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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.
| 6051. |
Why is production possibility curve concave? Explain. |
| Answer» <html><body><p></p>Solution :Production Possibility <a href="https://interviewquestions.tuteehub.com/tag/curve-941741" style="font-weight:bold;" target="_blank" title="Click to know more about CURVE">CURVE</a> is concave to the origin because of increasing marginal rate of transformation (MRT). i.e., more and more units of on commondity are sacrificed to gain an <a href="https://interviewquestions.tuteehub.com/tag/additional-367648" style="font-weight:bold;" target="_blank" title="Click to know more about ADDITIONAL">ADDITIONAL</a> unit of another <a href="https://interviewquestions.tuteehub.com/tag/commodity-923558" style="font-weight:bold;" target="_blank" title="Click to know more about COMMODITY">COMMODITY</a>. <br/> MRT increases because it is assumed that no resource is equally efficient in production of all goods As resources are transferred from one good to another, <a href="https://interviewquestions.tuteehub.com/tag/less-1071906" style="font-weight:bold;" target="_blank" title="Click to know more about LESS">LESS</a> and efficient resources have to be employed. This raises <a href="https://interviewquestions.tuteehub.com/tag/cost-25707" style="font-weight:bold;" target="_blank" title="Click to know more about COST">COST</a> and rises MRT.</body></html> | |
| 6052. |
give equation of Budget Line |
| Answer» <html><body><p><<a href="https://interviewquestions.tuteehub.com/tag/p-588962" style="font-weight:bold;" target="_blank" title="Click to know more about P">P</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> :`p_(<a href="https://interviewquestions.tuteehub.com/tag/1-256655" style="font-weight:bold;" target="_blank" title="Click to know more about 1">1</a>)x_(1) + p_(<a href="https://interviewquestions.tuteehub.com/tag/2-283658" style="font-weight:bold;" target="_blank" title="Click to know more about 2">2</a>)x_(2) = m`</body></html> | |
| 6053. |
Economists say inconsistent things. They say ''as price falls, demand rises but as demand rises, price rises''. Defend or Refute. |
| Answer» <html><body><p></p>Solution :The statement is defended. It is the cause and effect relationship between two concerned variables price i.e., if price falls, its <a href="https://interviewquestions.tuteehub.com/tag/demand-436956" style="font-weight:bold;" target="_blank" title="Click to know more about DEMAND">DEMAND</a> rises or <a href="https://interviewquestions.tuteehub.com/tag/expands-2076032" style="font-weight:bold;" target="_blank" title="Click to know more about EXPANDS">EXPANDS</a>. <br/> 2. Cause and effect relation between Price and Demand and supply. Price of a <a href="https://interviewquestions.tuteehub.com/tag/commodity-923558" style="font-weight:bold;" target="_blank" title="Click to know more about COMMODITY">COMMODITY</a> is <a href="https://interviewquestions.tuteehub.com/tag/determined-949906" style="font-weight:bold;" target="_blank" title="Click to know more about DETERMINED">DETERMINED</a> by its demand and supply. If demand of a commodity rises, the <a href="https://interviewquestions.tuteehub.com/tag/excess-978535" style="font-weight:bold;" target="_blank" title="Click to know more about EXCESS">EXCESS</a> demand (supply remaining unchanged) will create competition among buyers and push the price up and the price rises. Hence the statement is defended.</body></html> | |
| 6054. |
Give the various reasons for shift in production possibility curve. |
| Answer» <html><body><p></p>Solution :1. Occurrences that may <a href="https://interviewquestions.tuteehub.com/tag/shift-1205367" style="font-weight:bold;" target="_blank" title="Click to know more about SHIFT">SHIFT</a> it rightward may include, but are not limited to, population growth (more educated people to produce more of both <a href="https://interviewquestions.tuteehub.com/tag/goods-1009877" style="font-weight:bold;" target="_blank" title="Click to know more about GOODS">GOODS</a> on the axes) and technological improvements (which can help boost the productivity of the workforce).2. Natural disasters may cause leftward shifts of the curve by reducing the productive capabilities of the economy. Of course, there are other things such as economic crises that could lead to an overall reduction in 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> of goods and <a href="https://interviewquestions.tuteehub.com/tag/services-1202745" style="font-weight:bold;" target="_blank" title="Click to know more about SERVICES">SERVICES</a>.</body></html> | |
