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This section includes InterviewSolutions, each offering curated multiple-choice questions to sharpen your Class 11 knowledge and support exam preparation. Choose a topic below to get started.
| 5951. |
In marketperiod, supplycan adjustitself tothe changingdemand. |
| Answer» <html><body><p></p><a href="https://interviewquestions.tuteehub.com/tag/solution-25781" style="font-weight:bold;" target="_blank" title="Click to know more about SOLUTION">SOLUTION</a> :<a href="https://interviewquestions.tuteehub.com/tag/false-459184" style="font-weight:bold;" target="_blank" title="Click to know more about FALSE">FALSE</a> :Marketperiodis a veryshort <a href="https://interviewquestions.tuteehub.com/tag/periodand-2922164" style="font-weight:bold;" target="_blank" title="Click to know more about PERIODAND">PERIODAND</a> supply <a href="https://interviewquestions.tuteehub.com/tag/cannotbe-908358" style="font-weight:bold;" target="_blank" title="Click to know more about CANNOTBE">CANNOTBE</a> changed in response to thechangeindemand.</body></html> | |
| 5952. |
Let TR be total revenue. 'Q' be quantity of output , and 'n' the number of units, then MR is equal to ? |
| Answer» <html><body><p></p><a href="https://interviewquestions.tuteehub.com/tag/solution-25781" style="font-weight:bold;" target="_blank" title="Click to know more about SOLUTION">SOLUTION</a> :`<a href="https://interviewquestions.tuteehub.com/tag/mr-549185" style="font-weight:bold;" target="_blank" title="Click to know more about MR">MR</a> =TR_(<a href="https://interviewquestions.tuteehub.com/tag/n-568463" style="font-weight:bold;" target="_blank" title="Click to know more about N">N</a>)-TR_(n-1)` or `MR=(DeltaTR)/(<a href="https://interviewquestions.tuteehub.com/tag/deltaq-2053540" style="font-weight:bold;" target="_blank" title="Click to know more about DELTAQ">DELTAQ</a>)`</body></html> | |
| 5953. |
Total costof productionis the sum total of variable cost and marginal cost. |
| Answer» <html><body><p></p><a href="https://interviewquestions.tuteehub.com/tag/solution-25781" style="font-weight:bold;" target="_blank" title="Click to know more about SOLUTION">SOLUTION</a> :<a href="https://interviewquestions.tuteehub.com/tag/false-459184" style="font-weight:bold;" target="_blank" title="Click to know more about FALSE">FALSE</a>. <a href="https://interviewquestions.tuteehub.com/tag/total-711110" style="font-weight:bold;" target="_blank" title="Click to know more about TOTAL">TOTAL</a> cost is the sumtotal of <a href="https://interviewquestions.tuteehub.com/tag/variable-1442996" style="font-weight:bold;" target="_blank" title="Click to know more about VARIABLE">VARIABLE</a> cost and fixed cost. TC= TVC+TFC</body></html> | |
| 5954. |
What is imperfect oligopoly? |
| Answer» <html><body><p></p><a href="https://interviewquestions.tuteehub.com/tag/solution-25781" style="font-weight:bold;" target="_blank" title="Click to know more about SOLUTION">SOLUTION</a> :If in an oligopoly <a href="https://interviewquestions.tuteehub.com/tag/market-25464" style="font-weight:bold;" target="_blank" title="Click to know more about MARKET">MARKET</a>, the <a href="https://interviewquestions.tuteehub.com/tag/firms-989820" style="font-weight:bold;" target="_blank" title="Click to know more about FIRMS">FIRMS</a> produce <a href="https://interviewquestions.tuteehub.com/tag/differentiated-431924" style="font-weight:bold;" target="_blank" title="Click to know more about DIFFERENTIATED">DIFFERENTIATED</a> <a href="https://interviewquestions.tuteehub.com/tag/products-18828" style="font-weight:bold;" target="_blank" title="Click to know more about PRODUCTS">PRODUCTS</a>, it is called oligopoly,</body></html> | |
| 5955. |
At a price higher than the equilibrium price, there is an excess demand. |
| Answer» <html><body><p></p>Solution :There is excess <a href="https://interviewquestions.tuteehub.com/tag/supply-1235254" style="font-weight:bold;" target="_blank" title="Click to know more about SUPPLY">SUPPLY</a> at a <a href="https://interviewquestions.tuteehub.com/tag/price-1165141" style="font-weight:bold;" target="_blank" title="Click to know more about PRICE">PRICE</a> <a href="https://interviewquestions.tuteehub.com/tag/higher-1022060" style="font-weight:bold;" target="_blank" title="Click to know more about HIGHER">HIGHER</a> than the <a href="https://interviewquestions.tuteehub.com/tag/equilibrium-974342" style="font-weight:bold;" target="_blank" title="Click to know more about EQUILIBRIUM">EQUILIBRIUM</a> price.</body></html> | |
| 5956. |
If due to fail in price of good X, demand for good Y rises, the two goods are: |
| Answer» <html><body><p>Substitutes<br/>complements<br/>Not related<br/>Competitive</p>Answer :<a href="https://interviewquestions.tuteehub.com/tag/b-387190" style="font-weight:bold;" target="_blank" title="Click to know more about B">B</a></body></html> | |
| 5957. |
What is the mode in the series with following variables. 1,2,2,1,3,3,2,3 |
| Answer» <html><body><p>1<br/>2<br/>3<br/>No <a href="https://interviewquestions.tuteehub.com/tag/mode-1099190" style="font-weight:bold;" target="_blank" title="Click to know more about MODE">MODE</a> </p><a href="https://interviewquestions.tuteehub.com/tag/solution-25781" style="font-weight:bold;" target="_blank" title="Click to know more about SOLUTION">SOLUTION</a> :D</body></html> | |
| 5958. |
Growth of resources shifts the production possibility frontier towards right. |
