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This section includes InterviewSolutions, each offering curated multiple-choice questions to sharpen your knowledge and support exam preparation. Choose a topic below to get started.
| 5251. |
Calculate coefficient of rank correlation between the marks in Economics and Statistics, as indicated byanswer books of each of the two examiners. |
Answer» Solution :There are 8 answer books each in Economics and Statistics indicating different marks. Rank 1 is accorded to the highest score. In Statistics, two answer books indicate 10 marsk each. HENCE, the first answer book has been given Rank 8 and the second 7. Thus, the average rank `=(8+7)/(2)=7.5` has been accorded to both. Likewise, in Economics two answer books indicate 12 marks each. The average rank `=(6+5)/(2)=5.5` has, therefore, been accorded to both. Here, number 10 is repeated twice in series X and number 12 is repeated twice in series Y. Therefore,in X, m=2 and in Y, m=2. `1-(6[SUMD^(2)+(1)/(12)(m_(1)^(3)-m_(1))+(1)/(12)(m_(2)^(3)-m_(2))])/(N^(3)-N)` `=1-(6[114+(1)/(12)(2^(3)-2)+(1)/(12)(2^(3)-2)])/(8^(3)-8)` `1-(6[114+(1)/(2)(6)+(1)/(12)(6)])/(512-8)` `=1-(6[114+(1)/(2)+(1)/(2)])/(504)` `=1-(6[115])/(504)=1-(690)/(504)` `=1-1.36=-0.36` Coefficient of Rank Correlation `(r_(k))=-0.36` |
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| 5252. |
Giving reasons, distingiush between the behaviour of demand curves under perfect competition and monopolistic competition. |
| Answer» SOLUTION : Demand curve under perfect competition: In case of perfect competition, there are very large no. of BUYERS and SELLERS selling a HOMOGENEOUS product at a price fixed by the market. Therefore, each firm is a price taker and faces a perfectly elastic demand curve.Demand curve under monopolistic competition: Under monopolistic competition, large no. of firms selling closely related but differentiated products makes the demand curve downward sloping. It implies that a firm can sell more OUTPUT only by reducing the price of its product. | |
| 5253. |
Which of the following will not lead to shift in PPF? |
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Answer» Upgradation of Technology |
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| 5254. |
The demand curve for a commodity is generally drawn on the assumption that : |
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Answer» Prices of substitute GOODS do not change |
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| 5255. |
What happens to AR when MR is (i) Greater than AR(ii) Equal to AR(iii) less than AR |
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Answer» SOLUTION :(i) Increases (II) REMAINS CONSTANT. (iii) FALLS. |
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| 5256. |
Explain the meaning of sampling Survey. What are the advantage and disadvantages ? |
| Answer» Solution :Sampling methods are the ways to choose people from the population to be considered in a sample survey. Samples can be divided based on following criteria. PROBABILITY samples - In such samples, each population element has a known probability or chance of being chosen for the sample.Merits1. Economical:It is economical, because we have not to collect all data. INSTEAD of getting data from 5000 farmers, we get it from 50-100 only.2. Less Time Consuming:As no of units is only a fraction of the TOTAL universe, time consumed is also a fraction of total time. Number of units is considerably small, hence the time.3. Reliable:If sample is taken judiciously, the results are very reliable and accurate.4. Organisational Convenience:As samples are taken and the number of units is smaller, the better (Trained) enumerators can be employed by the organisation.Demerits1. Absence of Being Representative:Methods, such as purposive sampling may not provide a sample, that is representative.2. Wrong Conclusion:If the sample is not representative, the results will not be correct. These will lead to the wrong conclusions.3. Small Universe:Sometimes universe is so small that proper samples cannot be taken not of it. Number of units are so less.4. Specialised Knowledge:It is a scientific METHOD. Therefore, to get a good and representative sample, one should have special knowledge to get good sample and to perform proper analysis so that reliable RESULT may be achieved. | |
| 5257. |
There is concentration of wealth in a few hands. Rich are becoming more rich and poor are becoming more poor. What impact will this diachotomy have on demand curve of a normal good? Use diagram. In your opinion, what should be done by the govt. to ensure justice and promote equity? |
Answer» Solution :Due to unequal distribution of income, wealth is CONCENTRATED in a few hands. This will cause leftward shift in demand curve of the commodity from DD - `D_(1)D_(1)`.  Gap between rich and the poor can be bridged through maintaining financial discipline by the government. Government can use measures of TAXES and SUBSIDIES to redistribute income. PUBLIC distribution system can be strengthened to ensure minimum consumption by all. |
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| 5258. |
Darw AR and MR curves of a firm in a single diagram under monopolistic competition, |
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| 5259. |
Given the market price of a good, how does a consumer decide as to how many units of that good to buy? Explain. (Use utility analysis) |
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| 5260. |
What is total cost? |
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Answer» Solution :It is the TOTAL EXPENDITURE INCURRED by a firm on the FACTORS of PRODUCTION required for the production of a commodity. TC=TVC+TFC |
