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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.
| 6151. |
What is meant by complementary goods ? |
| Answer» <html><body><p></p>Solution :Complementary <a href="https://interviewquestions.tuteehub.com/tag/goods-1009877" style="font-weight:bold;" target="_blank" title="Click to know more about GOODS">GOODS</a> are those goods which are used <a href="https://interviewquestions.tuteehub.com/tag/together-3221943" style="font-weight:bold;" target="_blank" title="Click to know more about TOGETHER">TOGETHER</a> to satisfy a particular want. For example, Car and <a href="https://interviewquestions.tuteehub.com/tag/petrol-1152546" style="font-weight:bold;" target="_blank" title="Click to know more about PETROL">PETROL</a>, <a href="https://interviewquestions.tuteehub.com/tag/tea-664165" style="font-weight:bold;" target="_blank" title="Click to know more about TEA">TEA</a> and sugar.</body></html> | |
| 6152. |
For drawing lottery ___________sampling is used . |
| Answer» <html><body><p><a href="https://interviewquestions.tuteehub.com/tag/random-11853" style="font-weight:bold;" target="_blank" title="Click to know more about RANDOM">RANDOM</a> <br/>purposive<br/>stratified <br/>quota</p>Solution :A</body></html> | |
| 6153. |
Demand for a product is elastic. Its price falls. What will be its effect on total expenditure ? Give 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> :Given that demand for <a href="https://interviewquestions.tuteehub.com/tag/theproduct-1410331" style="font-weight:bold;" target="_blank" title="Click to know more about THEPRODUCT">THEPRODUCT</a> is <a href="https://interviewquestions.tuteehub.com/tag/elastic-967540" style="font-weight:bold;" target="_blank" title="Click to know more about ELASTIC">ELASTIC</a> which means that % rise in demand is more than % fall in price . Therefore total expenditure will move in the <a href="https://interviewquestions.tuteehub.com/tag/opposite-1137237" style="font-weight:bold;" target="_blank" title="Click to know more about OPPOSITE">OPPOSITE</a> direction of price change. Since price has <a href="https://interviewquestions.tuteehub.com/tag/reduced-1181337" style="font-weight:bold;" target="_blank" title="Click to know more about REDUCED">REDUCED</a>, total expenditure would rise. For example.<br/> <img src="https://d10lpgp6xz60nq.cloudfront.net/physics_images/MIC_ECO_U02_C04_S01_029_S01.png" width="80%"/></body></html> | |
| 6154. |
What is meant by frequency? |
| 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> :Frequency is the number of times item occurs or <a href="https://interviewquestions.tuteehub.com/tag/repeats-1185149" style="font-weight:bold;" target="_blank" title="Click to know more about REPEATS">REPEATS</a> itself in 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>.</body></html> | |
| 6155. |
Explain causes of leftward shift in demand curve of a commodity. |
| Answer» <html><body><p></p>Solution :(i) A fall in price of substitute <a href="https://interviewquestions.tuteehub.com/tag/goods-1009877" style="font-weight:bold;" target="_blank" title="Click to know more about GOODS">GOODS</a>.<br/>(ii) An <a href="https://interviewquestions.tuteehub.com/tag/increase-1040383" style="font-weight:bold;" target="_blank" title="Click to know more about INCREASE">INCREASE</a> in price of complementary goods.<br/>(iii) A fall in income of the consumer in <a href="https://interviewquestions.tuteehub.com/tag/case-910082" style="font-weight:bold;" target="_blank" title="Click to know more about CASE">CASE</a> of a <a href="https://interviewquestions.tuteehub.com/tag/normal-1123860" style="font-weight:bold;" target="_blank" title="Click to know more about NORMAL">NORMAL</a> good.<br/>(iv) Unfavourable change in tastes and preferences of the consumer.<br/>(v) Expectation of fall in price of the commodity in the <a href="https://interviewquestions.tuteehub.com/tag/fututre-2664939" style="font-weight:bold;" target="_blank" title="Click to know more about FUTUTRE">FUTUTRE</a>.</body></html> | |
| 6156. |
What is meant by prices being rigid? How can oligopoly behaviour lead to such an outcome? |
