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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.
| 6451. |
Explain the meaning of change in demand. How does it affect demand curve? |
| Answer» | |
| 6452. |
Explain the conditions of producer's equilibrium with the help of a numerical example. |
| Answer» <html><body><p><br/></p><a href="https://interviewquestions.tuteehub.com/tag/solution-25781" style="font-weight:bold;" target="_blank" title="Click to know more about SOLUTION">SOLUTION</a> :N/a</body></html> | |
| 6453. |
What is meant by economic problem ? |
| Answer» <html><body><p></p>Solution :Economic problem is a problem of <a href="https://interviewquestions.tuteehub.com/tag/choice-915996" style="font-weight:bold;" target="_blank" title="Click to know more about CHOICE">CHOICE</a> involving satisfaction of unlimited wants out of <a href="https://interviewquestions.tuteehub.com/tag/limited-1074043" style="font-weight:bold;" target="_blank" title="Click to know more about LIMITED">LIMITED</a> resources having <a href="https://interviewquestions.tuteehub.com/tag/alternative-858623" style="font-weight:bold;" target="_blank" title="Click to know more about ALTERNATIVE">ALTERNATIVE</a> uses.</body></html> | |
| 6454. |
(a)What is the relation between average production and marginal production ? (b)What should be an ideal measure to determine wage rate of labour in a competitive economy |
| Answer» <html><body><p></p>Solution :(a) (i) AP rises as long as <a href="https://interviewquestions.tuteehub.com/tag/mp-565167" style="font-weight:bold;" target="_blank" title="Click to know more about MP">MP</a>`gt`AP. <br/>(ii) When MP is equal to AP, AP is at its maximum and constant.<br/>(iii) When MP is less than AP, AP <a href="https://interviewquestions.tuteehub.com/tag/falls-983294" style="font-weight:bold;" target="_blank" title="Click to know more about FALLS">FALLS</a>.<br/>(b) In a competitive economy, when we need to minimise <a href="https://interviewquestions.tuteehub.com/tag/cost-25707" style="font-weight:bold;" target="_blank" title="Click to know more about COST">COST</a> of production and improve overall efficiency, wage rate should be <a href="https://interviewquestions.tuteehub.com/tag/determined-949906" style="font-weight:bold;" target="_blank" title="Click to know more about DETERMINED">DETERMINED</a> on the basis of work efficiency of an individual which <a href="https://interviewquestions.tuteehub.com/tag/ultimately-7384516" style="font-weight:bold;" target="_blank" title="Click to know more about ULTIMATELY">ULTIMATELY</a> can be measured by marginal production.</body></html> | |
| 6455. |
The government has started promoting foregin capital. What is its economic value in the context of Production Possibilities Frontier? |
| Answer» <html><body><p></p>Solution :It will increases inflow of foregin capital. Its <a href="https://interviewquestions.tuteehub.com/tag/economic-448435" style="font-weight:bold;" target="_blank" title="Click to know more about ECONOMIC">ECONOMIC</a> value is the <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 <a href="https://interviewquestions.tuteehub.com/tag/production-14556" style="font-weight:bold;" target="_blank" title="Click to know more about PRODUCTION">PRODUCTION</a> potential <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 increase in resources.</body></html> | |
| 6456. |
Why is average curve of a 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> :N/a</body></html> | |
| 6457. |
Why is minimum wage legislation adopted by the government. |
| Answer» <html><body><p><br/></p>Solution :Government fixes minimum wages of labour above the equilibrium <a href="https://interviewquestions.tuteehub.com/tag/rate-1177476" style="font-weight:bold;" target="_blank" title="Click to know more about RATE">RATE</a> of wages which is determined by the free interaction between demand and supply forces. It is done with a view to <a href="https://interviewquestions.tuteehub.com/tag/protect-1170661" style="font-weight:bold;" target="_blank" title="Click to know more about PROTECT">PROTECT</a> the interest of labour, since they do not have strong bargaining power. Therefore, government fixes minimum wage rate at a <a href="https://interviewquestions.tuteehub.com/tag/level-1072714" style="font-weight:bold;" target="_blank" title="Click to know more about LEVEL">LEVEL</a> higher than equilibrium level of wage rate. Minimum wage legislation is undertaken to ensure that wages paid to <a href="https://interviewquestions.tuteehub.com/tag/workers-1459855" style="font-weight:bold;" target="_blank" title="Click to know more about WORKERS">WORKERS</a> do not <a href="https://interviewquestions.tuteehub.com/tag/fall-983217" style="font-weight:bold;" target="_blank" title="Click to know more about FALL">FALL</a> beyond a certain level. Hence in the labour market, a floor is set on wages i.e., wages are not allowed to fall beyond a certain level.</body></html> | |