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| 5261. |
How is total utility derived from marginal utility |
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| 5263. |
Petrol when price of scooters increases |
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| 5264. |
Total revenue is at its maximum point when marginal revenue is zero. |
| Answer» SOLUTION :TRUE : Total revenue rises as long as marginal revenue is positive and reaches its MAXIMUM POINT when marginal revenue is zero. | |
| 5265. |
Minimum point of AC occurs tothe right of minimum point of : |
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Answer» TC |
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| 5266. |
What is a non-viable industry? |
| Answer» Solution :It REFERS to an industry for which DEMAND curve and supply curve of the PRODUCT do not intersect each other against a POSITIVE quantity. | |
| 5267. |
An open end class is the class which lacks: |
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Answer» LOWER LIMIT |
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| 5268. |
Due to installation of machinewith lastest technology, the cost ofproduction has decreased. It will lead to : |
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Answer» EXPANSIONIS SUPPLY |
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| 5269. |
Formula for finding arithmetic mean is: |
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Answer» `barX = sum X` |
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| 5270. |
Why is the demand curve under monopoly lesselastic as compamredto the demand curve under monopolistic compitition |
| Answer» Solution :Demand CURVE under MONOPOLY is less elastic as COMPARED to the demand curve under MONOPOLISTIC competition DUE to absence of close subsitutes in monopoly | |
| 5271. |
"Under perfect competition the seller is a price taker whereas under monopoly he is the price maker" Explain. |
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| 5272. |
Find out the arithmetic mean by the Step-deviation Method of the following: {:("Class Interval",0-10,10-20,20-30,30-40,40-50,50-60,60-70,70-80),("Frequency "," "12," "16," "32," "52," "42," "32," "18," "12):} |
Answer» Solution : `barX=A+(sumfd')/(sumf) xx C` `= 45+(-108)/(216) xx 10` =45 - 5 = 40 ARITHMETIC Mean = 40. |
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| 5273. |
Any statement about demand for a good is considered complete only when the following is/are mentioned in it |
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Answer» PRICE of the good |
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| 5274. |
Define the following terms: (i) Scarcity, (ii) Economising of Resources. |
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| 5275. |
Distinguish between positive economics and normative economics. Give an example of eac. |
| Answer» Solution :The important differences between positive and normative economics are explained in the points given below:Positive Economics REFERS to a science which is BASED on data and facts. Normative economics is described as a science based on opinions, values, and JUDGMENT.Positive economics is descriptive, but normative economics is prescriptive.Positive economics EXPLAINS cause and effect relationship between variables. On the other hand, normative economics pass value judgments.The perspective of positive economics is objective while normative economics have a subjective perspective.Positive economics explains ‘what is’ whereas normative economics explains ‘what should be’.The statements of positive economics can be scientifically tested, proved or disproved, which cannot be done with statements of normative economics.Positive economics clearly define economic ISSUES. Unlike normative economics, in which the remedies are provided for the economic issues, on the basis of value judgment. | |
| 5276. |
Arithmetic mean of a series is 15 and if 5 is added in all the items of this series, the new arithmetic mean will be: |
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Answer» 5 |
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| 5277. |
Explain market equilibrium. |
| Answer» Solution :MARKET Equilibrium REFERS to the SITUATION when the quantity demanded of a COMMODITY becomes equal to the quantity supplied. | |
| 5278. |
What do you mean coefficient of dispersion? |
| Answer» Solution :The coefficient of dispersion EXPRESSES the variability of data in terms of some RELATIVE value or percentage. Coefficient of dispersion is known as relative MEASURE of dispersion. | |
| 5279. |
Can the average revenue curve lie in the negative axis ? |
| Answer» Solution :AR is also the price of the OUTPUT. SInce price can NEVER be be NEGATIVE AR curve cannot lie in the negative AXIS. | |
| 5281. |
The rank correlation coefficient between marks obtained by 10 students in English and Statistics was found to be 0.5. Find the sum of squares of different of ranks. |
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Answer» Solution :GIVEN : r=0.5,N=10 Now, `r=1-(6 sumD^(2))/(N^(3)-N)` `(6sumD^(2))/(N^(3)-N)=1-r` `(6sumD^(2))/(10^(3)-10)=1-0.5` `(6sumD^(2))/(1,000-10)=0.5` `(6sumD^(2))/(990)=0.5` `implies6sumD^(2)=0.5xx990` `implies 6sumD^(2)=495` `implies sumD^(2)=(495)/(6)` `impliessumD^(2)=82.5` Sum of SQUARES of Difference of Ranks=82.5. |
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| 5282. |
A consumer consumes only two goods X and Y both priced at Rs. 3 per unit . If a cosumer chooses a combination of these two with Marginal Rate of Substitution equal to 3, is the consumer in equilibrium ? Give reasons . What will a rational consumer do in this situation ? |
