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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.
| 6301. |
A comsumer buys a combination of two goods: X and Y with marginal utilities equal to 30 utils and 35 utils respectively. Price of X is Rs 6 per unit. The consumer will be in equilibrium only when price of Y is 7 per unit. |
| 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>><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> :Because equilibrium condition is met in this <a href="https://interviewquestions.tuteehub.com/tag/case-910082" style="font-weight:bold;" target="_blank" title="Click to know more about CASE">CASE</a> as under: <br/> `(MU_(X))/(P_(X)) = (MU_(Y))/(P_(Y)) " or " (30)/(6) = (<a href="https://interviewquestions.tuteehub.com/tag/35-308504" style="font-weight:bold;" target="_blank" title="Click to know more about 35">35</a>)/(7)`</body></html> | |
| 6302. |
Demand for a good increases with the increase in the income of its buyer. True or false? Give reason. |
| Answer» <html><body><p><br/></p>Answer :False. <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/increases-1040626" style="font-weight:bold;" target="_blank" title="Click to know more about INCREASES">INCREASES</a> only in case of a normal <a href="https://interviewquestions.tuteehub.com/tag/good-1009017" style="font-weight:bold;" target="_blank" title="Click to know more about GOOD">GOOD</a>.</body></html> | |
| 6303. |
Bars in bar diagrams are equidistant from each other. (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> | |
| 6304. |
Maximumprice ceiling means the maximum price : |
| Answer» <html><body><p><a href="https://interviewquestions.tuteehub.com/tag/producers-17149" style="font-weight:bold;" target="_blank" title="Click to know more about PRODUCERS">PRODUCERS</a> of 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> or a <a href="https://interviewquestions.tuteehub.com/tag/service-1202537" style="font-weight:bold;" target="_blank" title="Click to know more about SERVICE">SERVICE</a> are allowed to charge<br/>Producers of a good or a service are <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 charge<br/>the buyer is willing to pay<br/>none of these</p>Solution :N/a</body></html> | |
| 6305. |
Inferential Statistics refers to those methods by which conclusions are drawn relating to the population on the basis of a given sample. (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> | |
| 6306. |
Why is price elasticity of demand generally negative ? |
| 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/price-1165141" style="font-weight:bold;" target="_blank" title="Click to know more about PRICE">PRICE</a> elasticity of <a href="https://interviewquestions.tuteehub.com/tag/demand-436956" style="font-weight:bold;" target="_blank" title="Click to know more about DEMAND">DEMAND</a> isgenerally negative because of the <a href="https://interviewquestions.tuteehub.com/tag/inverse-1050621" style="font-weight:bold;" target="_blank" title="Click to know more about INVERSE">INVERSE</a> relationship between priceand quantity demanded.</body></html> | |
| 6307. |
Defien market demand of a commodity |
| 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/market-25464" style="font-weight:bold;" target="_blank" title="Click to know more about MARKET">MARKET</a> <a href="https://interviewquestions.tuteehub.com/tag/demand-436956" style="font-weight:bold;" target="_blank" title="Click to know more about DEMAND">DEMAND</a> is 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 demand by all the <a href="https://interviewquestions.tuteehub.com/tag/individuals-1042422" style="font-weight:bold;" target="_blank" title="Click to know more about INDIVIDUALS">INDIVIDUALS</a> in the market.</body></html> | |
| 6308. |
Giving examples, explain the meaning of cost of cost in economics. |
| Answer» <html><body><p></p>Solution :Economic cost is the combination losses of any goods that have a value attached to them by any one individual. Economic cost is used mainly by economists as means to compare the prudence of one course of <a href="https://interviewquestions.tuteehub.com/tag/action-2544" style="font-weight:bold;" target="_blank" title="Click to know more about ACTION">ACTION</a> with that of another.. Economic cost <a href="https://interviewquestions.tuteehub.com/tag/includes-1039937" style="font-weight:bold;" target="_blank" title="Click to know more about INCLUDES">INCLUDES</a> explicit costs, implicit costs and normal profits. <a href="https://interviewquestions.tuteehub.com/tag/example-978283" style="font-weight:bold;" target="_blank" title="Click to know more about EXAMPLE">EXAMPLE</a>, <a href="https://interviewquestions.tuteehub.com/tag/wages-1448569" style="font-weight:bold;" target="_blank" title="Click to know more about WAGES">WAGES</a> to labourer, rent to land lord, profit to entrepreneur, interest to capital etc.</body></html> | |