| 6055. |
Explain the concept of production function. |
| 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> :Production function is the technological <a href="https://interviewquestions.tuteehub.com/tag/relationship-1183331" style="font-weight:bold;" target="_blank" title="Click to know more about RELATIONSHIP">RELATIONSHIP</a> which <a href="https://interviewquestions.tuteehub.com/tag/tells-7259286" style="font-weight:bold;" target="_blank" title="Click to know more about TELLS">TELLS</a> that maximum output can be produced from various combinations of inputs.</body></html> | |
| 6056. |
Why is AR always equal to MR for a perfectly competion firm ? |
| 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> :Because a firm, being 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> taker, can sell any amount of its <a href="https://interviewquestions.tuteehub.com/tag/product-25523" style="font-weight:bold;" target="_blank" title="Click to know more about PRODUCT">PRODUCT</a> at this price <a href="https://interviewquestions.tuteehub.com/tag/therefore-706901" style="font-weight:bold;" target="_blank" title="Click to know more about THEREFORE">THEREFORE</a> with the sale of its every additional unit, its MR=AR = Price.</body></html> | |
| 6057. |
Show withthe help of a numericalexamplethataverage cost isconstantwhenmarginal cost isequal to it . |
| 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/ECO_XI_B_U03_C13_E06_007_S01.png" width="80%"/></body></html> | |
| 6058. |
The rank of 8 same students in tests in Mathematics and Statistics were as follows : Calculate the coefficient of rank correlation. |
| Answer» <html><body><p></p>Solution :<img src="https://d10lpgp6xz60nq.cloudfront.net/physics_images/TRJ_ECO_XI_C12_S01_022_S01.png" width="80%"/> <br/> `r_(<a href="https://interviewquestions.tuteehub.com/tag/k-527196" style="font-weight:bold;" target="_blank" title="Click to know more about K">K</a>)=1-(6sumD^(2))/(N^(3)-N)` <br/> Here , `N=8,sumD^(2)=<a href="https://interviewquestions.tuteehub.com/tag/40-314386" style="font-weight:bold;" target="_blank" title="Click to know more about 40">40</a>` <br/> <a href="https://interviewquestions.tuteehub.com/tag/substituting-1231652" style="font-weight:bold;" target="_blank" title="Click to know more about SUBSTITUTING">SUBSTITUTING</a> the values, we get<br/> `r_(k)=1-(6xx40)/((8)^(3)-8)=1-(<a href="https://interviewquestions.tuteehub.com/tag/240-295938" style="font-weight:bold;" target="_blank" title="Click to know more about 240">240</a>)/(512-8)=1-(240)/(504)=1-0.48=0.52` <br/> Coefficient of Rank <a href="https://interviewquestions.tuteehub.com/tag/correlation-935534" style="font-weight:bold;" target="_blank" title="Click to know more about CORRELATION">CORRELATION</a> `(r_(k))=0.52`</body></html> | |
| 6059. |
The following diagram correctly depicts the producer's equilibrium in case of constant prices: |
| Answer» <html><body><p><img src="https://d10lpgp6xz60nq.cloudfront.net/physics_images/SG_MIC_ECO_C08_E01_026_O01.png" width="30%"/><br/><img src="https://d10lpgp6xz60nq.cloudfront.net/physics_images/SG_MIC_ECO_C08_E01_026_O02.png" width="30%"/><br/><img src="https://d10lpgp6xz60nq.cloudfront.net/physics_images/SG_MIC_ECO_C08_E01_026_O03.png" width="30%"/><br/><img src="https://d10lpgp6xz60nq.cloudfront.net/physics_images/SG_MIC_ECO_C08_E01_026_O04.png" width="30%"/></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> | |
| 6060. |
Give examples of 'Growth of resources'. |
| Answer» <html><body><p></p>Solution :(i) Inventions and innovations, (ii) Discovery of <a href="https://interviewquestions.tuteehub.com/tag/oil-1129840" style="font-weight:bold;" target="_blank" title="Click to know more about OIL">OIL</a> <a href="https://interviewquestions.tuteehub.com/tag/reserves-1186138" style="font-weight:bold;" target="_blank" title="Click to know more about RESERVES">RESERVES</a>, (<a href="https://interviewquestions.tuteehub.com/tag/iii-497983" style="font-weight:bold;" target="_blank" title="Click to know more about III">III</a>) Increase in <a href="https://interviewquestions.tuteehub.com/tag/labour-1065391" style="font-weight:bold;" target="_blank" title="Click to know more about LABOUR">LABOUR</a> force.</body></html> | |
| 6061. |