| Answer» <html><body><p></p><a href="https://interviewquestions.tuteehub.com/tag/solution-25781" style="font-weight:bold;" target="_blank" title="Click to know more about SOLUTION">SOLUTION</a> :<a href="https://interviewquestions.tuteehub.com/tag/growth-1013761" style="font-weight:bold;" target="_blank" title="Click to know more about GROWTH">GROWTH</a> of resources increases the <a href="https://interviewquestions.tuteehub.com/tag/capacity-908575" style="font-weight:bold;" target="_blank" title="Click to know more about CAPACITY">CAPACITY</a> of economy to produce more. It shifts the <a href="https://interviewquestions.tuteehub.com/tag/production-14556" style="font-weight:bold;" target="_blank" title="Click to know more about PRODUCTION">PRODUCTION</a> possibility frontier <a href="https://interviewquestions.tuteehub.com/tag/towards-7269729" style="font-weight:bold;" target="_blank" title="Click to know more about TOWARDS">TOWARDS</a> right.</body></html> | |
| 5959. |
In a perfectly competitive market the buyers treat products of all the firms as homogeneous. Explain the signigicance of this feature. |
| Answer» | |
| 5960. |
A consumer consumes only two goods. If price of one of the good falls, the indifference curve: |
| Answer» <html><body><p><a href="https://interviewquestions.tuteehub.com/tag/shifts-1205400" style="font-weight:bold;" target="_blank" title="Click to know more about SHIFTS">SHIFTS</a> <a href="https://interviewquestions.tuteehub.com/tag/leftward-540742" style="font-weight:bold;" target="_blank" title="Click to know more about LEFTWARD">LEFTWARD</a><br/>Shifts rightward<br/>can <a href="https://interviewquestions.tuteehub.com/tag/shift-1205367" style="font-weight:bold;" target="_blank" title="Click to know more about SHIFT">SHIFT</a> both leftward and rightward<br/>Does not shift</p>Answer :D</body></html> | |
| 5961. |
Law of Variable Proportions' operates in the long period. |
| Answer» <html><body><p></p>Solution :Low of Variable Proportions operates in the short period and not in the long period as in the short period, a <a href="https://interviewquestions.tuteehub.com/tag/firm-989667" style="font-weight:bold;" target="_blank" title="Click to know more about FIRM">FIRM</a> can not vary all the inputs, as some of the <a href="https://interviewquestions.tuteehub.com/tag/remain-1184279" style="font-weight:bold;" target="_blank" title="Click to know more about REMAIN">REMAIN</a> fixed. Under this <a href="https://interviewquestions.tuteehub.com/tag/law-184" style="font-weight:bold;" target="_blank" title="Click to know more about LAW">LAW</a>, output is increase by changing only one <a href="https://interviewquestions.tuteehub.com/tag/input-11237" style="font-weight:bold;" target="_blank" title="Click to know more about INPUT">INPUT</a> while keeping other inputs <a href="https://interviewquestions.tuteehub.com/tag/unchanged-2316761" style="font-weight:bold;" target="_blank" title="Click to know more about UNCHANGED">UNCHANGED</a>.</body></html> | |
| 5962. |
What is the difference between positive and negative correlation . |
| Answer» <html><body><p></p><a href="https://interviewquestions.tuteehub.com/tag/solution-25781" style="font-weight:bold;" target="_blank" title="Click to know more about SOLUTION">SOLUTION</a> :The difference between positive and <a href="https://interviewquestions.tuteehub.com/tag/negative-570381" style="font-weight:bold;" target="_blank" title="Click to know more about NEGATIVE">NEGATIVE</a> correlation is that in positive correlation , variables move in the same direction whereas in the negative correlation, they move in <a href="https://interviewquestions.tuteehub.com/tag/different-951434" style="font-weight:bold;" target="_blank" title="Click to know more about DIFFERENT">DIFFERENT</a> directions .</body></html> | |
| 5963. |
When marginal product rises, total product: (Choose the correct alternative) |
| Answer» <html><body><p><a href="https://interviewquestions.tuteehub.com/tag/falls-983294" style="font-weight:bold;" target="_blank" title="Click to know more about FALLS">FALLS</a> <br/><a href="https://interviewquestions.tuteehub.com/tag/rises-1189694" style="font-weight:bold;" target="_blank" title="Click to know more about RISES">RISES</a><br/>Can <a href="https://interviewquestions.tuteehub.com/tag/rise-1189674" style="font-weight:bold;" target="_blank" title="Click to know more about RISE">RISE</a> or can <a href="https://interviewquestions.tuteehub.com/tag/fall-983217" style="font-weight:bold;" target="_blank" title="Click to know more about FALL">FALL</a> <br/><a href="https://interviewquestions.tuteehub.com/tag/remains-621920" style="font-weight:bold;" target="_blank" title="Click to know more about REMAINS">REMAINS</a> constant<br/></p>Solution :Rises</body></html> | |
| 5964. |
Define Macroeconomics. |
| Answer» <html><body><p></p>Solution :Macroeconomiccs is that part of <a href="https://interviewquestions.tuteehub.com/tag/economic-448435" style="font-weight:bold;" target="_blank" title="Click to know more about ECONOMIC">ECONOMIC</a> theory which studies that <a href="https://interviewquestions.tuteehub.com/tag/behaviour-894636" style="font-weight:bold;" target="_blank" title="Click to know more about BEHAVIOUR">BEHAVIOUR</a> of the <a href="https://interviewquestions.tuteehub.com/tag/aggregates-851653" style="font-weight:bold;" target="_blank" title="Click to know more about AGGREGATES">AGGREGATES</a> of an <a href="https://interviewquestions.tuteehub.com/tag/economy-21801" style="font-weight:bold;" target="_blank" title="Click to know more about ECONOMY">ECONOMY</a> as a <a href="https://interviewquestions.tuteehub.com/tag/whole-1455252" style="font-weight:bold;" target="_blank" title="Click to know more about WHOLE">WHOLE</a>.</body></html> | |
