1081. Which of the following are correct?

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Alterations can be done by placing a suitable endorsement on the policy
For some alterations, cancellation of existing policy and issuance of new policy are resorted to
Both the above are wrong
None of the three
✅ The correct answer is C.
An alteration of the risk occurs when there is a change in the circumstances which, according to the contract, are to form the basis of the insurance, and the risk is thereby altered contrary to the implied conditions of the contract.

1060. An assumption of specification analysis states: any observation does not belong to any other observation’s residual value, is classified as

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independence of residuals
dependence of residuals
independence of correlation
dependence of residuals
✅ The correct answer is A.
An assumption of specification analysis states: any observation does not belong to any other observation’s residual value, is classified as independence of residuals. These residual plots can be used to assess the quality of the regression.

1058. Speculators in the futures markets_____________.

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make the market more volatile
contribute liquidity to the market
engage mainly in short sales
serve no real economic function
✅ The correct answer is C.
Speculators are typically sophisticated risk-taking investors with expertise in the markets in which they are trading; they usually use highly leveraged investments, such as futures and options.

1056. The second glass of lemonade gives lesser satisfaction to a thirsty biy, this is a clear case of

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Law of demand
Law of diminishing returns
Law of diminishing marginal utility
Law of supply
✅ The correct answer is C.
The second glass of lemonade gives lesser satisfaction to a thirsty boy, this is a clear case of Law of diminishing marginal utility. The law of diminishing marginal utility describes a familiar and fundamental tendency of human behavior.

1051. When two products are simultaneously produced in a process and one of them has comparatively high value and other is of low value , the low value product is called __________.

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joint products
by products
seasonal products
economic products
✅ The correct answer is B.
When two products are simultaneously produced in a process and one of them has comparatively high value and other is of low value , the low value product is called by products.

1050. Overhead can be classified according to function-wise as ________.

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fixed o/h, variable o/h and semi-variable o/h
controllable o/h and uncontrollable o/h
manufacturing o/h, administration o/h and selling & distribution o/h
past cost and future cost
✅ The correct answer is C.
Overhead can be classified according to function-wise as manufacturing o/h, administration o/h and selling & distribution o/h.