| 6458. |
Explain the meaning functioning of any economy? |
| Answer» <html><body><p></p>Solution :An economy is the large set of inter-related production and consumption activities that <a href="https://interviewquestions.tuteehub.com/tag/aid-852184" style="font-weight:bold;" target="_blank" title="Click to know more about AID">AID</a> in determining how scarce resources are allocated. The production and consumption of goods and services are used to fulfill the needs of those living and operating <a href="https://interviewquestions.tuteehub.com/tag/within-732414" style="font-weight:bold;" target="_blank" title="Click to know more about WITHIN">WITHIN</a> the economy, which is also <a href="https://interviewquestions.tuteehub.com/tag/referred-7264329" style="font-weight:bold;" target="_blank" title="Click to know more about REFERRED">REFERRED</a> to as an economic <a href="https://interviewquestions.tuteehub.com/tag/system-1237255" style="font-weight:bold;" target="_blank" title="Click to know more about SYSTEM">SYSTEM</a>.</body></html> | |
| 6459. |
From the following table, calculate the coefficient of correlation by Karl Pearson's method: Arithmetic means of X and Y series are 6 and 8 respectively. |
| Answer» <html><body><p></p>Solution :Let us first and <a href="https://interviewquestions.tuteehub.com/tag/missing-1098377" style="font-weight:bold;" target="_blank" title="Click to know more about MISSING">MISSING</a> value of Y and let us denote it by a . <br/> `bar(Y)=(sumY)/(N)=(9+11+a+8+7)/(5)=(35+a)/(5)` <br/> `implies 8=(35+a)/(5)` <br/> `:. 35+a=40` <br/> `implies a=5` <br/> Thus, the complete <a href="https://interviewquestions.tuteehub.com/tag/series-1201802" style="font-weight:bold;" target="_blank" title="Click to know more about SERIES">SERIES</a> is : <br/> <img src="https://d10lpgp6xz60nq.cloudfront.net/physics_images/TRJ_ECO_XI_C12_S01_011_S01.png" width="80%"/> <br/> Now we find the coefficient of correlation. <br/> <img src="https://d10lpgp6xz60nq.cloudfront.net/physics_images/TRJ_ECO_XI_C12_S01_011_S02.png" width="80%"/> <br/> `<a href="https://interviewquestions.tuteehub.com/tag/r-611811" style="font-weight:bold;" target="_blank" title="Click to know more about R">R</a>=(sumxy)/(sqrt(<a href="https://interviewquestions.tuteehub.com/tag/sumx-3819684" style="font-weight:bold;" target="_blank" title="Click to know more about SUMX">SUMX</a>^(2)xxsumy^(2)))` <br/> The table shows that ` sumxy=-26,sum x^(2)=40,sumy^(2)=<a href="https://interviewquestions.tuteehub.com/tag/20-287209" style="font-weight:bold;" target="_blank" title="Click to know more about 20">20</a>` <br/>Substituting the values, we get <br/> `r=(-26)/(sqrt(10xx20))` <br/> `=(-26)/(sqrt(800))=(-26)/(28.28)` <br/> `=-0.92` <br/> Coefficient of Correlation (r)= -0.92</body></html> | |
| 6460. |
What are the different phases in the Law of Variable Proportions in terms of Total Product ? Give reason behind each phase. Use diagram. |
| Answer» <html><body><p></p>Solution :The Phases are : <br/> Phase I : TP rises at increasing rate, i.e. upto A. <br/> Phase II : TP rises at decreasing rate, i.e. between A and B. <br/> Phase III : TP falls i.e. after B. <br/> Reasons : <br/> Phase I : Initially variable is too small as compared to the fixed input, As production starts, there is efficient use of the fixed input, <a href="https://interviewquestions.tuteehub.com/tag/leading-1070220" style="font-weight:bold;" target="_blank" title="Click to know more about LEADING">LEADING</a> to rise in productivity of the variable input on <a href="https://interviewquestions.tuteehub.com/tag/account-25640" style="font-weight:bold;" target="_blank" title="Click to know more about ACCOUNT">ACCOUNT</a> of <a href="https://interviewquestions.tuteehub.com/tag/division-957437" style="font-weight:bold;" target="_blank" title="Click to know more about DIVISION">DIVISION</a> of labour. As a result, TP rises at increasing rate. <br/> Phase II : After a level of output, pressure on fixed input leads to fall in productivity of the variable input. As a result, TP continues to rise but at a decreasing rate. <br/> Phase III : The <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 variable input becomes too large in comparison to the fixed input causing decline in TP. <br/> <img src="https://d10lpgp6xz60nq.cloudfront.net/physics_images/SG_MIC_ECO_C05_S01_017_S01.png" width="80%"/></body></html> | |
| 6461. |
Give meaning of 'retuns to a factor'. |
