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InterviewSolution
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.
| 601. |
Discuss the reasons of central problems of an economy |
| Answer» Reason for central problem of economy is that resources are limited in nature and wants are unlimited so we have to decide that how to use the limited resources to fulfill the maximum wants and for that reason we classify central problem in 3 part what to produce ,how to produce ,and for whom . | |
| 602. |
Anyone can explain market equilibrium? |
| Answer» Market equilibrium is a situation where all buyers and sellers are ready to buy and sell the commodity at a particular priceORIt is a situation where market demand is equal to market supply. | |
| 603. |
Degree of price control?? |
| Answer» Price control is a type of control that is made up by government to control the price of a commodity. That is of two types price flooring and price ceiling. | |
| 604. |
How would you classify statistical tables into primary and derivative tables? |
| Answer» | |
| 605. |
What is meant by producer of equilibrium |
| Answer» | |
| 606. |
What is cost |
| Answer» Cost is the expense incurred by the producer on the production of the commodity.<br>Cost in economics includes actual expenditure on inputs and the imputed value of the inputs supplied by the owners.<br>It is an expenditure incurred by the producers on fixed as well variable factors as to produce inputs.<br>Economic cost is the combination of gains and 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 action with that of another. | |
| 607. |
Describe producer equilibrium |
| Answer» Producer’s equilibrium refers to a situation of profit maximisation. A producer strikes his equilibrium at that level of output, where profit is maximised. It is only when (a) MR = MC, and (b) MC is rising, these two conditions are satisfied, then a producer will reach the point of his equilibrium and maximising his profit. | |
| 608. |
what is the shape of the average revenue curve under perfect competition |
| Answer» Perfect competition is the term applied to a situation in which the individual buyer or seller (firm) represent such a small share of the total business transacted in the market that he exerts no perceptible influence on the price of the commodity in which he deals.Thus, in perfect competition an individual firm is price taker, because the price is determined by the collective forces of market demand and supply which are not influenced by the individual. When price is the same for all units of a commodity, naturally AR (Price) will be equal to MR i.e., AR = MR. | |
| 609. |
What is collusive & non collusive? And their difference? |
| Answer» The following points highlight the difference between collusive oligopoly and non-collusive oligopoly.\tCollusive OligopolyNon-collusive OligopolyUnder this form of oligopoly, firms might decide to collude together and not to compete with each other.In this form of oligopoly, firms do not collude and instead compete with each other.Under collusive oligopoly, the firms would behave as a single monopoly and aim at maximising their collective profits rather than their individual profits.Under non-collusive oligopoly, each firm aims at maximising its own profits and decides how much quantity to produce assuming that the other firms would not change their quantity supplied\t | |
| 610. |
What is monopolistic market competition &its featuresand types |
| Answer» This market is same as monopoly means it is a price maker but it is more elastic than monopoly because it has more substitute than monopoly | |
| 611. |
What is the meaning of dispersion ????????? |
| Answer» Dispersion means how items are variance from the average of a series. | |
| 612. |
Why economics teachers are so frustating!!!!???? |
| Answer» Yes you are right<br>Ooo i thik u r right !!! ?<br>Because they have attitude problem | |
| 613. |
Can any one help me by giving me all the formulas of production, cost and revenue? |
| Answer» | |
| 614. |
What is the price elasticity of supply of M.F. hussain paintings. |
| Answer» | |
| 615. |
Any one plz tell me how to study economics in easyiest way |
| Answer» Statistics is a subject which demands high concentration on it. And another thing is if u start doing practice u will not face any problem. Just start to understand the problems . Do smartwork instead of doing hardwork. In the case of microeconomics , it is a imaginary subject . Most of the things only can be imagine not can apply in real life . So you should start understand the concepts and imagine them like "what will happen if it happens?". By doing these things you really find economics easy. Best of luck.<br>Now<br>I cant follow in starting time so what to do<br>What ever taught just learnt or revise in home on same day<br>So easy just day by day | |
| 616. |
Construction of simple bar diagram when values are in decimals like 56.8, 63.7 |
| Answer» | |
| 617. |
Hyyyyyyyy?????? |
| Answer» Hlooo<br>Hiiii | |
| 618. |
Demand |
| Answer» Demand is that quantity of a commodity that a consumer is willing and able to buy , at each possible price during a given period of time.<br>Any thing we need and also pay for it at a certain price of a commodity | |
| 619. |
Marginal revenue |
| Answer» MRn = TRn - TRn-1<br>Marginal revenue is the additional revenue generated from the sale of an additional unit of output. | |
| 620. |
how does a proportion of income spent on a good affect its elasticity of demand |
| Answer» | |
| 621. |
what do you mean by marginal rate of transformation of resources between one sector to other? |
| Answer» MRT is the ratio of number of units of a commodity sacrificed to gain an additional unit of another commodity.<br>MRT or MOC is the ratio of sacrificed units of a commodity to increase the one more unit of other commodity. ∆Y/∆X. | |
| 622. |
What is cripto currency |
| Answer» Cryptocurrency is a type of digital currency that uses cryptography for security and anti-counterfeiting measures. Public and private keys are often used to transfer cryptocurrency between individuals. As a counter-culture movement that is often connected to cypherpunks, cryptocurrency is essentially a fiat currency.<br>a digital currency in which encryption techniques are used to regulate the generation of units of currency and verify the transfer of funds, operating independently of a central bank. | |
| 623. |
Definition of average cost |
| Answer» Production cost per unit of output, computed by dividing the total of fixed costs and variable costs by the number of total units produced | |
| 624. |
Plz study by statistics |
| Answer» | |
| 625. |
What is plan ? |
| Answer» an intention or decision about what one is going to do. | |
| 626. |