| Answer» <html><body><p></p>Solution :Prices being rigid or price rigidity refers to a <a href="https://interviewquestions.tuteehub.com/tag/situation-1210683" style="font-weight:bold;" target="_blank" title="Click to know more about SITUATION">SITUATION</a> in which price tends to stay fixed irrespective of changes in demand and supply conditions. In an oligopolistic market, firms are in a position to influence the prices. However, they stick to their prices in order to avoid a price war. If a firm tries to reduce the price, the <a href="https://interviewquestions.tuteehub.com/tag/rivals-1189942" style="font-weight:bold;" target="_blank" title="Click to know more about RIVALS">RIVALS</a> will also react by reducing their prices. So, it will be of no benefit. Likewise, if a firm tries to raise the price, other firms might not do so. 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>, the firm which intended to raise the price will lose its <a href="https://interviewquestions.tuteehub.com/tag/customers-25461" style="font-weight:bold;" target="_blank" title="Click to know more about CUSTOMERS">CUSTOMERS</a>. So, oligopoly <a href="https://interviewquestions.tuteehub.com/tag/behaviour-894636" style="font-weight:bold;" target="_blank" title="Click to know more about BEHAVIOUR">BEHAVIOUR</a> leads to price rigidity in an oligopolistic market</body></html> | |
| 6157. |
Price elasticity of supply of a good is 0.8. Is the supply 'elastic' or 'inelastic', and 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> :The supply is inelastic because coefficient 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> elasticity of supply is less than <a href="https://interviewquestions.tuteehub.com/tag/one-585732" style="font-weight:bold;" target="_blank" title="Click to know more about ONE">ONE</a>.</body></html> | |
| 6158. |
Give relation between TR and MR when price falls with rise in output (ii) AR and MR when price falls with rise in output. |
| Answer» <html><body><p></p>Solution :(i) When MR is <a href="https://interviewquestions.tuteehub.com/tag/falling-983241" style="font-weight:bold;" target="_blank" title="Click to know more about FALLING">FALLING</a> positively, TR increases but at a decreasing rate.<br/>When TR is maximum and constant, MR is equal to zero.<br/>When TR starts falling, MR becomes negative.<br/>(ii) <a href="https://interviewquestions.tuteehub.com/tag/ar-380980" style="font-weight:bold;" target="_blank" title="Click to know more about AR">AR</a> falls when MR `lt` AR.<br/>MR curve is steeper than the AR curve.<br/>MR 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> to zero but AR is always <a href="https://interviewquestions.tuteehub.com/tag/positive-1159908" style="font-weight:bold;" target="_blank" title="Click to know more about POSITIVE">POSITIVE</a>.</body></html> | |
| 6159. |
Explain the implications of the feature 'large number of buyers' or homogeneous products' in a perfectly competitive market. |
| Answer» | |
| 6160. |
What kind of the data are contianed in the census of population and national income estimates, for the government? |
| Answer» <html><body><p>primary <a href="https://interviewquestions.tuteehub.com/tag/data-25577" style="font-weight:bold;" target="_blank" title="Click to know more about DATA">DATA</a> <br/><a href="https://interviewquestions.tuteehub.com/tag/secondary-638692" style="font-weight:bold;" target="_blank" title="Click to know more about SECONDARY">SECONDARY</a> data <br/><a href="https://interviewquestions.tuteehub.com/tag/internal-517481" style="font-weight:bold;" target="_blank" title="Click to know more about INTERNAL">INTERNAL</a> data <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 the these </p>Solution :B</body></html> | |
| 6161. |
Calculate the weighted mean from the following data: {:("Marks",60,75,63,59,55),("Weight",2,1,5,5,3):} |
| 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_033_S01.png" width="80%"/> <br/> `barX_(<a href="https://interviewquestions.tuteehub.com/tag/w-729065" style="font-weight:bold;" target="_blank" title="Click to know more about W">W</a>)=(sumWX)/(sumW)` <br/> `=(<a href="https://interviewquestions.tuteehub.com/tag/970-342753" style="font-weight:bold;" target="_blank" title="Click to know more about 970">970</a>)/<a href="https://interviewquestions.tuteehub.com/tag/16-276476" style="font-weight:bold;" target="_blank" title="Click to know more about 16">16</a>= 60.625` <br/> WeightedMean = `60.625`.</body></html> | |
| 6162. |
Explain briefly any three factors which lead to decrease in demand. |
| Answer» <html><body><p></p>Solution :<a href="https://interviewquestions.tuteehub.com/tag/1-256655" style="font-weight:bold;" target="_blank" title="Click to know more about 1">1</a>. Fall in the income of the <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 case of a normal good.<br/>2. An unfavourable change in tastes and prefernces of the consumer.<br/>3. Expectation of fall in <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 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> in the <a href="https://interviewquestions.tuteehub.com/tag/near-1112277" style="font-weight:bold;" target="_blank" title="Click to know more about NEAR">NEAR</a> future.</body></html> | |
