. BEDAC 3. BEADC 4. BCDEA
B. Ambassadors have to choose their words.
C. To say what they feel they have to say, they appear to be denying or ignoring part of what they know.
D. So, with ambassadors as with other expatriates in black Africa, there appears at a first meeting a kind of ambivalence.
E. They do a specialized job and it is necessary for them to live ceremonial lives.
1. BCEDA 2. BEDAC 3. BEADC 4. BCDEA
Tanveer Ahmed added connections you may know
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Wednesday 25 February 2015
Rajiv Gandhi Indian Institute of Management - Shillong
Ankur Jain Sir ne bataya
Breaking news: Rahul Gandhi has actually joined CAT coaching to target CAT 2015. He thinks that IIM should be his first option and failing that, which is likely, he will target IIN.
Aage ka scene --
IIM Shillong Interview er- You are not at all prepared for an Interview Kya tumhaare baap ka college hai ? ?
Rahul Gandhi --
Tuesday 24 February 2015
PJ Session
TO ENROL - WHATS APP - 096749 24341
1
a) "Like Modi, I too will go on air, taking questions and giving solutions" said KiranBedi
b) On Thursday,Ms.KiranBedi addressed a gathering of BJP workers in New Delhi .
c) Man Ki baat is a radio program in which Mr.Modi takes questions on various topics, which is running since October.
d) Inspired by PM Modi's Mann Ki Baat, KiranBedi has planned to do the same every month if she wins the election.
BDAC
BADC
ACDB
BDCA
ADCB
2
A.The government should take steps to increase the public investments, but the challenge of fiscal budget remains.
B.The private Investment is in a comotose state because of over-ledgered balance sheets that will take a long time to get absorbed.
C.The thought expressed by Mr.Arvind Subramanian, that the government must should lead in investment revival by spending from its own purse is gaining ground.
D.But, private firms have statted to repair the balances by shedding assets through mergers and aquisitions.
E.The public investment should complement crowd-in the private investment.
a) ACDBE
B) ABCDEC)CEABD
D)CBDAE
E)BADCE
3
IThe Lankan president has committed to give abolition of executive presidency.
IThe Lankan president has committed to give abolition of executive presidency.
ndia would be expecting a solution to the Tamil problem from the new government.
In Sri Lanka, a new government has been formed under the presidency of MaithripalaSirisena.
He is likely to visit India the next month and the talk on this problem is likely to come up that time.
It will go hand in hand with addressing of allegations of war crimes, disappearances and violations of human rights.
BADEC
CABED
BDCEA
CBAED
ABDEC
4
Inspite of population explosion and resource extraction pressure on its habitat , it continues to be the most loved place by the tiger population.
These habitats include the hills in the Northeast to central Indian forests ,the Western Ghats and the mangrove-rich Sundarbans delta.
India is a significant habitat of Tiger in the world.
Estimate by the Ministry of Environment and Forests shows rise in its population of 2,226— up from 1,706 four years ago in natural habitats.
Yet, scientists point out that the numbers available from the latest count may merely indicate the presence of tigers in a given area, rather than serve as the conclusions of a definitive census.
CBADE
CADBE
CABDE
BACDE
BDCAE
5
A) The most welcome feature is that the verdict addresses the BCCI's credibility deficit in more ways than one.
B) But, it did not hold Srinivasan guilty of the charge of wrong doing and rejected the charge that he covered up the betting charge against Gurunath Meiyappan.
C) The Supreme Court has passed a verdict which bars the people with interest in IPL teams from contesting in the elections of BCCI.
D) One of it is, it bars an office-bearer from holding a commercial interest in events organized by it; or, conversely.
E) For a long time, there is an impression that Indian cricket board is but a fiefdom of a few individuals.
a) EADBC B)ECBDA C)ECBAD D)BDCAE E) BDAEC.
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