| 5965. |
What change in TR will result in a decreases in MR ? |
| Answer» <html><body><p></p><a href="https://interviewquestions.tuteehub.com/tag/solution-25781" style="font-weight:bold;" target="_blank" title="Click to know more about SOLUTION">SOLUTION</a> :When <a href="https://interviewquestions.tuteehub.com/tag/tr-661737" style="font-weight:bold;" target="_blank" title="Click to know more about TR">TR</a> <a href="https://interviewquestions.tuteehub.com/tag/increases-1040626" style="font-weight:bold;" target="_blank" title="Click to know more about INCREASES">INCREASES</a> at a diminishing rate and when TR <a href="https://interviewquestions.tuteehub.com/tag/falls-983294" style="font-weight:bold;" target="_blank" title="Click to know more about FALLS">FALLS</a>.</body></html> | |
| 5966. |
What are the main demerits of random sampling ? |
| Answer» <html><body><p></p><a href="https://interviewquestions.tuteehub.com/tag/solution-25781" style="font-weight:bold;" target="_blank" title="Click to know more about SOLUTION">SOLUTION</a> :<a href="https://interviewquestions.tuteehub.com/tag/1-256655" style="font-weight:bold;" target="_blank" title="Click to know more about 1">1</a>. <a href="https://interviewquestions.tuteehub.com/tag/expensivebr2-2627469" style="font-weight:bold;" target="_blank" title="Click to know more about EXPENSIVE2">EXPENSIVE2</a>. <a href="https://interviewquestions.tuteehub.com/tag/required-1185621" style="font-weight:bold;" target="_blank" title="Click to know more about REQUIRED">REQUIRED</a> more <a href="https://interviewquestions.tuteehub.com/tag/skill-25842" style="font-weight:bold;" target="_blank" title="Click to know more about SKILL">SKILL</a></body></html> | |
| 5967. |
What do you mean by complements ? Give examples of two goods which are complements of each other. |
| Answer» <html><body><p></p><a href="https://interviewquestions.tuteehub.com/tag/solution-25781" style="font-weight:bold;" target="_blank" title="Click to know more about SOLUTION">SOLUTION</a> :<a href="https://interviewquestions.tuteehub.com/tag/complements-13774" style="font-weight:bold;" target="_blank" title="Click to know more about COMPLEMENTS">COMPLEMENTS</a> refers to those goods which are <a href="https://interviewquestions.tuteehub.com/tag/used-2318798" style="font-weight:bold;" target="_blank" title="Click to know more about USED">USED</a> together to satisfy a particular want. For examples : Tea and <a href="https://interviewquestions.tuteehub.com/tag/sugar-1233697" style="font-weight:bold;" target="_blank" title="Click to know more about SUGAR">SUGAR</a> , Car and Petrol.</body></html> | |
| 5968. |
Define variable coasts . OR What is the meaningof prime costs ? |
| Answer» <html><body><p></p>Solution :Variable costs (or <a href="https://interviewquestions.tuteehub.com/tag/prime-605748" style="font-weight:bold;" target="_blank" title="Click to know more about PRIME">PRIME</a> costs) <a href="https://interviewquestions.tuteehub.com/tag/refer-621103" style="font-weight:bold;" target="_blank" title="Click to know more about REFER">REFER</a> tothose which <a href="https://interviewquestions.tuteehub.com/tag/vary-1443941" style="font-weight:bold;" target="_blank" title="Click to know more about VARY">VARY</a> directly with the level of output. For example,<a href="https://interviewquestions.tuteehub.com/tag/wages-1448569" style="font-weight:bold;" target="_blank" title="Click to know more about WAGES">WAGES</a> ofcasual labour, payment of raw material.</body></html> | |
| 5969. |
Name the steps in drawing Lorenz Curve . |
| Answer» <html><body><p></p>Solution :To draw a Lorenz Curve, <a href="https://interviewquestions.tuteehub.com/tag/follow-994211" style="font-weight:bold;" target="_blank" title="Click to know more about FOLLOW">FOLLOW</a> these steps: <br/>1)Gather the data (e.g. census data from two cities) <br/>2) For each set of data, rank the <a href="https://interviewquestions.tuteehub.com/tag/categories-910752" style="font-weight:bold;" target="_blank" title="Click to know more about CATEGORIES">CATEGORIES</a> and order them by rank in a table <br/>3)Convert each value in a % of the total <br/>4)<a href="https://interviewquestions.tuteehub.com/tag/calculate-412157" style="font-weight:bold;" target="_blank" title="Click to know more about CALCULATE">CALCULATE</a> the running totals (ie cumulative %, by adding the % of one line to the <a href="https://interviewquestions.tuteehub.com/tag/ones-1133582" style="font-weight:bold;" target="_blank" title="Click to know more about ONES">ONES</a> before) <br/>5)Graph ranks (horizontal) against cumulative % (vertical) <br/>6) Draw the "even distribution line" running from (rank = 0, % = 0) to (rank = <a href="https://interviewquestions.tuteehub.com/tag/max-546895" style="font-weight:bold;" target="_blank" title="Click to know more about MAX">MAX</a>, % = 100%), which represents the line if all the categories were the same size.</body></html> | |
| 5970. |
Categorise the following changes as expansion, contraction, increase or decrease in demand (assuming the given commodity is a normal good) : (i) When prices of a substitude rises (ii) When price of the given commodity increases (iii) When income of the consumers increases (iv) When price of the given commodity is expected to fall in further (v) When the given commodity becomes a fashion good (vi) When there is sudden decrease in population due to an earthquake (vii) When the price of the given commodity falls. |