| 6309. |
Price elasticity of supply of a good is 2. It shows that : |
| Answer» <html><body><p>When price falls by `<a href="https://interviewquestions.tuteehub.com/tag/1-256655" style="font-weight:bold;" target="_blank" title="Click to know more about 1">1</a>%` supply <a href="https://interviewquestions.tuteehub.com/tag/rises-1189694" style="font-weight:bold;" target="_blank" title="Click to know more about RISES">RISES</a> by `<a href="https://interviewquestions.tuteehub.com/tag/2-283658" style="font-weight:bold;" target="_blank" title="Click to know more about 2">2</a>%`.<br/>When supply falls by `1%` ,price rises by `2%`.<br/>When price rises by `1%`, supply rises by `2%`.<br/>When supply rises by `1%` , price rises by `2%`.</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> | |
| 6310. |
When demand for a good falls due to rise in its own price, what is the change in demand called? |
| 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/extension-981025" style="font-weight:bold;" target="_blank" title="Click to know more about EXTENSION">EXTENSION</a> of <a href="https://interviewquestions.tuteehub.com/tag/demand-436956" style="font-weight:bold;" target="_blank" title="Click to know more about DEMAND">DEMAND</a></body></html> | |
| 6311. |
The frequency distribution of two variables is known as |
| Answer» <html><body><p><a href="https://interviewquestions.tuteehub.com/tag/univariate-7387268" style="font-weight:bold;" target="_blank" title="Click to know more about UNIVARIATE">UNIVARIATE</a> distribution<br/>bivariate distribution<br/>multivariate distribution<br/>none of the above</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> | |
| 6312. |
What does the downward slope of PPC indicate ? |
| 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> :It indicates that increases in <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 one good will <a href="https://interviewquestions.tuteehub.com/tag/bring-402271" style="font-weight:bold;" target="_blank" title="Click to know more about BRING">BRING</a> <a href="https://interviewquestions.tuteehub.com/tag/fall-983217" style="font-weight:bold;" target="_blank" title="Click to know more about FALL">FALL</a> in the production of the other good as quantity of available resources is fixed.</body></html> | |
| 6313. |
Explain the problem of 'what to produce’. |
| Answer» <html><body><p></p>Solution :As there is the problem of choice, the <a href="https://interviewquestions.tuteehub.com/tag/economy-21801" style="font-weight:bold;" target="_blank" title="Click to know more about ECONOMY">ECONOMY</a> has to decide which <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 are to be produced. For example, which of the consumer goods such as wheat, rice, cloth are to be produced and which of the capital goods such as <a href="https://interviewquestions.tuteehub.com/tag/machines-550361" style="font-weight:bold;" target="_blank" title="Click to know more about MACHINES">MACHINES</a> and tools are to be produced.When an economy has taken a decision as to what goods or services to be produced, then it has to be about its <a href="https://interviewquestions.tuteehub.com/tag/quantity-1174212" style="font-weight:bold;" target="_blank" title="Click to know more about QUANTITY">QUANTITY</a>. How <a href="https://interviewquestions.tuteehub.com/tag/much-2164829" style="font-weight:bold;" target="_blank" title="Click to know more about MUCH">MUCH</a> of consumer goods and capital goods are to be produced.For example, if an economy decides to produce rice and wheat within a given period with limited resources then it will have to use less of machineries.</body></html> | |
| 6314. |
What is meant by Census method. ? |
| Answer» <html><body><p></p>Solution :<a href="https://interviewquestions.tuteehub.com/tag/census-414679" style="font-weight:bold;" target="_blank" title="Click to know more about CENSUS">CENSUS</a> <a href="https://interviewquestions.tuteehub.com/tag/method-559432" style="font-weight:bold;" target="_blank" title="Click to know more about METHOD">METHOD</a> is that method in which data iscollected about the <a href="https://interviewquestions.tuteehub.com/tag/sample-1194587" style="font-weight:bold;" target="_blank" title="Click to know more about SAMPLE">SAMPLE</a> on a <a href="https://interviewquestions.tuteehub.com/tag/group-1013370" style="font-weight:bold;" target="_blank" title="Click to know more about GROUP">GROUP</a> of <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 universe relating to the problem under investigation.</body></html> | |