What do you mean by an inferior good ? Give some examples |
| 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/inferior-515744" style="font-weight:bold;" target="_blank" title="Click to know more about INFERIOR">INFERIOR</a> goods refers to those goods whose <a href="https://interviewquestions.tuteehub.com/tag/demand-436956" style="font-weight:bold;" target="_blank" title="Click to know more about DEMAND">DEMAND</a> <a href="https://interviewquestions.tuteehub.com/tag/decreases-946143" style="font-weight:bold;" target="_blank" title="Click to know more about DECREASES">DECREASES</a> with an increase in <a href="https://interviewquestions.tuteehub.com/tag/income-25499" style="font-weight:bold;" target="_blank" title="Click to know more about INCOME">INCOME</a>. For example : If demand of 'Toned Milk' decreases with increase in income, then Toned Milk' is an inferior good.</body></html> | |
| 6062. |
On the basic of data in Example of Section 9.5 of Chapter 9 ,calculate the value of coefficient of Quartile Deviation. |
| 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> :`V_(<a href="https://interviewquestions.tuteehub.com/tag/q-609558" style="font-weight:bold;" target="_blank" title="Click to know more about Q">Q</a>) = (Q_(3) - Q_(1))/(Q_(3) + Q_(1)) = (359.375 - 154.170)/(359.375 + 154.170) = (205.205)/(513.545) = 0.<a href="https://interviewquestions.tuteehub.com/tag/40-314386" style="font-weight:bold;" target="_blank" title="Click to know more about 40">40</a>` (or 40%)</body></html> | |
| 6063. |
Explain the meaning of opportunity cost with an example |
| 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> :“opportunity cost” of a resource, means the value of the next-highest-valued alternative use of that resource. If, for example, you <a href="https://interviewquestions.tuteehub.com/tag/spend-1222050" style="font-weight:bold;" target="_blank" title="Click to know more about SPEND">SPEND</a> time and money going to a movie, you cannot spend that time at home reading a book, and you can't spend the money on something <a href="https://interviewquestions.tuteehub.com/tag/else-printfhye-969701" style="font-weight:bold;" target="_blank" title="Click to know more about ELSE">ELSE</a>.</body></html> | |
| 6064. |
Derive MU from the total utility (TU) schedule given below: {:("Units",1,2,3,4,5,6,),(TU,4,7,9,10,10,8,):} |
| 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/mu-566056" style="font-weight:bold;" target="_blank" title="Click to know more about MU">MU</a>: 4,3,<a href="https://interviewquestions.tuteehub.com/tag/2-283658" style="font-weight:bold;" target="_blank" title="Click to know more about 2">2</a>,1,0,-2</body></html> | |
| 6065. |
Can there be some fixed cost in the long run? If not, why? |
| 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> :Fixed cost can <a href="https://interviewquestions.tuteehub.com/tag/exist-979486" style="font-weight:bold;" target="_blank" title="Click to know more about EXIST">EXIST</a> only in short <a href="https://interviewquestions.tuteehub.com/tag/run-1192138" style="font-weight:bold;" target="_blank" title="Click to know more about RUN">RUN</a>. In the long run, all <a href="https://interviewquestions.tuteehub.com/tag/costs-25578" style="font-weight:bold;" target="_blank" title="Click to know more about COSTS">COSTS</a> become <a href="https://interviewquestions.tuteehub.com/tag/variable-1442996" style="font-weight:bold;" target="_blank" title="Click to know more about VARIABLE">VARIABLE</a>. Hence, there can be no fixed cost in the long run.</body></html> | |
| 6066. |
Identify positive or normative statements from the following : Government should be concerned with how to reduce unemployment |
| 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/statements-17642" style="font-weight:bold;" target="_blank" title="Click to know more about STATEMENTS">STATEMENTS</a></body></html> | |
| 6067. |
Law of Demand states the ______ relationship between price of quantity demanded. |
| Answer» <html><body><p>Inverse<br/>Positive<br/>Proportional<br/>None of these</p>Answer :A</body></html> | |
| 6068. |
Price elasticity of supply measure shows : |