| Answer» <html><body><p></p><a href="https://interviewquestions.tuteehub.com/tag/solution-25781" style="font-weight:bold;" target="_blank" title="Click to know more about SOLUTION">SOLUTION</a> :Expansion in <a href="https://interviewquestions.tuteehub.com/tag/demand-436956" style="font-weight:bold;" target="_blank" title="Click to know more about DEMAND">DEMAND</a> : (vii) , Contraction in demand (ii) , Increase in demand (i),(<a href="https://interviewquestions.tuteehub.com/tag/iii-497983" style="font-weight:bold;" target="_blank" title="Click to know more about III">III</a>),(v) , Decrease in demand (<a href="https://interviewquestions.tuteehub.com/tag/iv-501699" style="font-weight:bold;" target="_blank" title="Click to know more about IV">IV</a>),(vi).</body></html> | |
| 5971. |
Product per unit of labour employed is termed as : |
| Answer» <html><body><p><a href="https://interviewquestions.tuteehub.com/tag/average-13416" style="font-weight:bold;" target="_blank" title="Click to know more about AVERAGE">AVERAGE</a> product<br/>Marginal product<br/>Total product<br/>None of these</p>Answer :A</body></html> | |
| 5972. |
Why does SMC curve cut the AC at its minimum? |
| Answer» <html><body><p></p><a href="https://interviewquestions.tuteehub.com/tag/solution-25781" style="font-weight:bold;" target="_blank" title="Click to know more about SOLUTION">SOLUTION</a> :SMC curve cuts <a href="https://interviewquestions.tuteehub.com/tag/ac-361271" style="font-weight:bold;" target="_blank" title="Click to know more about AC">AC</a> curve at its minimum. <br/> It is because, <br/> 1. When MC lt AC, AC falls <br/> 2. When MC gt AC, AC rises <br/> 3. Changes in AC depend on <a href="https://interviewquestions.tuteehub.com/tag/change-913808" style="font-weight:bold;" target="_blank" title="Click to know more about CHANGE">CHANGE</a> in MC. When MC lies below AC, It pulls AC downwards and when MC lies above AC, it pulls AC upwards. As a result MC cuts AC at its minimum <a href="https://interviewquestions.tuteehub.com/tag/point-1157106" style="font-weight:bold;" target="_blank" title="Click to know more about POINT">POINT</a>. <br/> <img src="https://d10lpgp6xz60nq.cloudfront.net/physics_images/MIC_ECO_XI_U03_C06_E01_049_S01.png" width="80%"/></body></html> | |
| 5973. |
What is 'loss of information ' in classified data ? |
| Answer» <html><body><p></p>Solution :This term is used in two entirely different <a href="https://interviewquestions.tuteehub.com/tag/senses-1200753" style="font-weight:bold;" target="_blank" title="Click to know more about SENSES">SENSES</a>: (a) to denote the actual loss of information in the ordinary sense, e.g. by the destruction of <a href="https://interviewquestions.tuteehub.com/tag/records-1180480" style="font-weight:bold;" target="_blank" title="Click to know more about RECORDS">RECORDS</a>; (b) to denote <a href="https://interviewquestions.tuteehub.com/tag/failure-983002" style="font-weight:bold;" target="_blank" title="Click to know more about FAILURE">FAILURE</a> to extract all the information which exists in the available data about a <a href="https://interviewquestions.tuteehub.com/tag/particular-1147539" style="font-weight:bold;" target="_blank" title="Click to know more about PARTICULAR">PARTICULAR</a> matter.</body></html> | |
| 5974. |
What is meant by equilibrium output of a producer ? |
| Answer» <html><body><p></p><a href="https://interviewquestions.tuteehub.com/tag/solution-25781" style="font-weight:bold;" target="_blank" title="Click to know more about SOLUTION">SOLUTION</a> :Equilibrium output of a producer <a href="https://interviewquestions.tuteehub.com/tag/refers-1181652" style="font-weight:bold;" target="_blank" title="Click to know more about REFERS">REFERS</a> to that <a href="https://interviewquestions.tuteehub.com/tag/level-1072714" style="font-weight:bold;" target="_blank" title="Click to know more about LEVEL">LEVEL</a> of output at which the profits of a producer are maximum.</body></html> | |
| 5975. |
For calculating median, all items of the series are arranged in |
| Answer» <html><body><p>descending <a href="https://interviewquestions.tuteehub.com/tag/order-1138220" style="font-weight:bold;" target="_blank" title="Click to know more about ORDER">ORDER</a><br/>ascending order<br/>asceneding or descending order<br/>None of these</p>Solution :For calculating median, all <a href="https://interviewquestions.tuteehub.com/tag/items-1052972" style="font-weight:bold;" target="_blank" title="Click to know more about ITEMS">ITEMS</a> of the <a href="https://interviewquestions.tuteehub.com/tag/series-1201802" style="font-weight:bold;" target="_blank" title="Click to know more about SERIES">SERIES</a> are arranged inascending or descending order</body></html> | |
| 5976. |
The data collected without any objective is called numbers. (True/False) |
| Answer» <html><body><p><br/></p><a href="https://interviewquestions.tuteehub.com/tag/solution-25781" style="font-weight:bold;" target="_blank" title="Click to know more about SOLUTION">SOLUTION</a> :<a href="https://interviewquestions.tuteehub.com/tag/true-713260" style="font-weight:bold;" target="_blank" title="Click to know more about TRUE">TRUE</a></body></html> | |
| 5977. |
A student obtained 60 marks in English, 75 inHindi, 63 in Mathematics, 59 in Economics and 55 in Statistics. Calculate weighted mean of the marks if weights are respectively 2, 1, 5, 5 and 3. |
