Related InterviewSolutions

• With the ₹500 cash award received by a student prepares a list of goods. She writes to have each of the goods priced @₹500.1. An Economics textbook. 2. A movie with her friends. 3. An outing. 4. A dinner with her parents.Explain opportunity cost. Identify the opportunity cost of buying one economic textbook.
• Give two examples of underutilization of resources.
• “Since resources are limited, they should be properly used”. Comment on this statement in the light of utilization of energy resources in Kerala.
• The government should increase tax on tobacco products. Explain whether the statement is positive or normative.
• Classify the following statement into two branches of economics.1. Indian economy grew by 9.2% GDP in the financial year 2006. 2. An unexpected lorry strike caused the price of vegetables to rise. 3. Recently the RBI reduced the Cash Reserve Ratio to 5.5%. 4. Madras Cement LTD is planning to add 40 lakh tonne to its existing production capacity of 60 lakh tonnes.
• Classify the following into Microeconomics and Macroeconomics.
• A few statements are given below. Classify them under two branches of economics. 1. RBI formulated its new monetary policy. 2. National Income recorded the highest growth last year. 3. Shyam purchased a new mobile phone. 4. Inflation adversely affects the fixed income of people. 5. Total Fixed Cost of a firm remains constant even if output increases.
• Classify the following statements into positive and normative statements. 1. Statement I: India introduced a new economic policy in 1991. 2. Statement II: Globalization badly aected India’s agricultural sector. 3. Statement III: The number of people living below poverty line has to be reduced from the present level of 21%. 4. Statement IV: Mean, median and mode are the measures of central tendency.
• Scarcity definition was given by:(i) Adam Smith (ii) Alfred Marshall (iii) Lionel Robbins (iv) Samuelson
• How does a market economy solve central economic problems? (i) Central planning (ii) Price mechanism (iii) Both (i) and (ii) (iv) None of the above