| Answer» <html><body><p></p>Solution :Returns to 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> relate to the <a href="https://interviewquestions.tuteehub.com/tag/short-642706" style="font-weight:bold;" target="_blank" title="Click to know more about SHORT">SHORT</a> period production <a href="https://interviewquestions.tuteehub.com/tag/function-11303" style="font-weight:bold;" target="_blank" title="Click to know more about FUNCTION">FUNCTION</a> when one factor is varied <a href="https://interviewquestions.tuteehub.com/tag/keeping-1063392" style="font-weight:bold;" target="_blank" title="Click to know more about KEEPING">KEEPING</a> the other factor fixed in <a href="https://interviewquestions.tuteehub.com/tag/order-1138220" style="font-weight:bold;" target="_blank" title="Click to know more about ORDER">ORDER</a> to have more output, the marginal returns of the Variable factor diminish.</body></html> | |
| 6462. |
What is meant by monopoly? Discuss the features of monopoly |
| Answer» <html><body><p></p>Solution :Monopoly refers to a market situation where there is a single seller selling a product which has no close substitutes.For examples, Railways in India.The features of monopoly are:1) Single Seller: Under Monopoly, there is a single seller selling the product. As a result, the monopoly firm and industry are one and the same thing and monopolist has fall <a href="https://interviewquestions.tuteehub.com/tag/control-425557" style="font-weight:bold;" target="_blank" title="Click to know more about CONTROL">CONTROL</a> over the supply and price of the product. However, there are large no. of buyers of monopoly product and no single buyer can influence the market price.2) No close substitutes: The product by a monopolist has no close substitutes. So, the monopoly firm has no fear of competition from new or existing products. For example, there is no close substitutes of electricity services provided by TPDDL in some parts of Delhi. However, the product may have distant substitutes like inverter and generator.3) Restrictions on entry and exit: There exist strong barriers to entry of new firms and exit of existing firms. As a result, monopoly firm can earn abnormal profits and <a href="https://interviewquestions.tuteehub.com/tag/losses-544756" style="font-weight:bold;" target="_blank" title="Click to know more about LOSSES">LOSSES</a> inthe long <a href="https://interviewquestions.tuteehub.com/tag/run-1192138" style="font-weight:bold;" target="_blank" title="Click to know more about RUN">RUN</a>. These barriers may be due to legal restrictions like licensing or patent rights or due to restrictions created by firms in the <a href="https://interviewquestions.tuteehub.com/tag/form-996208" style="font-weight:bold;" target="_blank" title="Click to know more about FORM">FORM</a> of cartel,4) Price Discrimination: A monopolist may charge different prices for his product from different sets of consumers at the same time. It is known as ' Price Discrimination'.5) Price Maker: In case of monopoly, firm and industry are one and the same thing. So, firm has complete control over the industry <a href="https://interviewquestions.tuteehub.com/tag/output-1142821" style="font-weight:bold;" target="_blank" title="Click to know more about OUTPUT">OUTPUT</a>. As a result, monopolist is a price maker and fixes its own price. It can influence the market price by changing the supply of the product.</body></html> | |
| 6463. |
Production in an economy is below its potential due to unephloyment. Government starts employment generation schemes. Explain its effect using production possibilities curve. or As a result of various programmes started by the government, more employment opportunities have been created. What will be its effect on production possibilities frontier? Explain. |
| Answer» <html><body><p></p>Solution :<a href="https://interviewquestions.tuteehub.com/tag/production-14556" style="font-weight:bold;" target="_blank" title="Click to know more about PRODUCTION">PRODUCTION</a> below the potential meansthat <a href="https://interviewquestions.tuteehub.com/tag/total-711110" style="font-weight:bold;" target="_blank" title="Click to know more about TOTAL">TOTAL</a> production in the economy is somewhere below the production possiblility curve <a href="https://interviewquestions.tuteehub.com/tag/pp-592407" style="font-weight:bold;" target="_blank" title="Click to know more about PP">PP</a>', for <a href="https://interviewquestions.tuteehub.com/tag/example-978283" style="font-weight:bold;" target="_blank" title="Click to know more about EXAMPLE">EXAMPLE</a> at point U in the diagram. <br/> <img src="https://d10lpgp6xz60nq.cloudfront.net/physics_images/SG_MIC_ECO_C01_S01_020_S01.png" width="80%"/> <br/> When government starts employment generation schemes, and since the below potential production is due to <a href="https://interviewquestions.tuteehub.com/tag/unemployment-1437065" style="font-weight:bold;" target="_blank" title="Click to know more about UNEMPLOYMENT">UNEMPLOYMENT</a>, the economy moves forward its attempt to remove unemployment and reach the potential. The movement forward is towards the PP' curve.</body></html> | |
| 6464. |
In the following diagram, the situation of Consumer's Equilibrium and Point of Satiety are represented by the points: |