| Answer» <html><body><p><br/></p><a href="https://interviewquestions.tuteehub.com/tag/answer-15557" style="font-weight:bold;" target="_blank" title="Click to know more about ANSWER">ANSWER</a> :<a href="https://interviewquestions.tuteehub.com/tag/weighted-1451397" style="font-weight:bold;" target="_blank" title="Click to know more about WEIGHTED">WEIGHTED</a> <a href="https://interviewquestions.tuteehub.com/tag/mean-1091459" style="font-weight:bold;" target="_blank" title="Click to know more about MEAN">MEAN</a> = 60.625 <a href="https://interviewquestions.tuteehub.com/tag/marks-1088184" style="font-weight:bold;" target="_blank" title="Click to know more about MARKS">MARKS</a></body></html> | |
| 5978. |
What is coperative oligopoly Or What is meant by collusive oligopoly? |
| Answer» <html><body><p></p>Solution :When in an <a href="https://interviewquestions.tuteehub.com/tag/oligopoly-585440" style="font-weight:bold;" target="_blank" title="Click to know more about OLIGOPOLY">OLIGOPOLY</a> <a href="https://interviewquestions.tuteehub.com/tag/market-25464" style="font-weight:bold;" target="_blank" title="Click to know more about MARKET">MARKET</a>, the firms coperate with each other in determining <a href="https://interviewquestions.tuteehub.com/tag/price-1165141" style="font-weight:bold;" target="_blank" title="Click to know more about PRICE">PRICE</a> and output it is <a href="https://interviewquestions.tuteehub.com/tag/called-907796" style="font-weight:bold;" target="_blank" title="Click to know more about CALLED">CALLED</a> Coperative Oligopoly.</body></html> | |
| 5979. |
Which branch of economics studies aspects concerning people of the country as a whole? |
| Answer» <html><body><p></p><a href="https://interviewquestions.tuteehub.com/tag/solution-25781" style="font-weight:bold;" target="_blank" title="Click to know more about SOLUTION">SOLUTION</a> :<a href="https://interviewquestions.tuteehub.com/tag/macroeconomics-1082534" style="font-weight:bold;" target="_blank" title="Click to know more about MACROECONOMICS">MACROECONOMICS</a></body></html> | |
| 5980. |
Cross demand states the relationship between : |
| Answer» <html><body><p>Demand of given <a href="https://interviewquestions.tuteehub.com/tag/commodity-923558" style="font-weight:bold;" target="_blank" title="Click to know more about COMMODITY">COMMODITY</a> and price of <a href="https://interviewquestions.tuteehub.com/tag/relatedbrbr-2983848" style="font-weight:bold;" target="_blank" title="Click to know more about RELATED">RELATED</a> goods<br/>Demand of given commodity and <a href="https://interviewquestions.tuteehub.com/tag/income-25499" style="font-weight:bold;" target="_blank" title="Click to know more about INCOME">INCOME</a> of the consumer<br/>Demand of given commodity and taste and preferences<br/>None of these</p>Answer :A</body></html> | |
| 5981. |
In the following diagram , producer's equilibrium is achieved at poin "_________" |
| Answer» <html><body><p>K<br/>L<br/>Both (a) and (<a href="https://interviewquestions.tuteehub.com/tag/b-387190" style="font-weight:bold;" target="_blank" title="Click to know more about B">B</a>) <br/><a href="https://interviewquestions.tuteehub.com/tag/neither-1113494" style="font-weight:bold;" target="_blank" title="Click to know more about NEITHER">NEITHER</a> (a) nor (b)</p><a href="https://interviewquestions.tuteehub.com/tag/solution-25781" style="font-weight:bold;" target="_blank" title="Click to know more about SOLUTION">SOLUTION</a> :N/a</body></html> | |
| 5982. |
State any one assumption for the construction of the curve that shows the possibilities of potential production of 2 goods in an economy. |
| Answer» <html><body><p></p>Solution :Any <a href="https://interviewquestions.tuteehub.com/tag/one-585732" style="font-weight:bold;" target="_blank" title="Click to know more about ONE">ONE</a> <a href="https://interviewquestions.tuteehub.com/tag/assumption-886180" style="font-weight:bold;" target="_blank" title="Click to know more about ASSUMPTION">ASSUMPTION</a> from the following : <br/> (i) The <a href="https://interviewquestions.tuteehub.com/tag/resources-11387" style="font-weight:bold;" target="_blank" title="Click to know more about RESOURCES">RESOURCES</a> <a href="https://interviewquestions.tuteehub.com/tag/available-888895" style="font-weight:bold;" target="_blank" title="Click to know more about AVAILABLE">AVAILABLE</a> are fixed <br/> (<a href="https://interviewquestions.tuteehub.com/tag/ii-1036832" style="font-weight:bold;" target="_blank" title="Click to know more about II">II</a>) The resources are employed <br/> (iii) The resources are not equally efficient in production of all products.</body></html> | |
| 5983. |
If a firm's total revenue curve takes the form of a straight line which passess through the origin, then: |
| Answer» <html><body><p><a href="https://interviewquestions.tuteehub.com/tag/price-1165141" style="font-weight:bold;" target="_blank" title="Click to know more about PRICE">PRICE</a> `gt` Marginal <a href="https://interviewquestions.tuteehub.com/tag/revenue-1188040" style="font-weight:bold;" target="_blank" title="Click to know more about REVENUE">REVENUE</a><br/>Price = Marginal Revenue <br/>Price `<a href="https://interviewquestions.tuteehub.com/tag/lt-537906" style="font-weight:bold;" target="_blank" title="Click to know more about LT">LT</a>` Marginal Revenue <br/>None of these </p>Solution :N/A</body></html> | |
| 5984. |
State and three features of a monopoly market. |
| Answer» | |
| 5985. |
In which phase a rational producer will operate in the short run ? |