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Answer» Solution :GivenPx=3 , Py =3 and MRS =3 , A consumeris saidto be in equilibrium when : `MRS =(P_(x))/(P_(y))` Substituting values we find that:`3gt(3)/(3)` i.e`MRS gt(P_(x))/(P_(y))` Therefore consumer is not equilibrium. `MRS gt(P_(x))/(P_(y))`MEANS that consumer is willing to PAY more for ONE more unit of X as compared towhat MARKET demands. -Theconsumer will buy more units of X. - As a result MRSwill fall due to the Law of Diminishing Marginal UTILITY . -This will continue till MRS`=(P_x)/(P_(y))`andconsumer is in equilibrium. |
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| 5283. |
Describe the major parts of statistical table. Draw a format of a table showing all these parts. |
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| 5284. |
What is 'Price line' ? |
| Answer» Solution :Price LINE is the same as AR curve. It shows the relationship between price and the OUTPUT level of a firm. | |
| 5285. |
Describe cumulative frequency curve. |
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| 5286. |
Why is the demand curve of a firm under monopolisticcompetition more elastic than under monopoly? Explain. |
| Answer» SOLUTION :Under monopoly there are no close substitutes of the good but under monopolistic competition there are close substitutes of the good in MARKET. Therfore, under monopoly CONSUMERS have no choice other than BUYING the PRODUCT whereas in monopolistic competition, close substitition provide a variety of options for the consumer. It makes the demand under monopolistic competittion more elastic than under monopoly. | |
| 5287. |
Which of the following is not an assumption of law of demand ? |
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Answer» PRICE of substitute goods do not CHANGE |
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| 5288. |
What meant by output? |
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Answer» |
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| 5289. |
Width of rectangles in a histogram should essentially be equal. (true /false) |
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| 5290. |
What are the kinds of tables? |
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Answer» (ii) Originality: (a) Original table, (b) Derived table. (III) Construction: (a) SIMPLE or one-way table, (b) Complex table: (1) DOUBLE or Two-way table, (2) Treble table, and (3) Manifold table. |
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| 5291. |
When a good is called an 'inferior good' ? |
| Answer» SOLUTION :A GOOD in called an 'inferior good' when its demand falls with a rise in the income of consumer and vice-versa. For EXAMPLE, 'Toned milk' is an inferior good if its demand decreases with an increase in income. | |
| 5292. |
A firm is currently selling10,000 units of its product per month. The firm plans to reduce the retaill price from ₹ 1 to ₹ 0.90 . From the previous experience, the film known that the price elasticity of demand for the product is (-) 1.5. Assuming no other changes,the firm can now expect the sales of : |
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Answer» 8,500 UNITS |
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| 5293. |
Data collected for the first time from the source of origin is called : |
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Answer» primary data |
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| 5294. |
Why does the SMC curve cut the AVC, curve at the minimum point of the AVC curve ? |
| Answer» Solution :It happens because when AVC falls, SMC is less than AVC, When AVC starts rising,SMC is more than AVC. So, it is only when AVC is CONSTANT and at itsminimumpoint, that SMC is EQUAL to AVC. Therefore SMC CURVE cuts AVC curve at its MINIMUM point. | |
| 5295. |
If Marginal Cost =MC and Marginal Revenue =MR , then for achieving equilibrium output: |
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Answer» MC CURVE should CUT MR curve from above |
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| 5296. |
What is the meant by census method ? In what condition is this method used ? |
| Answer» Solution :The Census Method is also called as a COMPLETE Enumeration Survey Method wherein each and every ITEM in the UNIVERSE is selected for the DATA collection. ... Whenever the entire population is studied to collect the DETAILED data about every unit, then the census method is applied. | |
| 5297. |
What is meant by sample method.? |
| Answer» Solution :SAMPLE METHOD is that method in which data is collected about the sample on a group of items taken from the population for examination and CONCLUSIONS are drawn on their BASIS. | |
| 5298. |
An open end series is that series in which: |
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Answer» lower limit of the FIRST CLASS interval is missing |
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| 5299. |
Define supply curve. |
| Answer» SOLUTION :It REFERS to the GRAPHICAL representatin of SUPPLY SCHEDULE. | |
| 5300. |
Marks in Statistics of the students of Class XI are given below. Find out arithmetic mean. {:("Marks",,"Number of Students"),("Less than 10",,""5),("Less than 20",,""17),("Less than 30",,""31),("Less than 40",,""41),("Less than 50",,""49):} |
Answer» Solution :A Cumulative Frequency Distribution should first be CONVERTED into a Simple Frequency Distribution, as under:  Now, mean value of the data is obtained using DIRECT Method as under:  `BARX=(sumfm)/(sumf)=(1,265)/49=25.82` ARITHMETIC Mean = 25.82 MARKS. |
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