| Answer» <html><body><p><a href="https://interviewquestions.tuteehub.com/tag/response-1187068" style="font-weight:bold;" target="_blank" title="Click to know more about RESPONSE">RESPONSE</a> of <a href="https://interviewquestions.tuteehub.com/tag/supply-1235254" style="font-weight:bold;" target="_blank" title="Click to know more about SUPPLY">SUPPLY</a> to change in price<br/>Response of price to change in supply<br/>The rate at which supply responds to one <a href="https://interviewquestions.tuteehub.com/tag/percent-1150333" style="font-weight:bold;" target="_blank" title="Click to know more about PERCENT">PERCENT</a> change in price.<br/>The rate at which price responds to one percent change in supply.</p>Answer :C</body></html> | |
| 6069. |
At a certain output level, the total revenue and total cost of a firm a equal. What is this situation termed as? Whether the firm is earning normal profits or not. |
| Answer» <html><body><p></p>Solution :The <a href="https://interviewquestions.tuteehub.com/tag/situation-1210683" style="font-weight:bold;" target="_blank" title="Click to know more about SITUATION">SITUATION</a> when <a href="https://interviewquestions.tuteehub.com/tag/total-711110" style="font-weight:bold;" target="_blank" title="Click to know more about TOTAL">TOTAL</a> <a href="https://interviewquestions.tuteehub.com/tag/revenue-1188040" style="font-weight:bold;" target="_blank" title="Click to know more about REVENUE">REVENUE</a> is equal to total cost is <a href="https://interviewquestions.tuteehub.com/tag/termed-7331110" style="font-weight:bold;" target="_blank" title="Click to know more about TERMED">TERMED</a> as Breack-even Point. <a href="https://interviewquestions.tuteehub.com/tag/yes-749457" style="font-weight:bold;" target="_blank" title="Click to know more about YES">YES</a>, the firm is earning profits as normal profit is that amount which is included in total cost.</body></html> | |
| 6070. |
There are twogoods X and Y. Both are being sold at the same price but the quantities sold are not known. In this situation : |
| Answer» <html><body><p>We cannot <a href="https://interviewquestions.tuteehub.com/tag/calculate-412157" style="font-weight:bold;" target="_blank" title="Click to know more about CALCULATE">CALCULATE</a> <a href="https://interviewquestions.tuteehub.com/tag/simple-1208262" style="font-weight:bold;" target="_blank" title="Click to know more about SIMPLE">SIMPLE</a> aritmetic <a href="https://interviewquestions.tuteehub.com/tag/mean-1091459" style="font-weight:bold;" target="_blank" title="Click to know more about MEAN">MEAN</a> of prices. <br/>We cannot calculate weighted aritmetic mean of prices. <br/>We can calculate both and both will be <a href="https://interviewquestions.tuteehub.com/tag/equal-446400" style="font-weight:bold;" target="_blank" title="Click to know more about EQUAL">EQUAL</a>. <br/>We calculate both and both will be unequal. </p>Solution :C</body></html> | |
| 6071. |
If the demand for good Y increases as the price of good X increases, how are the two goods related ? |
| 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/goods-1009877" style="font-weight:bold;" target="_blank" title="Click to know more about GOODS">GOODS</a> <a href="https://interviewquestions.tuteehub.com/tag/x-746616" style="font-weight:bold;" target="_blank" title="Click to know more about X">X</a> and Y are <a href="https://interviewquestions.tuteehub.com/tag/substitute-1231629" style="font-weight:bold;" target="_blank" title="Click to know more about SUBSTITUTE">SUBSTITUTE</a> to each other.</body></html> | |
| 6072. |
In 'more than' ogive we begin from lower limit of the first class interval (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> | |
| 6073. |
Derive the law of demand from the single commodity equilibrium condition ''Marginal utility = Price''. OR Derive the inverse relation between price of a good and its demand from the single commodity equilibrium condition 'Marginal utility = Price'. |
| Answer» <html><body><p></p>Solution :According to single commodity equilibrium condition, consumer purchases that <a href="https://interviewquestions.tuteehub.com/tag/much-2164829" style="font-weight:bold;" target="_blank" title="Click to know more about MUCH">MUCH</a> quantity of a good at which marginal utility (MU) 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 price. Given, MU = price. Now suppose, price falls. It will make MU <a href="https://interviewquestions.tuteehub.com/tag/greater-476627" style="font-weight:bold;" target="_blank" title="Click to know more about GREATER">GREATER</a> than the price and will encourage the consumer to <a href="https://interviewquestions.tuteehub.com/tag/buy-391430" style="font-weight:bold;" target="_blank" title="Click to know more about BUY">BUY</a> more. It shows that when price falls demand <a href="https://interviewquestions.tuteehub.com/tag/rises-1189694" style="font-weight:bold;" target="_blank" title="Click to know more about RISES">RISES</a>.</body></html> | |