| Answer» <html><body><p><a href="https://interviewquestions.tuteehub.com/tag/point-1157106" style="font-weight:bold;" target="_blank" title="Click to know more about POINT">POINT</a> <a href="https://interviewquestions.tuteehub.com/tag/c-7168" style="font-weight:bold;" target="_blank" title="Click to know more about C">C</a> and Point <a href="https://interviewquestions.tuteehub.com/tag/e-444102" style="font-weight:bold;" target="_blank" title="Click to know more about E">E</a><br/>Point E and Point <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/>Point B and Point E<br/>Point B and Point C</p>Answer :B</body></html> | |
| 6465. |
Explain, in brief, the various points of difference between fixed cost and variable cost. |
| Answer» <html><body><p></p>Solution :Variable costs vary with the amount produced. Fixed costs remain the same, no matter how much <a href="https://interviewquestions.tuteehub.com/tag/output-1142821" style="font-weight:bold;" target="_blank" title="Click to know more about OUTPUT">OUTPUT</a> a company produces. A variable cost is a company's cost that is <a href="https://interviewquestions.tuteehub.com/tag/associated-886051" style="font-weight:bold;" target="_blank" title="Click to know more about ASSOCIATED">ASSOCIATED</a> with the amount 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> or <a href="https://interviewquestions.tuteehub.com/tag/services-1202745" style="font-weight:bold;" target="_blank" title="Click to know more about SERVICES">SERVICES</a> it produces. ... On the other hand, a fixed cost does not vary with the <a href="https://interviewquestions.tuteehub.com/tag/volume-728707" style="font-weight:bold;" target="_blank" title="Click to know more about VOLUME">VOLUME</a> of production.</body></html> | |
| 6466. |
Under which market form a firm is called a 'price taker' and why? |
| Answer» <html><body><p></p>Solution :Perfect competition refers to 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> situation where there are very large no. of buyers and sellers dealing in a <a href="https://interviewquestions.tuteehub.com/tag/homogeneous-1028736" style="font-weight:bold;" target="_blank" title="Click to know more about HOMOGENEOUS">HOMOGENEOUS</a> product at a price fixed by the market.The no. of sellers is so large that the <a href="https://interviewquestions.tuteehub.com/tag/share-25805" style="font-weight:bold;" target="_blank" title="Click to know more about SHARE">SHARE</a> of each seller is insignificant in the total supply. Hence, an individual seller cannot influence the market price. Similarly, a single buyer's share in total purchase is so insignificant because of their large no. that an individual buyer cannot influence the market price. Under such conditions, price of a commodity is <a href="https://interviewquestions.tuteehub.com/tag/determined-949906" style="font-weight:bold;" target="_blank" title="Click to know more about DETERMINED">DETERMINED</a> by the market forces of demand and supply and each buyer and seller has to accept the same price. As a result, uniform price prevails in the market.</body></html> | |
| 6467. |
State the distinction between explicit cost and implicit cost. Give an example of each. |
| 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> :Based on payment, costs are classified into two categories; they are Explicit Costs and Implicit Costs. Explicit Cost is the cost which is actually incurred by the <a href="https://interviewquestions.tuteehub.com/tag/organization-25610" style="font-weight:bold;" target="_blank" title="Click to know more about ORGANIZATION">ORGANIZATION</a>, during production.Salaries, wages and rent are few of the examples of the explicit cost. On the other <a href="https://interviewquestions.tuteehub.com/tag/hand-1015171" style="font-weight:bold;" target="_blank" title="Click to know more about HAND">HAND</a>, Implicit Cost, are just <a href="https://interviewquestions.tuteehub.com/tag/opposite-1137237" style="font-weight:bold;" target="_blank" title="Click to know more about OPPOSITE">OPPOSITE</a> to the explicit cost, as the organization does not directly incur them, but they are implied in nature which does not involve a cash payment. The former is an out of pocket cost, while the <a href="https://interviewquestions.tuteehub.com/tag/latter-7376806" style="font-weight:bold;" target="_blank" title="Click to know more about LATTER">LATTER</a> is an opportunity cost.Explicit Cost refers to the one paid to the factors outside the firm. the interest on owner's capital, or the salary to the owner are the prominent examples of the implicit cost. Conversely, Implicit Cost are the one that arise from using the asset rather than renting it out.</body></html> | |
| 6468. |
Almost one-third of Indians consume some form of tobacco and many use more than one type of tobacco product. The consumption of tobacco is a reason for almost 40% of non-communicable diseases like cancer, cardiovascular diseases and lung disorders. What can be done to come out of this situation ? |