| 6315. |
If each item of a series is increased by some constant, then the mean also _________ by same constant.(increases/decreases) |
| 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/increases-1040626" style="font-weight:bold;" target="_blank" title="Click to know more about INCREASES">INCREASES</a></body></html> | |
| 6316. |
What is Long run ? |
| Answer» <html><body><p></p>Solution :Long run refers to period in which <a href="https://interviewquestions.tuteehub.com/tag/output-1142821" style="font-weight:bold;" target="_blank" title="Click to know more about OUTPUT">OUTPUT</a> can be <a href="https://interviewquestions.tuteehub.com/tag/changed-913862" style="font-weight:bold;" target="_blank" title="Click to know more about CHANGED">CHANGED</a> by <a href="https://interviewquestions.tuteehub.com/tag/changing-2508325" style="font-weight:bold;" target="_blank" title="Click to know more about CHANGING">CHANGING</a> all the <a href="https://interviewquestions.tuteehub.com/tag/factors-458933" style="font-weight:bold;" target="_blank" title="Click to know more about FACTORS">FACTORS</a> of <a href="https://interviewquestions.tuteehub.com/tag/production-14556" style="font-weight:bold;" target="_blank" title="Click to know more about PRODUCTION">PRODUCTION</a>.</body></html> | |
| 6317. |
Median of these numbers: 3,5,7,9,12 is |
| Answer» <html><body><p>3<br/>6<br/><a href="https://interviewquestions.tuteehub.com/tag/7-332378" style="font-weight:bold;" target="_blank" title="Click to know more about 7">7</a><br/>12</p>Solution :because 7 issituated in <a href="https://interviewquestions.tuteehub.com/tag/middle-1096062" style="font-weight:bold;" target="_blank" title="Click to know more about MIDDLE">MIDDLE</a> of <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> | |
| 6318. |
You want to conduct a survey on the popularity of noodles among the students of |
| Answer» <html><body><p></p>Solution :In order to select a sample for the survey to be conducted for assessing the popularity of noodles, quota sampling method can be <a href="https://interviewquestions.tuteehub.com/tag/used-2318798" style="font-weight:bold;" target="_blank" title="Click to know more about USED">USED</a>. Under this method, the entire population would be divided into different groups <a href="https://interviewquestions.tuteehub.com/tag/according-366619" style="font-weight:bold;" target="_blank" title="Click to know more about ACCORDING">ACCORDING</a> to <a href="https://interviewquestions.tuteehub.com/tag/various-1443317" style="font-weight:bold;" target="_blank" title="Click to know more about VARIOUS">VARIOUS</a> characteristics such as the school to which the student belongs, age <a href="https://interviewquestions.tuteehub.com/tag/group-1013370" style="font-weight:bold;" target="_blank" title="Click to know more about GROUP">GROUP</a>, <a href="https://interviewquestions.tuteehub.com/tag/etc-975753" style="font-weight:bold;" target="_blank" title="Click to know more about ETC">ETC</a>. The required sample would then be selected from different groups. For example, suppose the sample is to collected from 100 children from 10 schools. The investigator can further decide that out of these 100 children 40% would be in the age group 5-10 and 60% in age group 10-15. The selection of the required sample for the interview within the quota would then be at the discretion of the investigator.</body></html> | |
| 6319. |
Which of the following equations is correct? |
| Answer» <html><body><p>Variance=`<a href="https://interviewquestions.tuteehub.com/tag/sigma-1207107" style="font-weight:bold;" target="_blank" title="Click to know more about SIGMA">SIGMA</a>`<br/>Variance=`sigma^(2)`<br/>Variance=`sigma^(4)`<br/>Variance=`<a href="https://interviewquestions.tuteehub.com/tag/sqrt-1223129" style="font-weight:bold;" target="_blank" title="Click to know more about SQRT">SQRT</a>(sigma)xx2`</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/b-387190" style="font-weight:bold;" target="_blank" title="Click to know more about B">B</a></body></html> | |
| 6320. |
Find out the maximum possible output for a firm with zero unit of L and 10 units of K when its production function is : Q=5L+2K. |
| Answer» <html><body><p></p>Solution :Given : `Q=5L+2K`. And `L=0` <a href="https://interviewquestions.tuteehub.com/tag/units-1438468" style="font-weight:bold;" target="_blank" title="Click to know more about UNITS">UNITS</a>, `<a href="https://interviewquestions.tuteehub.com/tag/k-527196" style="font-weight:bold;" target="_blank" title="Click to know more about K">K</a>=10` units <br/> Putting the values of L and K in the f=given production, we <a href="https://interviewquestions.tuteehub.com/tag/get-11812" style="font-weight:bold;" target="_blank" title="Click to know more about GET">GET</a>: <br/> `Q=5(0)+<a href="https://interviewquestions.tuteehub.com/tag/2-283658" style="font-weight:bold;" target="_blank" title="Click to know more about 2">2</a>(10)` <br/> Q or <a href="https://interviewquestions.tuteehub.com/tag/maximum-556915" style="font-weight:bold;" target="_blank" title="Click to know more about MAXIMUM">MAXIMUM</a> output `= 20` units.</body></html> | |