| 6163. |
Estimate quartile deviation and the coefficient of quartile deviation of the following data: 8,9,11,12,13,17,20,21,23,25,27 Show that QD is the average of the difference between two quartiles. |
| 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> :QD=6,<a href="https://interviewquestions.tuteehub.com/tag/coefficient-920926" style="font-weight:bold;" target="_blank" title="Click to know more about COEFFICIENT">COEFFICIENT</a> of QD=0.353</body></html> | |
| 6164. |
Calculate the correlation cofficient beteen X and Yand comment on their relationship . |
| Answer» <html><body><p></p>Solution :<img src="https://d10lpgp6xz60nq.cloudfront.net/physics_images/TRJ_ECO_XI_C12_E01_093_S01.png" width="80%"/> <br/> `r=(sumdxdy-((sumdx)xx(sumdy))/(<a href="https://interviewquestions.tuteehub.com/tag/n-568463" style="font-weight:bold;" target="_blank" title="Click to know more about N">N</a>))/(sqrt(sumdx^(2)-((sumdx)^(2))/(N)xxsqrt(sumsy^(2)-((sumdy)^(2))/(N))` <br/> `r=(68-((-2)xx(-4))/(6))/(sqrt(34-((-2)^(2))/(6))xxsqrt(136xx((-4)^(2))/(6))` <br/> `(68-(8)/(6))/(sqrt(34-(4)/(6))xxsqrt(136-(16)/(6)))` <br/> `=((408-8)/(6))/(sqrt((204-4)/(6))xxsqrt((816-16)/(6)))` <br/> `=((400)/(6))/(sqrt((200)/(6))xxsqrt((<a href="https://interviewquestions.tuteehub.com/tag/800-338448" style="font-weight:bold;" target="_blank" title="Click to know more about 800">800</a>)/(6)))` <br/> `((400)/(6))/((1)/(6)sqrt(200xx800))` <br/> `(400)/(6)xx(6)/(1)xx(1)/(sqrt(1,60,000))` <br/> `(400)/(400)=1` <br/> <a href="https://interviewquestions.tuteehub.com/tag/correlation-935534" style="font-weight:bold;" target="_blank" title="Click to know more about CORRELATION">CORRELATION</a> coefficient (r)=1 <br/> This is a situation of a <a href="https://interviewquestions.tuteehub.com/tag/perfectly-7309466" style="font-weight:bold;" target="_blank" title="Click to know more about PERFECTLY">PERFECTLY</a> positive correlation between X and Y.</body></html> | |
| 6165. |
In mean deviation,negative deviations are also treated as positive deviations. (true/False) |
| 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/true-713260" style="font-weight:bold;" target="_blank" title="Click to know more about TRUE">TRUE</a></body></html> | |
| 6166. |
In the study of consumer behaviour, we study decision making by a consumerf with respect to : |
| Answer» <html><body><p>Spending of income <br/>Adjusting purchases <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/change-913808" style="font-weight:bold;" target="_blank" title="Click to know more about CHANGE">CHANGE</a> in <a href="https://interviewquestions.tuteehub.com/tag/price-1165141" style="font-weight:bold;" target="_blank" title="Click to know more about PRICE">PRICE</a> <br/>Both (a) and (b) <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>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> | |
| 6167. |
State any two central problems under 'problem of allocation of resources'. |
| 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> :(i) What to <a href="https://interviewquestions.tuteehub.com/tag/produce-1167752" style="font-weight:bold;" target="_blank" title="Click to know more about PRODUCE">PRODUCE</a> and in what <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/ii-1036832" style="font-weight:bold;" target="_blank" title="Click to know more about II">II</a>) How to produce.</body></html> | |
| 6168. |
What is ordinal utility ? |
| 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> :It <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 the <a href="https://interviewquestions.tuteehub.com/tag/utility-1441817" style="font-weight:bold;" target="_blank" title="Click to know more about UTILITY">UTILITY</a> which cannot be <a href="https://interviewquestions.tuteehub.com/tag/measured-7257656" style="font-weight:bold;" target="_blank" title="Click to know more about MEASURED">MEASURED</a> but can only be <a href="https://interviewquestions.tuteehub.com/tag/ranked-612991" style="font-weight:bold;" target="_blank" title="Click to know more about RANKED">RANKED</a>.</body></html> | |
| 6169. |
If the index of prices is estimated to be 112 in 2018, it means that in comparison to the base year, prices in 2018 are higher by: |
| Answer» <html><body><p>0.12<br/>`12xx2 = <a href="https://interviewquestions.tuteehub.com/tag/24-295400" style="font-weight:bold;" target="_blank" title="Click to know more about 24">24</a>%`<br/>1.12<br/>none of these</p>Answer :A</body></html> | |
| 6170. |