| 6074. |
Amit wants to purchase two goods which are available in integer units only. If his income is Rs 40 and both the goods and priced at Rs 10 each, then write the bundles which cost exactly Rs 40. |
| 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> :(0,4),(1,3),(2,2),(3,1) and (4,0)</body></html> | |
| 6075. |
Can r lies outside the -1 and 1 range depending on the type of 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> :No. When r <a href="https://interviewquestions.tuteehub.com/tag/lies-1073086" style="font-weight:bold;" target="_blank" title="Click to know more about LIES">LIES</a> outside the range -<a href="https://interviewquestions.tuteehub.com/tag/1-256655" style="font-weight:bold;" target="_blank" title="Click to know more about 1">1</a> and 1 , it only <a href="https://interviewquestions.tuteehub.com/tag/indicates-1041501" style="font-weight:bold;" target="_blank" title="Click to know more about INDICATES">INDICATES</a> error in calculation.</body></html> | |
| 6076. |
Calculate average of the following discrete series. Use Short-cut Method by taking 25 as assmed average. {:("Size",30,29,28,27,26,25,24,23,22,21),("Frequency (f)",2,4,5,3,2,7,1,4,5,7):} |
| 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/average-13416" style="font-weight:bold;" target="_blank" title="Click to know more about AVERAGE">AVERAGE</a> = 24.925</body></html> | |
| 6077. |
Discuss the relationship between TR and MR when: Price remains same at all level of output (ii) Price falls with rise in output |
| Answer» | |
| 6078. |
Comment upon the shape of the demand curve if the price of a commodity rises by 10% and there is no change in its quantity demanded. |
| 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> :Demand curve will be parallel to the Y axis as there is no change in <a href="https://interviewquestions.tuteehub.com/tag/quantity-1174212" style="font-weight:bold;" target="_blank" title="Click to know more about QUANTITY">QUANTITY</a> <a href="https://interviewquestions.tuteehub.com/tag/demanded-7675308" style="font-weight:bold;" target="_blank" title="Click to know more about DEMANDED">DEMANDED</a> <a href="https://interviewquestions.tuteehub.com/tag/due-433472" style="font-weight:bold;" target="_blank" title="Click to know more about DUE">DUE</a> to <a href="https://interviewquestions.tuteehub.com/tag/rise-1189674" style="font-weight:bold;" target="_blank" title="Click to know more about RISE">RISE</a> in the price of the commodity.</body></html> | |
| 6079. |
Graphs are always drawn with reference to : |
| Answer» <html><body><p>scale<br/>origin<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/none-580659" style="font-weight:bold;" target="_blank" title="Click to know more about NONE">NONE</a> of these</p>Solution :A</body></html> | |
| 6080. |
Why MP curve curs AP curve at maximum point ? |
| 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> :It happens because when AP rises, <a href="https://interviewquestions.tuteehub.com/tag/mp-565167" style="font-weight:bold;" target="_blank" title="Click to know more about MP">MP</a> is more than AP. When AP falls, MP is <a href="https://interviewquestions.tuteehub.com/tag/less-1071906" style="font-weight:bold;" target="_blank" title="Click to know more about LESS">LESS</a> than AP so, when AP is constant and at its <a href="https://interviewquestions.tuteehub.com/tag/maximum-556915" style="font-weight:bold;" target="_blank" title="Click to know more about MAXIMUM">MAXIMUM</a> point MP is equal to AP. <a href="https://interviewquestions.tuteehub.com/tag/therefore-706901" style="font-weight:bold;" target="_blank" title="Click to know more about THEREFORE">THEREFORE</a>, MP curve cuts AP curve at its maximum point.</body></html> | |
| 6081. |
A consumer consumers only two goods X and Y whose prices are Rs 5 and Rs 4 per unit respectively. If MU_(Y) = 16 at the point of consumer's equilibrium, calculate MU_(X). |