| 6321. |
Which of the following can be referred to as 'point of satiety' ? |
| Answer» <html><body><p><a href="https://interviewquestions.tuteehub.com/tag/marginal-555038" style="font-weight:bold;" target="_blank" title="Click to know more about MARGINAL">MARGINAL</a> <a href="https://interviewquestions.tuteehub.com/tag/utility-1441817" style="font-weight:bold;" target="_blank" title="Click to know more about UTILITY">UTILITY</a> is negative<br/>Marginal Utility is zero<br/>Total Utility is rising<br/>Total Utility is falling</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> | |
| 6322. |
Identify positive or normative statements from the following : Accommodation of Refugees is posing a big problem for the Europe |
| 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/positive-1159908" style="font-weight:bold;" target="_blank" title="Click to know more about POSITIVE">POSITIVE</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> because it is <a href="https://interviewquestions.tuteehub.com/tag/fact-982736" style="font-weight:bold;" target="_blank" title="Click to know more about FACT">FACT</a></body></html> | |
| 6323. |
Mean marks obtained by 100 students are estimated to be 40. Later on its is found that one value was read as 83 instead of 53. Find out the ''corrected'' mean. |
| Answer» <html><body><p></p>Solution :`barX=(sumX)/N` <br/> Or, `sumX=barXN` <br/> <a href="https://interviewquestions.tuteehub.com/tag/given-473447" style="font-weight:bold;" target="_blank" title="Click to know more about GIVEN">GIVEN</a>: `barX=<a href="https://interviewquestions.tuteehub.com/tag/40-314386" style="font-weight:bold;" target="_blank" title="Click to know more about 40">40</a>,N=100` <br/> `40=(sumX)/100` <br/> `:.sumX"(wrong)"=40xx100=4,000` <br/> <a href="https://interviewquestions.tuteehub.com/tag/correct-409949" style="font-weight:bold;" target="_blank" title="Click to know more about CORRECT">CORRECT</a> value = 53 <br/> Incorrect value=83 <br/> Correct <br/> `barX=(sumX"(Wrong)+(Correct value)-(Incorrect value)")/N` <br/> `=(4,000+53-83)/100` <br/> `=(3,970)/100=39.70` <br/> Thus, <a href="https://interviewquestions.tuteehub.com/tag/corrected-2547641" style="font-weight:bold;" target="_blank" title="Click to know more about CORRECTED">CORRECTED</a> Mean = 39.70.</body></html> | |
| 6324. |
What is meant by returns to a factor ? |
| Answer» <html><body><p></p>Solution :When only <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/factor-458892" style="font-weight:bold;" target="_blank" title="Click to know more about FACTOR">FACTOR</a> is increased keeping other <a href="https://interviewquestions.tuteehub.com/tag/factors-458933" style="font-weight:bold;" target="_blank" title="Click to know more about FACTORS">FACTORS</a> constant (fixed), the resultant increase in <a href="https://interviewquestions.tuteehub.com/tag/output-1142821" style="font-weight:bold;" target="_blank" title="Click to know more about OUTPUT">OUTPUT</a> 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> returns to a factor.</body></html> | |
| 6325. |
state any two causes of an economic problem? |
| Answer» <html><body><p></p>Solution :(i) Unlimited <a href="https://interviewquestions.tuteehub.com/tag/wants-1448762" style="font-weight:bold;" target="_blank" title="Click to know more about WANTS">WANTS</a>:(ii) <a href="https://interviewquestions.tuteehub.com/tag/limited-1074043" style="font-weight:bold;" target="_blank" title="Click to know more about LIMITED">LIMITED</a> <a href="https://interviewquestions.tuteehub.com/tag/resources-11387" style="font-weight:bold;" target="_blank" title="Click to know more about RESOURCES">RESOURCES</a>: In economics, scarcity means that commodities and resources to produce goods and services are less in relation to their demand. ...(iii) Alternative Uses of Resources: Means are not only limited but <a href="https://interviewquestions.tuteehub.com/tag/also-373387" style="font-weight:bold;" target="_blank" title="Click to know more about ALSO">ALSO</a> have alternative uses.</body></html> | |
| 6326. |
Explain the meaning of budget line. What can cause a change in it |