| Answer» <html><body><p></p><a href="https://interviewquestions.tuteehub.com/tag/solution-25781" style="font-weight:bold;" target="_blank" title="Click to know more about SOLUTION">SOLUTION</a> :A <a href="https://interviewquestions.tuteehub.com/tag/rational-613044" style="font-weight:bold;" target="_blank" title="Click to know more about RATIONAL">RATIONAL</a> <a href="https://interviewquestions.tuteehub.com/tag/producer-1167788" style="font-weight:bold;" target="_blank" title="Click to know more about PRODUCER">PRODUCER</a> will <a href="https://interviewquestions.tuteehub.com/tag/operate-586874" style="font-weight:bold;" target="_blank" title="Click to know more about OPERATE">OPERATE</a> in the second <a href="https://interviewquestions.tuteehub.com/tag/phase-22748" style="font-weight:bold;" target="_blank" title="Click to know more about PHASE">PHASE</a> in short run since it is only in this phase that the Total Product is maximum.</body></html> | |
| 5986. |
Identify the different output levels, which mark the three phases of the operation of the low of Variable Proportions, from the following table : |{:("Units of variable factor",0,1,2,3,4,5),("TP (in units)",0,8,20,28,28,20):}| |
| Answer» <html><body><p></p><a href="https://interviewquestions.tuteehub.com/tag/solution-25781" style="font-weight:bold;" target="_blank" title="Click to know more about SOLUTION">SOLUTION</a> :<img src="https://d10lpgp6xz60nq.cloudfront.net/physics_images/SG_MIC_ECO_C05_S01_007_S01.png" width="80%"/></body></html> | |
| 5987. |
Define a Budget line |
| Answer» <html><body><p></p>Solution :The Budget <a href="https://interviewquestions.tuteehub.com/tag/line-1074199" style="font-weight:bold;" target="_blank" title="Click to know more about LINE">LINE</a>, also called as Budget Constraint shows all the combinations of <a href="https://interviewquestions.tuteehub.com/tag/two-714195" style="font-weight:bold;" target="_blank" title="Click to know more about TWO">TWO</a> commodities that a consumer can afford at given market <a href="https://interviewquestions.tuteehub.com/tag/prices-1165311" style="font-weight:bold;" target="_blank" title="Click to know more about PRICES">PRICES</a> and within the particular income <a href="https://interviewquestions.tuteehub.com/tag/level-1072714" style="font-weight:bold;" target="_blank" title="Click to know more about LEVEL">LEVEL</a>.</body></html> | |
| 5988. |
What is budget line ? |
| Answer» <html><body><p></p>Solution :Budget line is a graphical representation of all <a href="https://interviewquestions.tuteehub.com/tag/possible-592355" style="font-weight:bold;" target="_blank" title="Click to know more about POSSIBLE">POSSIBLE</a> combinations of two goods which a consumer can afford, <a href="https://interviewquestions.tuteehub.com/tag/given-473447" style="font-weight:bold;" target="_blank" title="Click to know more about GIVEN">GIVEN</a> purchased with given <a href="https://interviewquestions.tuteehub.com/tag/income-25499" style="font-weight:bold;" target="_blank" title="Click to know more about INCOME">INCOME</a> and prices such that the <a href="https://interviewquestions.tuteehub.com/tag/cost-25707" style="font-weight:bold;" target="_blank" title="Click to know more about COST">COST</a> of each of these combinations is <a href="https://interviewquestions.tuteehub.com/tag/equal-446400" style="font-weight:bold;" target="_blank" title="Click to know more about EQUAL">EQUAL</a> to the money income of consumer.</body></html> | |
| 5989. |
Define market supply curve. |
| Answer» <html><body><p></p><a href="https://interviewquestions.tuteehub.com/tag/solution-25781" style="font-weight:bold;" target="_blank" title="Click to know more about SOLUTION">SOLUTION</a> :Market <a href="https://interviewquestions.tuteehub.com/tag/supply-1235254" style="font-weight:bold;" target="_blank" title="Click to know more about SUPPLY">SUPPLY</a> curve for a good is the locus of points where each point represents the <a href="https://interviewquestions.tuteehub.com/tag/quantity-1174212" style="font-weight:bold;" target="_blank" title="Click to know more about QUANTITY">QUANTITY</a> of good, all sellers fo that good are willing to sell at a given price during a given <a href="https://interviewquestions.tuteehub.com/tag/period-1151023" style="font-weight:bold;" target="_blank" title="Click to know more about PERIOD">PERIOD</a> of time other things being equal.</body></html> | |
| 5990. |
Calculate mean salary by Step-deviation Method of the following data: |
| Answer» <html><body><p></p><a href="https://interviewquestions.tuteehub.com/tag/solution-25781" style="font-weight:bold;" target="_blank" title="Click to know more about SOLUTION">SOLUTION</a> :<img src="https://d10lpgp6xz60nq.cloudfront.net/physics_images/TRJ_ECO_XI_C09_S01_021_S01.png" width="80%"/> <br/> `barX=A+(sumfd')/(sumf)xxC` <br/> `=112.5+(-<a href="https://interviewquestions.tuteehub.com/tag/3-301577" style="font-weight:bold;" target="_blank" title="Click to know more about 3">3</a>)/30xx15=112.5-3/30xx15` <br/> `112.5-1.5=111` <br/> Thus, Mean <a href="https://interviewquestions.tuteehub.com/tag/salary-1193463" style="font-weight:bold;" target="_blank" title="Click to know more about SALARY">SALARY</a> = <a href="https://interviewquestions.tuteehub.com/tag/rs-625947" style="font-weight:bold;" target="_blank" title="Click to know more about RS">RS</a>. 111.</body></html> | |
| 5991. |
Define total utility and marginal utility. Explain the consumer's equilibrium with the help of a suitable schedule and diagram |
| Answer» | |
| 5992. |
Explain the implication of the following, (a) Product differentiation in monopolistic competition, (b) Perfect knowledge in perfect competition. |