| Answer» <html><body><p><<a href="https://interviewquestions.tuteehub.com/tag/p-588962" style="font-weight:bold;" target="_blank" title="Click to know more about P">P</a>></p>Solution :A <a href="https://interviewquestions.tuteehub.com/tag/consumer-25599" style="font-weight:bold;" target="_blank" title="Click to know more about CONSUMER">CONSUMER</a> in consumption of two commodities is at equilibrium when, `(MU_(X))/(P_(X)) = (MU_(Y))/(P_(Y))`<br/> Putting the <a href="https://interviewquestions.tuteehub.com/tag/given-473447" style="font-weight:bold;" target="_blank" title="Click to know more about GIVEN">GIVEN</a> values in the equilibrium condition : <br/> `(MU_(X))/(5) = (<a href="https://interviewquestions.tuteehub.com/tag/16-276476" style="font-weight:bold;" target="_blank" title="Click to know more about 16">16</a>)/(4)` <br/>`(MU_(X))/(5) = 4` <br/> `MU_(X) = 20`</body></html> | |
| 6082. |
Name the characteristic which makes monopolistic competition different from perfect competition, |
| 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/firms-989820" style="font-weight:bold;" target="_blank" title="Click to know more about FIRMS">FIRMS</a> <a href="https://interviewquestions.tuteehub.com/tag/produce-1167752" style="font-weight:bold;" target="_blank" title="Click to know more about PRODUCE">PRODUCE</a> <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>.</body></html> | |
| 6083. |
Area under marginal cost curve is |
| Answer» <html><body><p><a href="https://interviewquestions.tuteehub.com/tag/tvc-662365" style="font-weight:bold;" target="_blank" title="Click to know more about TVC">TVC</a> <br/>TFC<br/>AFC<br/>AVC</p>Answer :A</body></html> | |
| 6084. |
What are the sources of data? |
| Answer» <html><body><p></p>Solution :There are <a href="https://interviewquestions.tuteehub.com/tag/two-714195" style="font-weight:bold;" target="_blank" title="Click to know more about TWO">TWO</a> sources of data: <br/> (i) Primary source of data , which implies collected of data from its source of <a href="https://interviewquestions.tuteehub.com/tag/origin-1139399" style="font-weight:bold;" target="_blank" title="Click to know more about ORIGIN">ORIGIN</a>. It <a href="https://interviewquestions.tuteehub.com/tag/offers-1129020" style="font-weight:bold;" target="_blank" title="Click to know more about OFFERS">OFFERS</a> you first-hand quantitative information relating to your statistical study. <br/> (ii) <a href="https://interviewquestions.tuteehub.com/tag/secondary-638692" style="font-weight:bold;" target="_blank" title="Click to know more about SECONDARY">SECONDARY</a> source of data, which implies collected of data from some agency or <a href="https://interviewquestions.tuteehub.com/tag/institution-499467" style="font-weight:bold;" target="_blank" title="Click to know more about INSTITUTION">INSTITUTION</a> which already happens to have collected the data through statistical survey.</body></html> | |
| 6085. |
Which of the following does not cause shift of suppply curve of a good? (Choose the correct alternative) |
| 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> of input<br/>Price of the <a href="https://interviewquestions.tuteehub.com/tag/good-1009017" style="font-weight:bold;" target="_blank" title="Click to know more about GOOD">GOOD</a><br/>Goods and <a href="https://interviewquestions.tuteehub.com/tag/services-1202745" style="font-weight:bold;" target="_blank" title="Click to know more about SERVICES">SERVICES</a> Tax<br/>Subsidy</p>Solution :Price of the good.</body></html> | |
| 6086. |
A firm is a price take under : |
| Answer» <html><body><p><a href="https://interviewquestions.tuteehub.com/tag/perfect-1150611" style="font-weight:bold;" target="_blank" title="Click to know more about PERFECT">PERFECT</a> competition <br/><a href="https://interviewquestions.tuteehub.com/tag/oligopoly-585440" style="font-weight:bold;" target="_blank" title="Click to know more about OLIGOPOLY">OLIGOPOLY</a> <br/>monopolistic competition <br/>monopoly </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</body></html> | |
| 6087. |
Define quartile. |
| Answer» <html><body><p></p>Solution : If a statistical series is <a href="https://interviewquestions.tuteehub.com/tag/divided-441039" style="font-weight:bold;" target="_blank" title="Click to know more about DIVIDED">DIVIDED</a> is into <a href="https://interviewquestions.tuteehub.com/tag/four-464592" style="font-weight:bold;" target="_blank" title="Click to know more about FOUR">FOUR</a> equal <a href="https://interviewquestions.tuteehub.com/tag/parts-1148278" style="font-weight:bold;" target="_blank" title="Click to know more about PARTS">PARTS</a> , the end <a href="https://interviewquestions.tuteehub.com/tag/value-1442530" style="font-weight:bold;" target="_blank" title="Click to know more about VALUE">VALUE</a> of each part is called a <a href="https://interviewquestions.tuteehub.com/tag/quartile-1174353" style="font-weight:bold;" target="_blank" title="Click to know more about QUARTILE">QUARTILE</a> . It written as Q.</body></html> | |