| 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 can be purchased with given income and prices, such that the cost of each of these combinations is equal to the money income of the consumer. <br/>An increase in income <a href="https://interviewquestions.tuteehub.com/tag/causes-910982" style="font-weight:bold;" target="_blank" title="Click to know more about CAUSES">CAUSES</a> the budget line to shift outward, parallel to the original line (<a href="https://interviewquestions.tuteehub.com/tag/holding-1028331" style="font-weight:bold;" target="_blank" title="Click to know more about HOLDING">HOLDING</a> prices constant). A decrease in income causes the budget line to shift inward, parallel to the original line (holding prices constant) so a consumer can buy <a href="https://interviewquestions.tuteehub.com/tag/less-1071906" style="font-weight:bold;" target="_blank" title="Click to know more about LESS">LESS</a> of both goods with less income.</body></html> | |
| 6327. |
Marginal Utility (MU) of n^(th) unit is calculated as: |
| Answer» <html><body><p>`MU_(<a href="https://interviewquestions.tuteehub.com/tag/n-568463" style="font-weight:bold;" target="_blank" title="Click to know more about N">N</a>) = TU_(n) - TU_(N + <a href="https://interviewquestions.tuteehub.com/tag/1-256655" style="font-weight:bold;" target="_blank" title="Click to know more about 1">1</a>)`<br/>`MU_(n) = TU_(n) + TU_(n + 1)`<br/>`MU_(n) = tu_(n) + TU_(n -1)`<br/>`MU_(n) = TU_(n) - TU_(n -1)`</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> :D</body></html> | |
| 6328. |
Mention four main demerits of census method. |
| Answer» <html><body><p></p>Solution :Costs – Since the <a href="https://interviewquestions.tuteehub.com/tag/statistician-1226487" style="font-weight:bold;" target="_blank" title="Click to know more about STATISTICIAN">STATISTICIAN</a> closely observes each and every item of the population before collecting the data, it makes a <a href="https://interviewquestions.tuteehub.com/tag/census-414679" style="font-weight:bold;" target="_blank" title="Click to know more about CENSUS">CENSUS</a> <a href="https://interviewquestions.tuteehub.com/tag/investigation-518992" style="font-weight:bold;" target="_blank" title="Click to know more about INVESTIGATION">INVESTIGATION</a> a very costly method of investigation. Usually, government organizations adopt this method to collect detailed data like the population census or agricultural census or the census of industrial protection, etc.Time-consuming – A census investigation is time-consuming and also requires manpower to collect original data.Possibilities of Errors – There are many possibilities of errors in the census investigation method due to non-response, measurement, lack of preciseness of the definition of statistical units or <a href="https://interviewquestions.tuteehub.com/tag/even-976335" style="font-weight:bold;" target="_blank" title="Click to know more about EVEN">EVEN</a> the personal bias of the investigators.</body></html> | |
| 6329. |
If a resourcecan be put only toparticular use, then opportunity cost is : |
| Answer» <html><body><p><a href="https://interviewquestions.tuteehub.com/tag/applicable-882014" style="font-weight:bold;" target="_blank" title="Click to know more about APPLICABLE">APPLICABLE</a> and quantifiable<br/>Applicable but not quantifiable<br/>Not applicable at all<br/>None of these</p>Solution :N//A</body></html> | |
| 6330. |
Distinguish between variable factors and fixes factors |
| Answer» | |
| 6331. |
In case of decreasing MRT, the shape of PPC will be depicted by the following diagram: |
| Answer» <html><body><p><img src="https://d10lpgp6xz60nq.cloudfront.net/physics_images/SG_MIC_ECO_C01_S01_153_O01.png" width="30%"/><br/><img src="https://d10lpgp6xz60nq.cloudfront.net/physics_images/SG_MIC_ECO_C01_S01_153_O02.png" width="30%"/><br/><img src="https://d10lpgp6xz60nq.cloudfront.net/physics_images/SG_MIC_ECO_C01_S01_153_O03.png" width="30%"/><br/><img src="https://d10lpgp6xz60nq.cloudfront.net/physics_images/SG_MIC_ECO_C01_S01_153_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> :D. Higher the <a href="https://interviewquestions.tuteehub.com/tag/mrt-549304" style="font-weight:bold;" target="_blank" title="Click to know more about MRT">MRT</a>, higher is the <a href="https://interviewquestions.tuteehub.com/tag/concavity-927993" style="font-weight:bold;" target="_blank" title="Click to know more about CONCAVITY">CONCAVITY</a> of PPC, lower the MRT, Lower is the concavity of PPC.</body></html> | |
| 6332. |
The collection and classification of data leads to the problem of analysis of data. |
| 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/false-459184" style="font-weight:bold;" target="_blank" title="Click to know more about FALSE">FALSE</a></body></html> | |
| 6333. |
Percentilies divide the series into ____________ equal parts. |
