Explanation

• In consumer theory, a person maximizes satisfaction (utility) from income.
• Utility is maximized when spending is optimally distributed.
• The key rule compares marginal utility per dollar across goods.
• Consumers adjust spending until no further gain is possible.
• This happens when marginal utility per dollar is equal for all goods.

Last verified on 22-04-2026

Explanation

• In economics, some terms are equivalent (same meaning).
• Nominal GDP = GDP at current prices.
• Real GDP = GDP at constant prices.
• Base period = Reference period (used for comparison).
• But changes in real GDP ≠ GDP deflator (different concepts).

Last verified on 22-04-2026

Explanation

• Economic growth means an increase in a country’s production (GDP).
• It can be improved by better resources and efficiency.
• Factors like technology, education, and energy sources support growth.
• However, growth does not remove scarcity completely.

Last verified on 22-04-2026

Explanation

• The demand for labour is a derived demand based on production needs.
• Firms hire more workers when wages are lower.
• As wages increase, firms demand less labour.
• This shows an inverse relationship between wage and labour demand.
• Therefore, the demand curve slopes downward.

Last verified on 22-04-2026

Explanation

• In economics, inputs are factors used in production.
• A fixed input cannot be changed in the short run.
• Examples include land, machinery, and buildings.
• Firms cannot increase or decrease its quantity quickly.
• Therefore, its quantity remains fixed in the short run.

Last verified on 22-04-2026

Explanation

Albania Capital is Tirana.

Albania Currency is Lek.

Albania official language is Albanian.

Albania located in Continent Europe.

Albania Primary religion is Islam, Christianity.

Albania head of Govt is Prime Minister – Edi Rama.

Albania Parliament called People’s Assembly.

Tricks for Remember

Last verified on 21-04-2026

Explanation

• Palestine is the land of prophets.
• Because many prophets were born, lived, or died there,
• Including Ibrahim, Lut, Dawood, Suleiman, Musa, Zakariya, Yahya, and Isa (A.S).
• Baitul-Maqdis (Jerusalem) in Palestine was the first Qibla for Muslims.
• Muslims prayed facing it for 14 years before the Qibla changed to Kaaba in 2nd Hijri.

Last updated by NA on 25-April-2026

Explanation

Mark Rutte is the current Secretary General of NATO since October 2024

He has also served as the prime minister of Netherlands.

He replaced Jens Stoltenberg to become NATO Secretary General.

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VU FIA UDC CONSTABLE PAST PAPER 31-12-2021

Verified and updated on 05 April 2026

Explanation

• Aga Khan III was the first president of the All-India Muslim League, founded in 1906.
• He led the Muslim deputation to the British Viceroy the same year to represent Muslim interests.
• Born: 2 November 1877, Karachi
• Died: 11 July 1957, Versoix, Switzerland
• Burial: Aga Khan Mausoleum, Egypt

Founders of All-India Muslim League:

1. Muhammad Ali Jinnah
2. Aga Khan III
3. Khwaja Salimullah
4. Hakim Ajmal Khan

Last verified on 16-03-2026

Explanation

Match: India vs New Zealand (Final)

Date: March 9, 2025

Venue: Dubai International Stadium, UAE