| 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 most effective way to reduce tobacco use is to raise the price to tobacco through increase in taxes. Higher prices discourage <a href="https://interviewquestions.tuteehub.com/tag/youth-1466855" style="font-weight:bold;" target="_blank" title="Click to know more about YOUTH">YOUTH</a> from intiating cigarette smoking and <a href="https://interviewquestions.tuteehub.com/tag/encourage-446038" style="font-weight:bold;" target="_blank" title="Click to know more about ENCOURAGE">ENCOURAGE</a> current smokers to quit. <br/> `**` Tobacco users should be made fully aware of high risks of disease and premature death caused by tobacco use. <br/> `**` Laws relating to <a href="https://interviewquestions.tuteehub.com/tag/restriction-1187300" style="font-weight:bold;" target="_blank" title="Click to know more about RESTRICTION">RESTRICTION</a> on smoking in public should be more strictly applied.</body></html> | |
| 6469. |
In singular sense Statistics means : |
| Answer» <html><body><p><a href="https://interviewquestions.tuteehub.com/tag/statistical-1226409" style="font-weight:bold;" target="_blank" title="Click to know more about STATISTICAL">STATISTICAL</a> science<br/>statistical law<br/>both (a) and (<a href="https://interviewquestions.tuteehub.com/tag/b-387190" style="font-weight:bold;" target="_blank" title="Click to know more about B">B</a>)<br/><a href="https://interviewquestions.tuteehub.com/tag/none-580659" style="font-weight:bold;" target="_blank" title="Click to know more about NONE">NONE</a> of these</p>Solution :<a 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> | |
| 6470. |
Explain 'Perfect knowledge about the markets' feature of perfect competition. |
| Answer» | |
| 6471. |
Explain the implications of the following in a perfectly competitive market {:((a)"Large number of sellers",(b)"Homogeneous products"):} Or Explain the implications of the following in an oligopoly market {:((a)"Barriers to entry of new firms",(b)"A few or few big sellers"):} |
| Answer» | |
| 6472. |
Only variable factors are used for production in the short period. |
| 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> :False. In the <a href="https://interviewquestions.tuteehub.com/tag/short-642706" style="font-weight:bold;" target="_blank" title="Click to know more about SHORT">SHORT</a> period, both <a href="https://interviewquestions.tuteehub.com/tag/variable-1442996" style="font-weight:bold;" target="_blank" title="Click to know more about VARIABLE">VARIABLE</a> and fixed factors are used for <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> | |
| 6473. |
Calculate Karl Pearson's coefficient of correlation between the values of X and Y for the following data: Assume 69 and 112 as the mean values for X and Y respectively. |
| 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_C12_S01_019_S01.png" width="80%"/> <br/> `r=(sumdxdy-((sumdx) xx(sumdy))/(N))/(<a href="https://interviewquestions.tuteehub.com/tag/sqrt-1223129" style="font-weight:bold;" target="_blank" title="Click to know more about SQRT">SQRT</a>(sumdx^(<a href="https://interviewquestions.tuteehub.com/tag/2-283658" style="font-weight:bold;" target="_blank" title="Click to know more about 2">2</a>)=((sumdx)^(2))/(N))xx sqrt(sumdy^(2)-((sumdy)^(2))/(N)))` <br/> `=(2,116-((<a href="https://interviewquestions.tuteehub.com/tag/47-317855" style="font-weight:bold;" target="_blank" title="Click to know more about 47">47</a>)xx(108))/(<a href="https://interviewquestions.tuteehub.com/tag/8-336412" style="font-weight:bold;" target="_blank" title="Click to know more about 8">8</a>))/(sqrt(1,475-((47)^(2))/(8))xxsqrt(3,468-((108)^(2))/(8)))`<br/> `=(2,116-634.5)/(sqrt(1,475-276.125)xxsqrt(3,468-1,458))=(1,481.5)/(sqrt(1,198.875)xxsqrt(2,010))=(1,481.5)/(34.62xx44.83)=(1,481.5)/(1,552.0146)=0.955` <br/> Coefficient of Correlation (r)=0.955</body></html> | |
| 6474. |
Suppose a consumer wants to consume two goods which are available in integer units only. If the income of the consumer is Rs 20 and both the goods are equally priced at Rs 4, write the bundles which cost exactly Rs 20 |
| Answer» <html><body><p></p>Solution :<a href="https://interviewquestions.tuteehub.com/tag/bundles-905573" style="font-weight:bold;" target="_blank" title="Click to know more about BUNDLES">BUNDLES</a>, which <a href="https://interviewquestions.tuteehub.com/tag/cost-25707" style="font-weight:bold;" target="_blank" title="Click to know more about COST">COST</a> <a href="https://interviewquestions.tuteehub.com/tag/exactly-977868" style="font-weight:bold;" target="_blank" title="Click to know more about EXACTLY">EXACTLY</a> <a href="https://interviewquestions.tuteehub.com/tag/rs-625947" style="font-weight:bold;" target="_blank" title="Click to know more about RS">RS</a> 20, are: `(0,5), (1,4), (2,3), (4,1), (5,0)`</body></html> | |
| 6475. |