| Answer» <html><body><p><br/></p>Solution :percentiles <a href="https://interviewquestions.tuteehub.com/tag/divide-441023" style="font-weight:bold;" target="_blank" title="Click to know more about DIVIDE">DIVIDE</a> the <a href="https://interviewquestions.tuteehub.com/tag/data-25577" style="font-weight:bold;" target="_blank" title="Click to know more about DATA">DATA</a> into <a href="https://interviewquestions.tuteehub.com/tag/100-263808" style="font-weight:bold;" target="_blank" title="Click to know more about 100">100</a> <a href="https://interviewquestions.tuteehub.com/tag/parts-1148278" style="font-weight:bold;" target="_blank" title="Click to know more about PARTS">PARTS</a>.</body></html> | |
| 6334. |
How does an increasein thepriceof thean input ofaffectthe supply curve offirm ? |
| Answer» <html><body><p></p>Solution : It willlead to a leftward shift in supply <a href="https://interviewquestions.tuteehub.com/tag/curve-941741" style="font-weight:bold;" target="_blank" title="Click to know more about CURVE">CURVE</a> as producin that good is <a href="https://interviewquestions.tuteehub.com/tag/expensive-980264" style="font-weight:bold;" target="_blank" title="Click to know more about EXPENSIVE">EXPENSIVE</a> now <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/increase-1040383" style="font-weight:bold;" target="_blank" title="Click to know more about INCREASE">INCREASE</a> in its cost.</body></html> | |
| 6335. |
What is meant by change in supply and charge in supply and change in quantity supplied? |
| Answer» <html><body><p></p>Solution :(i) Change in quantity <a href="https://interviewquestions.tuteehub.com/tag/supplied-3090548" style="font-weight:bold;" target="_blank" title="Click to know more about SUPPLIED">SUPPLIED</a> menas when more is supplied at a higher price (extension) and when less is supplied at a lower price (contraction), other things being equal. Here supply responds to change in the price of the commodity only as other <a href="https://interviewquestions.tuteehub.com/tag/factors-458933" style="font-weight:bold;" target="_blank" title="Click to know more about FACTORS">FACTORS</a> affecting supply are assumed to be <a href="https://interviewquestions.tuteehub.com/tag/constant-930172" style="font-weight:bold;" target="_blank" title="Click to know more about CONSTANT">CONSTANT</a>. It is represented by upward or <a href="https://interviewquestions.tuteehub.com/tag/downward-2061463" style="font-weight:bold;" target="_blank" title="Click to know more about DOWNWARD">DOWNWARD</a> movement along the supply curve. <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 supply is applicable here.</body></html> | |
| 6336. |
At which rate TU increases when MU is decreasing ? |
| 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/mu-566056" style="font-weight:bold;" target="_blank" title="Click to know more about MU">MU</a> is decreasing, <a href="https://interviewquestions.tuteehub.com/tag/tu-1428586" style="font-weight:bold;" target="_blank" title="Click to know more about TU">TU</a> increases at a <a href="https://interviewquestions.tuteehub.com/tag/diminishing-2044202" style="font-weight:bold;" target="_blank" title="Click to know more about DIMINISHING">DIMINISHING</a> rate.</body></html> | |
| 6337. |
Explain the influence of following on price elasticity of demand of a good: (i) Substitute goods, (ii) Own price of the good. |
| Answer» <html><body><p></p>Solution :1.Availability of Substitute Goods:If <a href="https://interviewquestions.tuteehub.com/tag/close-408965" style="font-weight:bold;" target="_blank" title="Click to know more about CLOSE">CLOSE</a> substitutes for a particular good are available in the market, then the <a href="https://interviewquestions.tuteehub.com/tag/demand-436956" style="font-weight:bold;" target="_blank" title="Click to know more about DEMAND">DEMAND</a> for the good would be relatively more elastic. For example, since tea, a close substitute for coffee, is available in the market, a <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 coffee would result in a considerable fall in its demand and a consequent rise in the demand for tea.2. Price of the Good:The elasticity of demand for a good also depends on its own price. As price changes, quantity demanded of the good changes, <a href="https://interviewquestions.tuteehub.com/tag/owing-2905954" style="font-weight:bold;" target="_blank" title="Click to know more about OWING">OWING</a> to the law of demand. Also, at different prices of the product, i.e., at different <a href="https://interviewquestions.tuteehub.com/tag/points-1157347" style="font-weight:bold;" target="_blank" title="Click to know more about POINTS">POINTS</a> on the demand curve for a good, the coefficient of price-elasticity of demand for the good would be different</body></html> | |