If the demand for good Y increases as the price of another good X rises, 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> :The <a href="https://interviewquestions.tuteehub.com/tag/two-714195" style="font-weight:bold;" target="_blank" title="Click to know more about TWO">TWO</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> are <a href="https://interviewquestions.tuteehub.com/tag/substitutes-1231649" style="font-weight:bold;" target="_blank" title="Click to know more about SUBSTITUTES">SUBSTITUTES</a>.</body></html> | |
| 6171. |
Following is the utility schedule of a person: {:("Units of x consumed",1,2,3,4,5,),("MU (in utils)",50,40,30,20,10,):} Suppose that the connodity is sold for Rs 4 and MU of one rupee is 5 utils. How many units of the commodity will the person purchase to maximise his satisfaction ? |
| 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> :Let <a href="https://interviewquestions.tuteehub.com/tag/us-718298" style="font-weight:bold;" target="_blank" title="Click to know more about US">US</a> first calculate MU in terms of money `(MU_(X))` <br/> Given: <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 5 utils = Rs 1, i.e., `MU_(x) = 5`. We know : `MU_(x) = (MU " in Utils")/(MU_(M))` <br/> <img src="https://d10lpgp6xz60nq.cloudfront.net/physics_images/SG_MIC_ECO_C02_S01_006_S01.png" width="80%"/> <br/> Consumer will purchase 4 units because at `4^(th)` unit, MU = Price. <br/> `**` The consumer will not purchase less than 4 units as `MU gt` Price and there is scope for increasing the total satisfaction by purchasing more units. <br/> `**` Similarly, consumer will not buy more than 4 units as `MU lt` Price and total satisfaction can be <a href="https://interviewquestions.tuteehub.com/tag/increased-1040402" style="font-weight:bold;" target="_blank" title="Click to know more about INCREASED">INCREASED</a> by purchasing less quantity.</body></html> | |
| 6172. |
What are the advantages of sampling method of collection of data over the census method ? |
| Answer» <html><body><p></p>Solution :1. 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. <a href="https://interviewquestions.tuteehub.com/tag/less-1071906" style="font-weight:bold;" target="_blank" title="Click to know more about LESS">LESS</a> 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 <a href="https://interviewquestions.tuteehub.com/tag/small-1212368" style="font-weight:bold;" target="_blank" title="Click to know more about SMALL">SMALL</a>, 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 (<a href="https://interviewquestions.tuteehub.com/tag/trained-661770" style="font-weight:bold;" target="_blank" title="Click to know more about TRAINED">TRAINED</a>) enumerators can be employed by the <a href="https://interviewquestions.tuteehub.com/tag/organisation-1138875" style="font-weight:bold;" target="_blank" title="Click to know more about ORGANISATION">ORGANISATION</a>.</body></html> | |
| 6173. |
What is the general profit maximising condition for a producer (MR and MC approach)? |
| 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> :(i) <a href="https://interviewquestions.tuteehub.com/tag/mc-1091384" style="font-weight:bold;" target="_blank" title="Click to know more about MC">MC</a> =MR and (ii) MC <a href="https://interviewquestions.tuteehub.com/tag/curve-941741" style="font-weight:bold;" target="_blank" title="Click to know more about CURVE">CURVE</a> cuts the MR curve from below (i.e., MC is <a href="https://interviewquestions.tuteehub.com/tag/rising-1189698" style="font-weight:bold;" target="_blank" title="Click to know more about RISING">RISING</a>).</body></html> | |
| 6174. |
Primary data collection is comparatively ………………….. than the secondary data collection. (economical/costlirer) |
| 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/costlier-2037861" style="font-weight:bold;" target="_blank" title="Click to know more about COSTLIER">COSTLIER</a></body></html> | |
| 6175. |
The fundamental economic problem being faced is: |
| Answer» <html><body><p>Unlimited human wants <br/>Limited wants and unlimted <a href="https://interviewquestions.tuteehub.com/tag/resouces-1186656" style="font-weight:bold;" target="_blank" title="Click to know more about RESOUCES">RESOUCES</a> <br/>Unlimited wants and <a href="https://interviewquestions.tuteehub.com/tag/scarcity-1195678" style="font-weight:bold;" target="_blank" title="Click to know more about SCARCITY">SCARCITY</a> of <a href="https://interviewquestions.tuteehub.com/tag/resources-11387" style="font-weight:bold;" target="_blank" title="Click to know more about RESOURCES">RESOURCES</a><br/>Limited wants and limited resources </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. Unlimited wants and scarcity of resources is the fundamental <a href="https://interviewquestions.tuteehub.com/tag/economic-448435" style="font-weight:bold;" target="_blank" title="Click to know more about ECONOMIC">ECONOMIC</a> problem.</body></html> | |