| Answer» <html><body><p></p>Solution :a) Implication of product differentiation in Monopolistic <a href="https://interviewquestions.tuteehub.com/tag/competition-423521" style="font-weight:bold;" target="_blank" title="Click to know more about COMPETITION">COMPETITION</a> is that buyers of a product differentiate between the same product produced by <a href="https://interviewquestions.tuteehub.com/tag/different-951434" style="font-weight:bold;" target="_blank" title="Click to know more about DIFFERENT">DIFFERENT</a> firms. <a href="https://interviewquestions.tuteehub.com/tag/therefore-706901" style="font-weight:bold;" target="_blank" title="Click to know more about THEREFORE">THEREFORE</a>, they are also willing to pay different prices for the same product produced by different firms. This gives some monopoly power to an individual firm to influence market price of its product.b) Implication of perfect knowledge in prefect competition is that no firm is in a <a href="https://interviewquestions.tuteehub.com/tag/position-1159826" style="font-weight:bold;" target="_blank" title="Click to know more about POSITION">POSITION</a> to charge a different price and no buyer will pay a higher price. As a <a href="https://interviewquestions.tuteehub.com/tag/result-1187343" style="font-weight:bold;" target="_blank" title="Click to know more about RESULT">RESULT</a> a uniform price prevails in the market.</body></html> | |
| 5993. |
What do you understand by normative economic analysis? |
| Answer» <html><body><p></p><a href="https://interviewquestions.tuteehub.com/tag/solution-25781" style="font-weight:bold;" target="_blank" title="Click to know more about SOLUTION">SOLUTION</a> :<a href="https://interviewquestions.tuteehub.com/tag/normative-1124476" style="font-weight:bold;" target="_blank" title="Click to know more about NORMATIVE">NORMATIVE</a> <a href="https://interviewquestions.tuteehub.com/tag/economics-260" style="font-weight:bold;" target="_blank" title="Click to know more about ECONOMICS">ECONOMICS</a> deals with what ought to be or how the <a href="https://interviewquestions.tuteehub.com/tag/economic-448435" style="font-weight:bold;" target="_blank" title="Click to know more about ECONOMIC">ECONOMIC</a> problems should be solved.</body></html> | |
| 5994. |
Graphic presentation helps to identify correlation between the variables. (True/False) |
| Answer» <html><body><p><br/></p><a href="https://interviewquestions.tuteehub.com/tag/solution-25781" style="font-weight:bold;" target="_blank" title="Click to know more about SOLUTION">SOLUTION</a> :<a href="https://interviewquestions.tuteehub.com/tag/true-713260" style="font-weight:bold;" target="_blank" title="Click to know more about TRUE">TRUE</a></body></html> | |
| 5995. |
How many units of a commodity will you consume, if you don't have to pay any price for it? |
| Answer» <html><body><p><br/></p>Solution :You will stop <a href="https://interviewquestions.tuteehub.com/tag/consumption-931383" style="font-weight:bold;" target="_blank" title="Click to know more about CONSUMPTION">CONSUMPTION</a> of the <a href="https://interviewquestions.tuteehub.com/tag/commodity-923558" style="font-weight:bold;" target="_blank" title="Click to know more about COMMODITY">COMMODITY</a> at the level when the point of <a href="https://interviewquestions.tuteehub.com/tag/satiety-1195168" style="font-weight:bold;" target="_blank" title="Click to know more about SATIETY">SATIETY</a> is reached "What is point of satiety" <br/> Point of satiety is where <br/> utility gained = utility sacrificed (Price) <br/> Even though you don't have to pay for it, you will stop consumption of the commodity where TO is maximum and <a href="https://interviewquestions.tuteehub.com/tag/mu-566056" style="font-weight:bold;" target="_blank" title="Click to know more about MU">MU</a> is zeroIn the diagram given below, point of satiety is point <a href="https://interviewquestions.tuteehub.com/tag/e-444102" style="font-weight:bold;" target="_blank" title="Click to know more about E">E</a> which shows that he will consume OQ amount of the commodity. <br/> <img src="https://d10lpgp6xz60nq.cloudfront.net/physics_images/MIC_ECO_XI_U02_C02_E01_041_S01.png" width="80%"/></body></html> | |
| 5996. |
The typical behaviour of TVC in the short run is that it: |
| Answer» <html><body><p><a href="https://interviewquestions.tuteehub.com/tag/increase-1040383" style="font-weight:bold;" target="_blank" title="Click to know more about INCREASE">INCREASE</a> at increasing <a href="https://interviewquestions.tuteehub.com/tag/rate-1177476" style="font-weight:bold;" target="_blank" title="Click to know more about RATE">RATE</a> throghtout <br/>Increases at <a href="https://interviewquestions.tuteehub.com/tag/decreasing-946148" style="font-weight:bold;" target="_blank" title="Click to know more about DECREASING">DECREASING</a> rate throughout <br/>Increases at decreasing rate initially and then at increasing rate. <br/>Increases at increasing rate initially and then at decreasing rate. </p>Answer :<a href="https://interviewquestions.tuteehub.com/tag/c-7168" style="font-weight:bold;" target="_blank" title="Click to know more about C">C</a></body></html> | |
| 5997. |
When actual price of a commodity is less than equilibrium price, its price : |