Consider the following table {:("Production Possibilities",A,B,C,D,E),("Guns (Units)",0,1,2,3,4),("Butter(Units)",10,9,7,4,0):} The opportunity cost of increasing guns production form 2 to 3 units is ____ units of butter. |
| Answer» <html><body><p>7<br/>2<br/>7<br/>3</p>Solution :D.</body></html> | |
| 6476. |
Define variance. |
| 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> :Variance is <a href="https://interviewquestions.tuteehub.com/tag/another-876628" style="font-weight:bold;" target="_blank" title="Click to know more about ANOTHER">ANOTHER</a> measure of dispersion. Variance is the <a href="https://interviewquestions.tuteehub.com/tag/square-650836" style="font-weight:bold;" target="_blank" title="Click to know more about SQUARE">SQUARE</a> of the standard <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/symbolically-7384050" style="font-weight:bold;" target="_blank" title="Click to know more about SYMBOLICALLY">SYMBOLICALLY</a>, <br/> Variance`=(SD)^(2)=sigma^(2)`</body></html> | |
| 6477. |
Underutilisation and unutilisation of resources will shift the Production Possibility Frontier to the left. Defend or refute. |
| 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 given statement is refused. Underutilisation and <a href="https://interviewquestions.tuteehub.com/tag/unutilisation-3248900" style="font-weight:bold;" target="_blank" title="Click to know more about UNUTILISATION">UNUTILISATION</a> does not <a href="https://interviewquestions.tuteehub.com/tag/decrease-946104" style="font-weight:bold;" target="_blank" title="Click to know more about DECREASE">DECREASE</a> the capacity of economy 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>. So, there will be shift of Production Possibility Frontier (PPF). However, economy will operate at some point <a href="https://interviewquestions.tuteehub.com/tag/inside-1045864" style="font-weight:bold;" target="_blank" title="Click to know more about INSIDE">INSIDE</a> the PPF.</body></html> | |
| 6478. |
What is meant by normal good in economics? |
| Answer» <html><body><p></p>Solution :Normal <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 the goods which have <a href="https://interviewquestions.tuteehub.com/tag/income-25499" style="font-weight:bold;" target="_blank" title="Click to know more about INCOME">INCOME</a> effect <a href="https://interviewquestions.tuteehub.com/tag/positive-1159908" style="font-weight:bold;" target="_blank" title="Click to know more about POSITIVE">POSITIVE</a> i.e as the income of the consumer increases 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 commodity rises and vice-versa.</body></html> | |
| 6479. |
Discuss the relationship between TVC and MC. OR Draw a diagram showing TVCin terms of the area under MC curve. |
| Answer» <html><body><p></p>Solution :we know, MC is <a href="https://interviewquestions.tuteehub.com/tag/addition-367641" style="font-weight:bold;" target="_blank" title="Click to know more about ADDITION">ADDITION</a> to TVC when <a href="https://interviewquestions.tuteehub.com/tag/one-585732" style="font-weight:bold;" target="_blank" title="Click to know more about ONE">ONE</a> more unit of output is produced. So, TVC can be <a href="https://interviewquestions.tuteehub.com/tag/obtained-7273275" style="font-weight:bold;" target="_blank" title="Click to know more about OBTAINED">OBTAINED</a> as addition of all or sumation of MC’s of all the <a href="https://interviewquestions.tuteehub.com/tag/units-1438468" style="font-weight:bold;" target="_blank" title="Click to know more about UNITS">UNITS</a> produced. If output is assumed to be perfectly divisible, then total <a href="https://interviewquestions.tuteehub.com/tag/area-13372" style="font-weight:bold;" target="_blank" title="Click to know more about AREA">AREA</a> under the MC curve will be equal to TVC.</body></html> | |
| 6480. |
Average Product falls only when marginal product is less than average product. |
| Answer» <html><body><p></p>Solution :<a href="https://interviewquestions.tuteehub.com/tag/false-459184" style="font-weight:bold;" target="_blank" title="Click to know more about FALSE">FALSE</a>. Low of Variable Proportions operates in the short period and not in the <a href="https://interviewquestions.tuteehub.com/tag/long-537592" style="font-weight:bold;" target="_blank" title="Click to know more about LONG">LONG</a> period as in the short period, a <a href="https://interviewquestions.tuteehub.com/tag/firm-989667" style="font-weight:bold;" target="_blank" title="Click to know more about FIRM">FIRM</a> can not vary all the inputs, as some of the them <a href="https://interviewquestions.tuteehub.com/tag/remain-1184279" style="font-weight:bold;" target="_blank" title="Click to know more about REMAIN">REMAIN</a> fixed. Under this law, output is increased 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> only one input while keeping other inputs unchanged.</body></html> | |
| 6481. |