| 6176. |
What do you mean by the production possibilities of an economy ? |
| 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 <a href="https://interviewquestions.tuteehub.com/tag/possibilities-1160393" style="font-weight:bold;" target="_blank" title="Click to know more about POSSIBILITIES">POSSIBILITIES</a> of an economy refer to the different combinations of <a href="https://interviewquestions.tuteehub.com/tag/goods-1009877" style="font-weight:bold;" target="_blank" title="Click to know more about GOODS">GOODS</a> and services which an economy can produce from a given <a href="https://interviewquestions.tuteehub.com/tag/amount-374803" style="font-weight:bold;" target="_blank" title="Click to know more about AMOUNT">AMOUNT</a> of <a href="https://interviewquestions.tuteehub.com/tag/resources-11387" style="font-weight:bold;" target="_blank" title="Click to know more about RESOURCES">RESOURCES</a> and a given level of technological knowledge.</body></html> | |
| 6177. |
When total product is constant, average product will fall. |
| Answer» <html><body><p></p>Solution :True. Because <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 `=(TP)/("Variable <a href="https://interviewquestions.tuteehub.com/tag/input-11237" style="font-weight:bold;" target="_blank" title="Click to know more about INPUT">INPUT</a>")` and since `TP` is <a href="https://interviewquestions.tuteehub.com/tag/constant-930172" style="font-weight:bold;" target="_blank" title="Click to know more about CONSTANT">CONSTANT</a> and variable input increases, `<a href="https://interviewquestions.tuteehub.com/tag/ap-380277" style="font-weight:bold;" target="_blank" title="Click to know more about AP">AP</a>` will fall.</body></html> | |
| 6178. |
Explain the shape of a production possibility frontier. |
| Answer» <html><body><p></p>Solution :Production Possibility Frontier (<a href="https://interviewquestions.tuteehub.com/tag/ppf-592456" style="font-weight:bold;" target="_blank" title="Click to know more about PPF">PPF</a>) is a downward <a href="https://interviewquestions.tuteehub.com/tag/sloping-7378327" style="font-weight:bold;" target="_blank" title="Click to know more about SLOPING">SLOPING</a>, concave curve. It shows <a href="https://interviewquestions.tuteehub.com/tag/increasing-1040633" style="font-weight:bold;" target="_blank" title="Click to know more about INCREASING">INCREASING</a> Marginal Rate of Transformation (MRT)as more quantity of one good is produced by reducing quantity of the other good. This behaviour of the MRT is based on the assumption that all less and less efficient resources have to be transferred to the production of the other good which <a href="https://interviewquestions.tuteehub.com/tag/raises-1176804" style="font-weight:bold;" target="_blank" title="Click to know more about RAISES">RAISES</a> marginal <a href="https://interviewquestions.tuteehub.com/tag/cose-2549513" style="font-weight:bold;" target="_blank" title="Click to know more about COSE">COSE</a>, i.e., MRT.</body></html> | |
| 6179. |
What happends to MU when TU is maximum ? |
| Answer» <html><body><p><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 negative<br/>MU is zero<br/>MU is decreasing<br/>MU is increasing</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> | |
| 6180. |
What is a histogram? Describe its types. |
| Answer» | |
| 6181. |
Which of the following is not a phase in the Law of Variable Proportions ? |
| 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/>Constant returns to a factor<br/>Diminishing returns to a factor<br/>Negative returns to a factor</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> | |
| 6182. |
All quantitative information is __________.(statistics/not statistics) |
| 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> :All <a href="https://interviewquestions.tuteehub.com/tag/quantitative-22411" style="font-weight:bold;" target="_blank" title="Click to know more about QUANTITATIVE">QUANTITATIVE</a> <a href="https://interviewquestions.tuteehub.com/tag/information-1043838" style="font-weight:bold;" target="_blank" title="Click to know more about INFORMATION">INFORMATION</a> is not <a href="https://interviewquestions.tuteehub.com/tag/statistics-8448" style="font-weight:bold;" target="_blank" title="Click to know more about STATISTICS">STATISTICS</a>.</body></html> | |
| 6183. |
What does a consumer price index for industrial workers measure ? |