| Answer» <html><body><p><a href="https://interviewquestions.tuteehub.com/tag/starts-1224822" style="font-weight:bold;" target="_blank" title="Click to know more about STARTS">STARTS</a> <a href="https://interviewquestions.tuteehub.com/tag/rising-1189698" style="font-weight:bold;" target="_blank" title="Click to know more about RISING">RISING</a> <br/>Starts <a href="https://interviewquestions.tuteehub.com/tag/falling-983241" style="font-weight:bold;" target="_blank" title="Click to know more about FALLING">FALLING</a> <br/>Starts <a href="https://interviewquestions.tuteehub.com/tag/fluctuating-993457" style="font-weight:bold;" target="_blank" title="Click to know more about FLUCTUATING">FLUCTUATING</a> <br/><a href="https://interviewquestions.tuteehub.com/tag/remains-621920" style="font-weight:bold;" target="_blank" title="Click to know more about REMAINS">REMAINS</a> constant</p>Answer :A</body></html> | |
| 5998. |
The yield of wheat and rice per acre for 10 districts of a state is as under: Calculate for each crop, (i) Range (ii) Q.D. (iii) Mean Deviation about Mean (iv) Mean deviation about Median (v) Standard Deviation (vi) Which crop has greater variations? (vii) Compare the values of different measures for each crop. |
| Answer» <html><body><p></p>Solution :[ Case of Wheat: <br/> Firstly arrange the data in ascending order: <br/> <img src="https://d10lpgp6xz60nq.cloudfront.net/physics_images/TRJ_ECO_XI_C11_E01_084_S01.png" width="80%"/> <br/> (i) Range (R )=H-L <br/> Here, H=25, L=9 <br/> `:. ""` R=25-9=16 <br/> (ii) `"" Q_(1)`=Size of `((N+1)/(4))th" item"` <br/> =Size of `((10+1)/(4))th " item"`<br/> =Size of <a href="https://interviewquestions.tuteehub.com/tag/2-283658" style="font-weight:bold;" target="_blank" title="Click to know more about 2">2</a>.75th item <br/> =Size of 2nd item`+(3)/(4)("Size of 3rd item"-"Size of 2nd item")` <br/> `=10+(3)/(4)(10-10)` <br/> =10+0=10 <br/> `Q_(3)="Size of"3((N+1)/(4))th " item"` <br/> `="Size of " 3((10+1)/(4))th item"` <br/> =Size of 8.25th item <br/> =Size of <a href="https://interviewquestions.tuteehub.com/tag/8th-340217" style="font-weight:bold;" target="_blank" title="Click to know more about 8TH">8TH</a> item `+(1)/(4)("Size of 9th item"-"Size of 8th item")` <br/>`=19+(1)/(4)(21-19)=19+(2)/(4)=19.5` <br/> Quartile Deviation`=(Q_(3)-Q_(1))/(2)=(19.5-10)/(2)=(9.5)/(2)=4.75` <br/> (iii) Mean `(barX)=(sumX)/(N)=(155)/(10)=15.5` <br/> Mean Deviation from Mean `(MD_(barX))=(sum|dx|)/(N)=(43)/(10)=4.3` <br/> (iv) Median (M)=Size of `((N+1)/(2))th" item"` <br/> =Size of `((10+1)/(2))th " item"`=Size of 5.5th item <br/> `="Size of 5th item"+"Size of 5th item")/(2)` <br/> `=(15+16)/(2)=(31)/(2)=15.5` <br/> Mean Deviation from Median `(MD_(m))=(sum|dm|)/(N)=(43)/(10)=4.3` <br/> (v) Standard Deviation `(<a href="https://interviewquestions.tuteehub.com/tag/sigma-1207107" style="font-weight:bold;" target="_blank" title="Click to know more about SIGMA">SIGMA</a>)=sqrt((sumx^(2))/(N))=sqrt((254.5)/(10))=sqrt(25.45)=5.04` <br/> (vi) Coefficient of Variation (CV)`=(sigma)/(barX)<a href="https://interviewquestions.tuteehub.com/tag/xx100-3292680" style="font-weight:bold;" target="_blank" title="Click to know more about XX100">XX100</a>=(5.04)/(15.5)xx100=32.52`] <br/> [Note: Students are advised to repeat this exercise using data for the rice crop. To assess the degree of variation, <a href="https://interviewquestions.tuteehub.com/tag/compare-11929" style="font-weight:bold;" target="_blank" title="Click to know more about COMPARE">COMPARE</a> CV for the two cases.]</body></html> | |
| 5999. |
Identify the phase in which TP increases at an increasing rate and MP also increases. |
| Answer» <html><body><p><a href="https://interviewquestions.tuteehub.com/tag/increasing-1040633" style="font-weight:bold;" target="_blank" title="Click to know more about INCREASING">INCREASING</a> <a href="https://interviewquestions.tuteehub.com/tag/returns-1187977" style="font-weight:bold;" target="_blank" title="Click to know more about RETURNS">RETURNS</a> to a factor<br/>Diminishing returns to a factor<br/>Negative returns to a factor<br/>None of these</p>Solution :A. Increasing returns to a factor is ain which <a href="https://interviewquestions.tuteehub.com/tag/tp-1424360" style="font-weight:bold;" target="_blank" title="Click to know more about TP">TP</a> <a href="https://interviewquestions.tuteehub.com/tag/increases-1040626" style="font-weight:bold;" target="_blank" title="Click to know more about INCREASES">INCREASES</a> at an increasing rate and <a href="https://interviewquestions.tuteehub.com/tag/mp-565167" style="font-weight:bold;" target="_blank" title="Click to know more about MP">MP</a> also increases.</body></html> | |
| 6000. |
Law of Variable Proportions is also known as : |
| Answer» <html><body><p><a href="https://interviewquestions.tuteehub.com/tag/law-184" style="font-weight:bold;" target="_blank" title="Click to know more about LAW">LAW</a> of Returns<br/>Returns to <a href="https://interviewquestions.tuteehub.com/tag/variable-1442996" style="font-weight:bold;" target="_blank" title="Click to know more about VARIABLE">VARIABLE</a> <a href="https://interviewquestions.tuteehub.com/tag/factor-458892" style="font-weight:bold;" target="_blank" title="Click to know more about FACTOR">FACTOR</a><br/>Law of Returns to Factor<br/>All of these</p>Solution :D. Law of Variable Proportions is <a href="https://interviewquestions.tuteehub.com/tag/also-373387" style="font-weight:bold;" target="_blank" title="Click to know more about ALSO">ALSO</a> <a href="https://interviewquestions.tuteehub.com/tag/known-534098" style="font-weight:bold;" target="_blank" title="Click to know more about KNOWN">KNOWN</a> as Law of Returns, Returns to Variable Factor and Law of Returns to Factor.</body></html> | |