As per determination of consumer's equilibrium theory, in order to arrive at consumer's equilibrium consumer can |
| Answer» <html><body><p><a href="https://interviewquestions.tuteehub.com/tag/decrease-946104" style="font-weight:bold;" target="_blank" title="Click to know more about DECREASE">DECREASE</a> the <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<br/>increase the price of the commodity<br/>change the <a href="https://interviewquestions.tuteehub.com/tag/quantities-1174208" style="font-weight:bold;" target="_blank" title="Click to know more about QUANTITIES">QUANTITIES</a> of both the goods<br/>increase the <a href="https://interviewquestions.tuteehub.com/tag/consumption-931383" style="font-weight:bold;" target="_blank" title="Click to know more about CONSUMPTION">CONSUMPTION</a> of both the goods</p>Solution :<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> | |
| 6482. |
What do you mean by homogenous product? |
| Answer» <html><body><p></p>Solution :<a href="https://interviewquestions.tuteehub.com/tag/homogeneous-1028736" style="font-weight:bold;" target="_blank" title="Click to know more about HOMOGENEOUS">HOMOGENEOUS</a> product <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 a product which in all respects like quality, colour, size,design, brand <a href="https://interviewquestions.tuteehub.com/tag/name-573193" style="font-weight:bold;" target="_blank" title="Click to know more about NAME">NAME</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>.</body></html> | |
| 6483. |
Individual supply curves are steeper as compared to market supply curve. |
| Answer» <html><body><p></p>Solution :True. It happens because with a change 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>, the <a href="https://interviewquestions.tuteehub.com/tag/proportionate-1170321" style="font-weight:bold;" target="_blank" title="Click to know more about PROPORTIONATE">PROPORTIONATE</a> change in market supply is more than the proportionate change in <a href="https://interviewquestions.tuteehub.com/tag/individual-1041871" style="font-weight:bold;" target="_blank" title="Click to know more about INDIVIDUAL">INDIVIDUAL</a> supply and hence , the price <a href="https://interviewquestions.tuteehub.com/tag/elasticity-14238" style="font-weight:bold;" target="_blank" title="Click to know more about ELASTICITY">ELASTICITY</a> of supply of market supply schedule is greater and thus the <a href="https://interviewquestions.tuteehub.com/tag/steeper-1227264" style="font-weight:bold;" target="_blank" title="Click to know more about STEEPER">STEEPER</a> the curve.</body></html> | |
| 6484. |
What is the effect of unequal distribution of income on market demand of a commodity? Explain using a diagram. What is the implication of unequal distribution of income for the society? |
| Answer» <html><body><p></p>Solution :If there is unequal distribution of income, all sections of the society will not be able to <a href="https://interviewquestions.tuteehub.com/tag/demand-436956" style="font-weight:bold;" target="_blank" title="Click to know more about DEMAND">DEMAND</a> goods and <a href="https://interviewquestions.tuteehub.com/tag/services-1202745" style="font-weight:bold;" target="_blank" title="Click to know more about SERVICES">SERVICES</a>. Hence market demand of the commodity would fall and the demand <a href="https://interviewquestions.tuteehub.com/tag/curve-941741" style="font-weight:bold;" target="_blank" title="Click to know more about CURVE">CURVE</a> will shift <a href="https://interviewquestions.tuteehub.com/tag/leftwards-1071055" style="font-weight:bold;" target="_blank" title="Click to know more about LEFTWARDS">LEFTWARDS</a> from DD to `D_(2)D_(2)`. <br/> <img src="https://d10lpgp6xz60nq.cloudfront.net/physics_images/MIC_ECO_XI_U02_C03_E01_049_S01.png" width="80%"/> <br/> Unequal distribution of income implies inequality which is not socially <a href="https://interviewquestions.tuteehub.com/tag/desirable-431589" style="font-weight:bold;" target="_blank" title="Click to know more about DESIRABLE">DESIRABLE</a>. It is against social justive and reduces economic and social welfare</body></html> | |
| 6485. |
Define dispersion. |
| Answer» <html><body><p></p>Solution :<a href="https://interviewquestions.tuteehub.com/tag/dispersion-956040" style="font-weight:bold;" target="_blank" title="Click to know more about DISPERSION">DISPERSION</a> is the <a href="https://interviewquestions.tuteehub.com/tag/measure-1091857" style="font-weight:bold;" target="_blank" title="Click to know more about MEASURE">MEASURE</a> of the <a href="https://interviewquestions.tuteehub.com/tag/extent-981159" style="font-weight:bold;" target="_blank" title="Click to know more about EXTENT">EXTENT</a> to which different items tend to disperse away from the <a href="https://interviewquestions.tuteehub.com/tag/central-407816" style="font-weight:bold;" target="_blank" title="Click to know more about CENTRAL">CENTRAL</a> <a href="https://interviewquestions.tuteehub.com/tag/tendency-1241592" style="font-weight:bold;" target="_blank" title="Click to know more about TENDENCY">TENDENCY</a>.</body></html> | |