| Answer» <html><body><p></p>Solution :The consumer <a href="https://interviewquestions.tuteehub.com/tag/price-1165141" style="font-weight:bold;" target="_blank" title="Click to know more about PRICE">PRICE</a> index for industrial workers measures the average change in prices paid by the <a href="https://interviewquestions.tuteehub.com/tag/specific-1220917" style="font-weight:bold;" target="_blank" title="Click to know more about SPECIFIC">SPECIFIC</a> classof consumers for <a href="https://interviewquestions.tuteehub.com/tag/goods-1009877" style="font-weight:bold;" target="_blank" title="Click to know more about GOODS">GOODS</a> 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> consumedby them in the current year in <a href="https://interviewquestions.tuteehub.com/tag/comparison-11472" style="font-weight:bold;" target="_blank" title="Click to know more about COMPARISON">COMPARISON</a> withbase year.</body></html> | |
| 6184. |
What will be the effect of increase in price of factor inputs on the equilibrium price and equilibrium quantity ? |
| Answer» <html><body><p>Equilibrium price will rise and equilibrium <a href="https://interviewquestions.tuteehub.com/tag/quantity-1174212" style="font-weight:bold;" target="_blank" title="Click to know more about QUANTITY">QUANTITY</a> will <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/>Both equilibrium price and quantity will fall<br/>Equilibrium price will fall and equilibrium quantity will rise<br/>Both equilibirum price and quantity will <a href="https://interviewquestions.tuteehub.com/tag/remain-1184279" style="font-weight:bold;" target="_blank" title="Click to know more about REMAIN">REMAIN</a> same</p>Answer :(a)</body></html> | |
| 6185. |
Identify different phases of the Law of Variable Proportions from the following schedule. Give reasons for your answer. |{:("Variable Input (Units)","Total Physical Product (Units)"),(1,4),(2,9),(3,13),(4,15),(5,12):}| |
| 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_009_S01.png" width="80%"/></body></html> | |
| 6186. |
There are 10 students in your school who excel in the game of cricket. All are equally brilliant, but you are to select onluy 3 out of 10 for representing your school in the inter-zonal cricket tournament. How would you do it ? Give details with reason. |
| Answer» <html><body><p></p>Solution :As all the <a href="https://interviewquestions.tuteehub.com/tag/students-1230546" style="font-weight:bold;" target="_blank" title="Click to know more about STUDENTS">STUDENTS</a> are equally brilliant in the game, so we can say that all the elements of our universe are homogeneous and identical. In this regard, all the students deserve a fair and equal chance of being selected into the team. Therefore, random sampling technique (lottery method), being a scientific method and free from any personal bias, would be the most appropriate to <a href="https://interviewquestions.tuteehub.com/tag/use-1441041" style="font-weight:bold;" target="_blank" title="Click to know more about USE">USE</a> for the selection of students.Process of selection: First of all, <a href="https://interviewquestions.tuteehub.com/tag/write-746491" style="font-weight:bold;" target="_blank" title="Click to know more about WRITE">WRITE</a> the name of each student on identical (in terms of size, colour, <a href="https://interviewquestions.tuteehub.com/tag/etc-975753" style="font-weight:bold;" target="_blank" title="Click to know more about ETC">ETC</a>) slips of paper (total 10 slips). Now, place all the slips in a box or a container and <a href="https://interviewquestions.tuteehub.com/tag/shuffle-3027795" style="font-weight:bold;" target="_blank" title="Click to know more about SHUFFLE">SHUFFLE</a> well. After this draw one by one 3 slips from the box. Students with their name on the drawn slips would be selected for the tournament.</body></html> | |
| 6187. |
Explain the implication of the following iin a perfectly compeitive market: (a) Large number of buyers (b) Freedom of entry and exits to firms. |