| 6088. |
Equilibrium price of an essential medicine is too high. Explain what possible steps can be taken to bring down the equilibrium pirce but only through the market force. Also explain the series of changes that will occur in the market. |
| Answer» <html><body><p></p>Solution :As medicine is an <a href="https://interviewquestions.tuteehub.com/tag/essential-975317" style="font-weight:bold;" target="_blank" title="Click to know more about ESSENTIAL">ESSENTIAL</a> <a href="https://interviewquestions.tuteehub.com/tag/good-1009017" style="font-weight:bold;" target="_blank" title="Click to know more about GOOD">GOOD</a>, its demand will be perfectly inelastic. <br/> Equilibrium price determined with market forcesof demand and supply is too <a href="https://interviewquestions.tuteehub.com/tag/high-479925" style="font-weight:bold;" target="_blank" title="Click to know more about HIGH">HIGH</a>. <br/> Increase in price will not cause fall in its demand as it is an essential, so government should increase its supply. To increase its supply, the governement should <br/> reduce taxes or <br/> provide subsidy <br/> Due to increase in the supply curve shifts to tis right and the new equilibrium point is <br/> <img src="https://d10lpgp6xz60nq.cloudfront.net/physics_images/MIC_ECO_XI_U04_C11_E01_028_S01.png" width="80%"/> <br/> determined at point `E_(1)`. <br/> It causes fall in equilibrium price from OP to `OP_(1)` and no change in equilbrium quantity (<a href="https://interviewquestions.tuteehub.com/tag/om-585592" style="font-weight:bold;" target="_blank" title="Click to know more about OM">OM</a>) as it is an essential good.</body></html> | |
| 6089. |
What will likely be the impact of large scale outflow of foreign capital of production possibilities curve of the economy and why ? |
| Answer» <html><body><p></p>Solution :Large scale outflow of foreign capital from the economy will <a href="https://interviewquestions.tuteehub.com/tag/reduce-1181332" style="font-weight:bold;" target="_blank" title="Click to know more about REDUCE">REDUCE</a> resources and <a href="https://interviewquestions.tuteehub.com/tag/thus-2307358" style="font-weight:bold;" target="_blank" title="Click to know more about THUS">THUS</a> <a href="https://interviewquestions.tuteehub.com/tag/production-14556" style="font-weight:bold;" target="_blank" title="Click to know more about PRODUCTION">PRODUCTION</a> potential of the country will fall. Fall in production potential in turn will <a href="https://interviewquestions.tuteehub.com/tag/shift-1205367" style="font-weight:bold;" target="_blank" title="Click to know more about SHIFT">SHIFT</a> the <a href="https://interviewquestions.tuteehub.com/tag/pp-592407" style="font-weight:bold;" target="_blank" title="Click to know more about PP">PP</a> curve downwards.</body></html> | |
| 6090. |
Define range. |
| Answer» <html><body><p></p>Solution :Range is the <a href="https://interviewquestions.tuteehub.com/tag/difference-951394" style="font-weight:bold;" target="_blank" title="Click to know more about DIFFERENCE">DIFFERENCE</a> between the highest value and the <a href="https://interviewquestions.tuteehub.com/tag/lowest-1081124" style="font-weight:bold;" target="_blank" title="Click to know more about LOWEST">LOWEST</a> value in a <a href="https://interviewquestions.tuteehub.com/tag/series-1201802" style="font-weight:bold;" target="_blank" title="Click to know more about SERIES">SERIES</a>. Thus, <br/> Range = Highest value in the series - Lowest value in the series</body></html> | |
| 6091. |
The sum of squared deviations of the items from the mean : |
| Answer» <html><body><p>is <a href="https://interviewquestions.tuteehub.com/tag/maximum-556915" style="font-weight:bold;" target="_blank" title="Click to know more about MAXIMUM">MAXIMUM</a> <br/>is minimum <br/>is equal to the <a href="https://interviewquestions.tuteehub.com/tag/sum-1234400" style="font-weight:bold;" target="_blank" title="Click to know more about SUM">SUM</a> of square of variables <br/>is eqal to <a href="https://interviewquestions.tuteehub.com/tag/zero-751093" style="font-weight:bold;" target="_blank" title="Click to know more about ZERO">ZERO</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> :B</body></html> | |