| 6338. |
…........... Demand represents relationship between the demand of a commodity and the price of related commodities, other things being equal. |
| 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/cross-939411" style="font-weight:bold;" target="_blank" title="Click to know more about CROSS">CROSS</a></body></html> | |
| 6339. |
Normalprofits earned by a firm are included will be : |
| Answer» <html><body><p><a href="https://interviewquestions.tuteehub.com/tag/implicit-504822" style="font-weight:bold;" target="_blank" title="Click to know more about IMPLICIT">IMPLICIT</a> cost<br/>Explicit cost<br/>Fixed cost<br/>Variable cost</p>Solution :N//A</body></html> | |
| 6340. |
Define average Revenues. Show that Average Revenue and price are same. |
| 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/average-13416" style="font-weight:bold;" target="_blank" title="Click to know more about AVERAGE">AVERAGE</a> Revenue is the revenue obtained per unit of the commodity.<br/>Average Revenue(AR) = Total Revenue(<a href="https://interviewquestions.tuteehub.com/tag/tr-661737" style="font-weight:bold;" target="_blank" title="Click to know more about TR">TR</a>) / Quantity(Q).<br/> Total Revenue = Price(P) <a href="https://interviewquestions.tuteehub.com/tag/x-746616" style="font-weight:bold;" target="_blank" title="Click to know more about X">X</a> Quantity(Q).<br/>AR = (P x Q) / Q = P</body></html> | |
| 6341. |
A television making industry is making super normal profits. Many firms have entered the industry as free entry is permitted n this form of market. A new firm sees potential in this industry and decices to invest in it. Would this be a rational decision ? What would you guide to the 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> :When the industry starts making super <a href="https://interviewquestions.tuteehub.com/tag/normal-1123860" style="font-weight:bold;" target="_blank" title="Click to know more about NORMAL">NORMAL</a> profits, it attracts more firms to join the incustry as price charged is greater than the average cost incurred. The new firm should closely nonitor (follow) the relation between price and average cost at the time when it is making its decision to enter the industry . It is because as many firms have already entered the industry, price <a href="https://interviewquestions.tuteehub.com/tag/must-2185568" style="font-weight:bold;" target="_blank" title="Click to know more about MUST">MUST</a> have fallen due to competition among the sellers. If the difference between price and average cost is not very significant, the firm <a href="https://interviewquestions.tuteehub.com/tag/may-557248" style="font-weight:bold;" target="_blank" title="Click to know more about MAY">MAY</a> end up earning only the normal profits i.e., when price becomes <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 average cost.</body></html> | |
| 6342. |
What is relationship between TR and MR when price falls with rise in output ? |
| Answer» <html><body><p></p>Solution :(i) As <a href="https://interviewquestions.tuteehub.com/tag/long-537592" style="font-weight:bold;" target="_blank" title="Click to know more about LONG">LONG</a> as MR is positive, <a href="https://interviewquestions.tuteehub.com/tag/tr-661737" style="font-weight:bold;" target="_blank" title="Click to know more about TR">TR</a> increases <br/> (ii) When MR is zero , TR is at its maximum <a href="https://interviewquestions.tuteehub.com/tag/point-1157106" style="font-weight:bold;" target="_blank" title="Click to know more about POINT">POINT</a> and is constant <br/> (iii) When MR becomes negatives, TR 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>.</body></html> | |
| 6343. |
Distinguish between 'change in demand' and change in quantity demanded. |
| Answer» <html><body><p></p>Solution :(i) 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> demanded is the change in demand caused by a change in own <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 commodity <a href="https://interviewquestions.tuteehub.com/tag/whereas-2326610" style="font-weight:bold;" target="_blank" title="Click to know more about WHEREAS">WHEREAS</a> change in demand refers to change in demand of the commodity caused by a change in other factors affecting the demand for that commodity other than the own price of the commodity.<br/>(ii) Change in quantity demanded <a href="https://interviewquestions.tuteehub.com/tag/leads-540453" style="font-weight:bold;" target="_blank" title="Click to know more about LEADS">LEADS</a> to a movement along the demand curve whereas change in demand leads to a <a href="https://interviewquestions.tuteehub.com/tag/shift-1205367" style="font-weight:bold;" target="_blank" title="Click to know more about SHIFT">SHIFT</a> in the demand curve.</body></html> | |