| Answer» <html><body><p></p>Solution :a) Implication of 'very large no. of buyers and sellers' is that the no. of sellers is so large that the share of each seller is insignificant in the total supply. Hence, an individual seller cannot influence the <a href="https://interviewquestions.tuteehub.com/tag/market-25464" style="font-weight:bold;" target="_blank" title="Click to know more about MARKET">MARKET</a> price. Similarly, a single buyer's share in total purchase is so insignificant because of their large numbers that an individual buyer cannot influence the market price.b)Implication of ' freedom of entry and exit' : 'Freedom of entry' signifies that there are no barriers to the entry of new firms into industry. When the existing firms are earning abnormal profits, the new firms, attracted by the <a href="https://interviewquestions.tuteehub.com/tag/prospects-1170612" style="font-weight:bold;" target="_blank" title="Click to know more about PROSPECTS">PROSPECTS</a> of <a href="https://interviewquestions.tuteehub.com/tag/profit-1168589" style="font-weight:bold;" target="_blank" title="Click to know more about PROFIT">PROFIT</a>, enter the industry. This raises market supply, which in turn, leads to fall in market price and consequently profits. Te entry continues <a href="https://interviewquestions.tuteehub.com/tag/till-709848" style="font-weight:bold;" target="_blank" title="Click to know more about TILL">TILL</a> each firm is earning just the normal profits.'Freedom to exit' signifies that there are no barriers which restrict the existing firms from leaving the industry. The firms try to leave when they are facing losses. As the firms start leaving, market supply falls, leading to rise in market price and consequently reduction in losses. The firms continue to leave till the losses are <a href="https://interviewquestions.tuteehub.com/tag/wiped-7723135" style="font-weight:bold;" target="_blank" title="Click to know more about WIPED">WIPED</a> out and each existing firm is earning just the normal profits.</body></html> | |
| 6188. |
State one limitation of graphic presentation of time series data. |
| Answer» <html><body><p></p>Solution :Graphic presentation may be misused for <a href="https://interviewquestions.tuteehub.com/tag/false-459184" style="font-weight:bold;" target="_blank" title="Click to know more about FALSE">FALSE</a> projection of the <a href="https://interviewquestions.tuteehub.com/tag/statistical-1226409" style="font-weight:bold;" target="_blank" title="Click to know more about STATISTICAL">STATISTICAL</a> facts, especially in case of <a href="https://interviewquestions.tuteehub.com/tag/advertisements-2637" style="font-weight:bold;" target="_blank" title="Click to know more about ADVERTISEMENTS">ADVERTISEMENTS</a>.</body></html> | |
| 6189. |
Correlation between two variables is |
| Answer» <html><body><p><a href="https://interviewquestions.tuteehub.com/tag/proof-1169715" style="font-weight:bold;" target="_blank" title="Click to know more about PROOF">PROOF</a> of <a href="https://interviewquestions.tuteehub.com/tag/relationship-1183331" style="font-weight:bold;" target="_blank" title="Click to know more about RELATIONSHIP">RELATIONSHIP</a> between two variables. <br/>Simply some pointer of relationship between two variables. <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 (<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/either-7265046" style="font-weight:bold;" target="_blank" title="Click to know more about EITHER">EITHER</a> (a) or (b) </p>Solution :B</body></html> | |
| 6190. |
A monopoly firm can make abnormal profits in the long run, but not a firm under monopolistic competition and perfect competition. |
| Answer» <html><body><p></p>Solution :A monopoly <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 make abnormal profits in the long run <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 restrictions on <a href="https://interviewquestions.tuteehub.com/tag/entry-972873" style="font-weight:bold;" target="_blank" title="Click to know more about ENTRY">ENTRY</a> and exit. <a href="https://interviewquestions.tuteehub.com/tag/however-1032379" style="font-weight:bold;" target="_blank" title="Click to know more about HOWEVER">HOWEVER</a>, a firm under perfect competition and monopolistic competition cannot make abnormal profits due to <a href="https://interviewquestions.tuteehub.com/tag/freedom-999700" style="font-weight:bold;" target="_blank" title="Click to know more about FREEDOM">FREEDOM</a> of entry and exit.</body></html> | |
| 6191. |
Maximum Price Ceiling leads to a situation of: |
| Answer» <html><body><p><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<br/>Excess Supply<br/>Ether (a) or (<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/answer-15557" style="font-weight:bold;" target="_blank" title="Click to know more about ANSWER">ANSWER</a> :(a)</body></html> | |
| 6192. |
Manish is indifference to the bundles (4,7) " and " (4,8). Indicate, whether Manish has monotonic preference or not ? |