| 6092. |
Cost in Economics as compared to cost in business accounts is: |
| Answer» <html><body><p>Same<br/>Narrower<br/>Wider<br/>Not comparable</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> | |
| 6093. |
What is meant by tabulation? What are the main objectives of tabulation? |
| 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> :N/a</body></html> | |
| 6094. |
What happens to the supply curve in case of an increase in supply? |
| 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/supply-1235254" style="font-weight:bold;" target="_blank" title="Click to know more about SUPPLY">SUPPLY</a> Curve <a href="https://interviewquestions.tuteehub.com/tag/shifts-1205400" style="font-weight:bold;" target="_blank" title="Click to know more about SHIFTS">SHIFTS</a> to the right <a href="https://interviewquestions.tuteehub.com/tag/indicating-7689027" style="font-weight:bold;" target="_blank" title="Click to know more about INDICATING">INDICATING</a> the increase in <a href="https://interviewquestions.tuteehub.com/tag/quantity-1174212" style="font-weight:bold;" target="_blank" title="Click to know more about QUANTITY">QUANTITY</a> supplied as price increases.</body></html> | |
| 6095. |
Explain 'black marketing' as a direct consequence of price ceiling. |
| Answer» <html><body><p></p>Solution :Black marketing may be termed as a <a href="https://interviewquestions.tuteehub.com/tag/direct-954477" style="font-weight:bold;" target="_blank" title="Click to know more about DIRECT">DIRECT</a> consequence of <a href="https://interviewquestions.tuteehub.com/tag/price-1165141" style="font-weight:bold;" target="_blank" title="Click to know more about PRICE">PRICE</a> ceiling as it implies a situation where 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> under the government's control policy is illegally sold at a price higher than the one fixed by the government. It may primarily arise due to the presence of consumers who may be <a href="https://interviewquestions.tuteehub.com/tag/willing-2335259" style="font-weight:bold;" target="_blank" title="Click to know more about WILLING">WILLING</a> to pay higher price for the commodity than to <a href="https://interviewquestions.tuteehub.com/tag/go-468886" style="font-weight:bold;" target="_blank" title="Click to know more about GO">GO</a> without it.</body></html> | |
| 6096. |
A rise in price of tea will lead to an upward movement in the demand curve of coffee. |
| Answer» <html><body><p></p>Solution :Rise in price of tea <a href="https://interviewquestions.tuteehub.com/tag/lead-540361" style="font-weight:bold;" target="_blank" title="Click to know more about LEAD">LEAD</a> to a rightward shift 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> curve of coffee as coffee will become <a href="https://interviewquestions.tuteehub.com/tag/relatively-621723" style="font-weight:bold;" target="_blank" title="Click to know more about RELATIVELY">RELATIVELY</a> cheapter in comparison to tea.</body></html> | |
| 6097. |
Which is the relative measure of dispersion? |
| Answer» <html><body><p>Range <br/><a href="https://interviewquestions.tuteehub.com/tag/mean-1091459" style="font-weight:bold;" target="_blank" title="Click to know more about MEAN">MEAN</a> deviation <br/>Coefficient of standard deviation <br/><a href="https://interviewquestions.tuteehub.com/tag/none-580659" style="font-weight:bold;" target="_blank" title="Click to know more about NONE">NONE</a> of these </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> :C</body></html> | |
| 6098. |
What is the effect on price when a monopoly firm tries to sell more ? |
| Answer» | |
| 6099. |
Whien two variables change in a constant proportion, it is called : |
| Answer» <html><body><p><a href="https://interviewquestions.tuteehub.com/tag/linear-1074458" style="font-weight:bold;" target="_blank" title="Click to know more about LINEAR">LINEAR</a> correlation<br/>non-linear correlation<br/>partial correlation<br/>none of these</p>Solution :A</body></html> | |
| 6100. |
Range is estimated as the ………………………. Of highest and lowest values of the series. (difference/multiplicatin) |
| 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/difference-951394" style="font-weight:bold;" target="_blank" title="Click to know more about DIFFERENCE">DIFFERENCE</a></body></html> | |