Basic difference between micro economics and macro economics |
| Answer» \tMicroeconomicsMacroeconomicsIt is study of individual economic units of an economy.It is study of the economy as a whole and its aggregates.It deals with individual income, individual prices and individual outputs, etc.It deals with aggregates like national income, general price level and national output, etc.Its central problem is price determination and allocation of resources.Its central problem is determination of level of income and employment.Its main tools are demand and supply of particular commodity/factor.Its main tools are aggregate demand and aggregate supply of the economy as a whole.It helps to solve the central problem of ‘what, how and for whom to produce’ in the economy.It helps to solve the central problem of ‘full employment of resources in the economy.’\t\xa0 | |
| 627. |
What is the average product of input |
| Answer» It is also known as AVERAGE PHYSICAL PRODUCT or AVERAGE RETURN.<br>Average product refers to output per unit of variable input. | |
| 628. |
Difference between labour intensive and Capital intensive.. |
| Answer» a ‘Labour Intensive’ product requires a larger amount of human labor to bring it off. Labour Intensive goods and services would include food service, hospitality, public education, agriculture (to some extent…but not as it used to be 50 years ago).‘Capital Intensive’ industries require a greater amount of machinery to produce the product. Telecommunications, airlines, automobile manufacturing, oil production to name a few. | |
| 629. |
Explain the concept of variable cost with diagram |
| Answer» Variable costs are costs that change in proportion to the good or service that a business produces. Variable costs are also the sum of marginal costs over all units produced.<br>Variable cost means changeable cost that can be change with every additional unit . This cost os an expenditure on variable factor like cost on inputs . This is also called prime cost or direct cost . This is also called prime cost because it is the first and primary cost that helps to produce output. It\'s diagram is available in book | |
| 630. |
Define central problem of an economy |
| Answer» There are three major central problems of an economy :1) what to produce (luxury goods or normal goods) 2) how to produce( by labour intensive or capital intensive) 3) for whom to produce ( for rich people or for poor people) . These problems caused by problem of choice. | |
| 631. |
Law of supply |
| Answer» It states that the other things are remaining constant and there is positive relation between price and supply as when price of the commodity rise then supply increase and vice versa | |
| 632. |
Defination of production function |
| Answer» In simple words, production function refers to the functional relationship between the quantity of a good produced (output) and factors of production (inputs).“The production function is purely a technical relation which connects factor inputs and output. | |
| 633. |
difference between tabular and classification |
| Answer» The primary difference between classification and tabulation is that the process of classifying data int groups is known as classification of data, whereas tabulation is the act of presenting data in tabular form, for better interpretation. | |
| 634. |
When mode is ideterminable |
| Answer» | |
| 635. |
Realationship between TC and MC |
| Answer» the relation between total cost and marginal cost:(i) Marginal cost is estimated as the difference between total costs of two successive units of output. Thus,MCn = TCn – TCn-1(ii) When MC is diminishing, TC increases at a diminishing rate.(iii) When MC is rising, TC increases at an increasing rate.(iv) When MC reaches its lowest poin, TC stops increasing at a decreasing rate.Briefly, MC is the rate of TC. | |
| 636. |
Supply and stock mai difference |
| Answer» supply refers to the quantity which the seller is prepared to sell in the market at given price at any point of time while stock refers to total available quantity with the seller at any given point of time. | |
| 637. |
What is the market equlibrium |
| Answer» A situation in which the supply of an item is exactly equal to its demand. Since there is neither surplus nor shortage in the market, price tends to remain stable in this situation.<br>It is defined as a state of the market when demand for a commodity is equal to its supply , corresponding to a particular price. ( Dx = Sx ) | |
| 638. |
Exam main kaise pata chalega ki cf given haiCf ki pehchaan kya hai |
| Answer» Kabhi-2 discreate main bhi cf hota hai lekin discending order main jisse answer nahi ata hai<br>CI ko dekh kr<br>Vo given hi hota question paper me | |
| 639. |
Define quartile |
| Answer» Four groups of variable in which population is equally divided | |
| 640. |
what do you mean by presentation of data |
| Answer» | |
| 641. |
What does the area under the marginal cost curve show ?? Pllllzzzz any one can give the ans. |
| Answer» The area which is produced by producing a one more uint of ommodity as well as its an adittion to TC CURVE by having itsIts increase as the the output increase upto a certain point.☺<br>The sum of all mc will result in total variable cost.. So the area under the mc curve will show tvc..... | |
| 642. |
What do you mean by economic promotion? |
| Answer» It means by the process of changing the emerging economy into modern economy...? | |
| 643. |
Explain how controlling money supply is helpful in reducing excess demand. |
| Answer» | |
| 644. |
Ncert page 89 ques 5 |
| Answer» Which book | |
| 645. |
Distinguish betwewn perpect oligopoly and inperfect oligopoly |
| Answer» * Perfect Oligopoly: Form of oligopoly in which each firm produces a homogeneous product is known as a perfect oligopoly.* Imperfect Oligopoly: Form of oligopoly in which each firm produces a differentiated product is known as an imperfect oligopoly | |
| 646. |
What is law of diminishing marginal utility? |
| Answer» The law of diminishing marginal utility states that as we consume more and more units of a commodity , the utility derived from each successive unit goes on decreasing . | |
| 647. |
Can u give the definitions for the reasons emergence of monopoly???? |
| Answer» | |
| 648. |
Hii frnds?Can anyone me all formulas of economics. Or anyone can give me site name also |
| Answer» | |
| 649. |
What is the difference between consumer price index and wholesale price index |
| Answer» The wholesale price index is related to the average change in the bulk sales price and consumer price index meant by the change in general price level of same class of consumers | |
| 650. |
Reasons for emergence of monopoly |
| Answer» 1.Government licence2.cartels3.control on raw material4.patent rights5. | |