| Answer» <html><body><p></p>Solution :No, if Manish had monotonic preference, then he <a href="https://interviewquestions.tuteehub.com/tag/would-3285927" style="font-weight:bold;" target="_blank" title="Click to know more about WOULD">WOULD</a> have preferred (4,8) over (4,7) as it <a href="https://interviewquestions.tuteehub.com/tag/contains-11473" style="font-weight:bold;" target="_blank" title="Click to know more about CONTAINS">CONTAINS</a> more of <a href="https://interviewquestions.tuteehub.com/tag/one-585732" style="font-weight:bold;" target="_blank" title="Click to know more about ONE">ONE</a> commodity and no less of the other.</body></html> | |
| 6193. |
Define social cost |
| Answer» <html><body><p></p>Solution :It refers to the <a href="https://interviewquestions.tuteehub.com/tag/disadvantages-440372" style="font-weight:bold;" target="_blank" title="Click to know more about DISADVANTAGES">DISADVANTAGES</a> <a href="https://interviewquestions.tuteehub.com/tag/suffered-7327990" style="font-weight:bold;" target="_blank" title="Click to know more about SUFFERED">SUFFERED</a> by the society due to production 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>.</body></html> | |
| 6194. |
Marginal cost changes at a rate faster than average 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> :True. It happens because marginal cost is <a href="https://interviewquestions.tuteehub.com/tag/calculated-907694" style="font-weight:bold;" target="_blank" title="Click to know more about CALCULATED">CALCULATED</a> on the <a href="https://interviewquestions.tuteehub.com/tag/basisof-893695" style="font-weight:bold;" target="_blank" title="Click to know more about BASISOF">BASISOF</a> <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 only. Whereas,average cost is calculated on the basis of all the units.</body></html> | |
| 6195. |
Commodity 'X' if no. of firms producing it, increases. |
| 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/shifts-1205400" style="font-weight:bold;" target="_blank" title="Click to know more about SHIFTS">SHIFTS</a> to <a href="https://interviewquestions.tuteehub.com/tag/right-1188951" style="font-weight:bold;" target="_blank" title="Click to know more about RIGHT">RIGHT</a></body></html> | |
| 6196. |
Discuss the meaning of Prrce Ceiling and Price Floor. |
| Answer» <html><body><p></p>Solution :<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 refers to <a href="https://interviewquestions.tuteehub.com/tag/fixing-992166" style="font-weight:bold;" target="_blank" title="Click to know more about FIXING">FIXING</a> the maximum 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> that is lower than the equilibrium price.<br/>Price floor is the minimum price <a href="https://interviewquestions.tuteehub.com/tag/fixed-457597" style="font-weight:bold;" target="_blank" title="Click to know more about FIXED">FIXED</a> for a commodity by the government (above the equilibrium price), which must be paid to the producers for their produce.</body></html> | |
| 6197. |
Determine the marginaol opportunity cost from 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/SG_MIC_ECO_C01_S01_004_S01.png" width="80%"/></body></html> | |
| 6198. |
In case of perfect competition, price is determined at: |
| Answer» <html><body><p><a href="https://interviewquestions.tuteehub.com/tag/equilibrium-974342" style="font-weight:bold;" target="_blank" title="Click to know more about EQUILIBRIUM">EQUILIBRIUM</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> of the firm<br/>Equilibrium price of the industry<br/>Equilibrium between <a href="https://interviewquestions.tuteehub.com/tag/mr-549185" style="font-weight:bold;" target="_blank" title="Click to know more about MR">MR</a> and MC<br/>None of these</p>Solution :N/a</body></html> | |
| 6199. |
Which of the following diagrams is drawn by joining mid-points of the tops of all rectangles in a histogram: |
| Answer» <html><body><p><a href="https://interviewquestions.tuteehub.com/tag/frequency-465761" style="font-weight:bold;" target="_blank" title="Click to know more about FREQUENCY">FREQUENCY</a> distribution<br/>frequency polygon<br/>frequency curve<br/>none of these</p>Solution :<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> | |
| 6200. |
Range is the |
| Answer» <html><body><p><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 <a href="https://interviewquestions.tuteehub.com/tag/largest-1067604" style="font-weight:bold;" target="_blank" title="Click to know more about LARGEST">LARGEST</a> and the <a href="https://interviewquestions.tuteehub.com/tag/smallest-646176" style="font-weight:bold;" target="_blank" title="Click to know more about SMALLEST">SMALLEST</a> observations<br/>difference between the smallest and the largest observations<br/>average of the largest and the smallest observations<br/>ratio of the largest to the smallest observation</p>Answer :A</body></html> | |