| 6344. |
(ii) Non -sampling errors can be minimised by taking large samples (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/false-459184" style="font-weight:bold;" target="_blank" title="Click to know more about FALSE">FALSE</a></body></html> | |
| 6345. |
When MR rises, TR rises at _______rate. |
| Answer» <html><body><p><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/><a href="https://interviewquestions.tuteehub.com/tag/increasing-1040633" style="font-weight:bold;" target="_blank" title="Click to know more about INCREASING">INCREASING</a> <br/><a href="https://interviewquestions.tuteehub.com/tag/constant-930172" style="font-weight:bold;" target="_blank" title="Click to know more about CONSTANT">CONSTANT</a> <br/>all of these</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> | |
| 6346. |
What is the total product of an input ? |
| Answer» <html><body><p></p>Solution :Total product refers to total <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 goods <a href="https://interviewquestions.tuteehub.com/tag/produced-592947" style="font-weight:bold;" target="_blank" title="Click to know more about PRODUCED">PRODUCED</a> by 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> during a <a href="https://interviewquestions.tuteehub.com/tag/given-473447" style="font-weight:bold;" target="_blank" title="Click to know more about GIVEN">GIVEN</a> period of time with given number of <a href="https://interviewquestions.tuteehub.com/tag/inputs-1045695" style="font-weight:bold;" target="_blank" title="Click to know more about INPUTS">INPUTS</a>.</body></html> | |
| 6347. |
Give an alternative name of price of the commodity. |
| 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/average-13416" style="font-weight:bold;" target="_blank" title="Click to know more about AVERAGE">AVERAGE</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> or <a href="https://interviewquestions.tuteehub.com/tag/ar-380980" style="font-weight:bold;" target="_blank" title="Click to know more about AR">AR</a>.</body></html> | |
| 6348. |
why is demand for water inelastic ? |
| 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 it is a <a href="https://interviewquestions.tuteehub.com/tag/necessity-1112797" style="font-weight:bold;" target="_blank" title="Click to know more about NECESSITY">NECESSITY</a>.</body></html> | |
| 6349. |
Deagrams which are used to compara the net deviation of related varibles with respect to time and location are : |
| Answer» <html><body><p><a href="https://interviewquestions.tuteehub.com/tag/deviation-950382" style="font-weight:bold;" target="_blank" title="Click to know more about DEVIATION">DEVIATION</a> <a href="https://interviewquestions.tuteehub.com/tag/bar-892478" style="font-weight:bold;" target="_blank" title="Click to know more about BAR">BAR</a> <a href="https://interviewquestions.tuteehub.com/tag/diagrams-950755" style="font-weight:bold;" target="_blank" title="Click to know more about DIAGRAMS">DIAGRAMS</a><br/>simple bar diagrams <br/><a href="https://interviewquestions.tuteehub.com/tag/multiple-1105557" style="font-weight:bold;" target="_blank" title="Click to know more about MULTIPLE">MULTIPLE</a> bar diagrams <br/><a href="https://interviewquestions.tuteehub.com/tag/pie-1154484" style="font-weight:bold;" target="_blank" title="Click to know more about PIE">PIE</a> diagrams</p>Solution :A.</body></html> | |
| 6350. |
How do the following economic changes affect production possibility curve of a economy ? |
| Answer» <html><body><p></p>Solution :Impact of <a href="https://interviewquestions.tuteehub.com/tag/given-473447" style="font-weight:bold;" target="_blank" title="Click to know more about GIVEN">GIVEN</a> <a href="https://interviewquestions.tuteehub.com/tag/economic-448435" style="font-weight:bold;" target="_blank" title="Click to know more about ECONOMIC">ECONOMIC</a> <a href="https://interviewquestions.tuteehub.com/tag/changes-913881" style="font-weight:bold;" target="_blank" title="Click to know more about CHANGES">CHANGES</a> on PPC should be understood keeping in consideration the <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 availability 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> (increase or decrease) and then its impact on production potential of the economy (Rightward or Leftward shift). If resources are not changing i.e., remain unaffected then PPC will show no effect. <br/> Some important economic changes and their impact on PPC is discussed as given under: <br/> <img src="https://d10lpgp6xz60nq.cloudfront.net/physics_images/MIC_ECO_XI_U01_C01_E01_021_S01.png" width="80%"/></body></html> | |