| 6486. |
In case of less elastic supply, supply curve: |
| Answer» <html><body><p>Makes an intercept on the postive X-axis<br/>is a vortical <a href="https://interviewquestions.tuteehub.com/tag/straight-633156" style="font-weight:bold;" target="_blank" title="Click to know more about STRAIGHT">STRAIGHT</a> line parallel to the Y-axis<br/>Makes an intercept on the positive Y-axis<br/>s a horizontal straight line parallel to the X-axis</p>Solution :no change 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> , even then <a href="https://interviewquestions.tuteehub.com/tag/quantity-1174212" style="font-weight:bold;" target="_blank" title="Click to know more about QUANTITY">QUANTITY</a> suplied is <a href="https://interviewquestions.tuteehub.com/tag/increasing-1040633" style="font-weight:bold;" target="_blank" title="Click to know more about INCREASING">INCREASING</a>. thus, <a href="https://interviewquestions.tuteehub.com/tag/supply-1235254" style="font-weight:bold;" target="_blank" title="Click to know more about SUPPLY">SUPPLY</a> curve makes an intercept on x-axis.</body></html> | |
| 6487. |
Trendz produces both Jeans and Shirts. How will an increase in the price of jeans affect the supply curve of shirts? |
| 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> : 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 the price of <a href="https://interviewquestions.tuteehub.com/tag/jeans-524661" style="font-weight:bold;" target="_blank" title="Click to know more about JEANS">JEANS</a> will make the production of jeans more attractive. As a result, Trendz will shift its <a href="https://interviewquestions.tuteehub.com/tag/resources-11387" style="font-weight:bold;" target="_blank" title="Click to know more about RESOURCES">RESOURCES</a> from shirts to jeans. It will shift the <a href="https://interviewquestions.tuteehub.com/tag/supply-1235254" style="font-weight:bold;" target="_blank" title="Click to know more about SUPPLY">SUPPLY</a> curve of shirts towards left.</body></html> | |
| 6488. |
Economic problem arises due to |
| Answer» <html><body><p>scarcity of resources<br/><a href="https://interviewquestions.tuteehub.com/tag/unlimited-1438880" style="font-weight:bold;" target="_blank" title="Click to know more about UNLIMITED">UNLIMITED</a> <a href="https://interviewquestions.tuteehub.com/tag/wants-1448762" style="font-weight:bold;" target="_blank" title="Click to know more about WANTS">WANTS</a><br/>resources can be put to <a href="https://interviewquestions.tuteehub.com/tag/alternatives-858741" style="font-weight:bold;" target="_blank" title="Click to know more about ALTERNATIVES">ALTERNATIVES</a> uses<br/>all of these</p>Solution :Economic problem arises <a href="https://interviewquestions.tuteehub.com/tag/due-433472" style="font-weight:bold;" target="_blank" title="Click to know more about DUE">DUE</a> toscarcity of resources,unlimited wants,resources can be put to alternatives uses .</body></html> | |
| 6489. |
Wat is the general shape of MPP curve ? |
| 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> :The <a href="https://interviewquestions.tuteehub.com/tag/general-471730" style="font-weight:bold;" target="_blank" title="Click to know more about GENERAL">GENERAL</a> shape of <a href="https://interviewquestions.tuteehub.com/tag/mpp-549071" style="font-weight:bold;" target="_blank" title="Click to know more about MPP">MPP</a> curve is <a href="https://interviewquestions.tuteehub.com/tag/inverse-1050621" style="font-weight:bold;" target="_blank" title="Click to know more about INVERSE">INVERSE</a> U</body></html> | |
| 6490. |
What is the price elasticity of dmeand for following demand curves, : (i) Straight line demand curve parallel to X -axis, (ii) Straight line demand curve parallel toY-axis. |
| Answer» <html><body><p></p>Solution :The <a href="https://interviewquestions.tuteehub.com/tag/price-1165141" style="font-weight:bold;" target="_blank" title="Click to know more about PRICE">PRICE</a> <a href="https://interviewquestions.tuteehub.com/tag/elasticity-14238" style="font-weight:bold;" target="_blank" title="Click to know more about ELASTICITY">ELASTICITY</a> of demand in the <a href="https://interviewquestions.tuteehub.com/tag/following-463335" style="font-weight:bold;" target="_blank" title="Click to know more about FOLLOWING">FOLLOWING</a> <a href="https://interviewquestions.tuteehub.com/tag/cases-910165" style="font-weight:bold;" target="_blank" title="Click to know more about CASES">CASES</a> will be : (i) Perfectly Elastic Demand, (ii) perfectly lnelastic Demand.</body></html> | |
| 6491. |
Define price floor. Explain the impications of price floor OR Market of a good is in equilibrium. Demand for the good 'decreases'. Explain the chain of effects of this change |
| Answer» <html><body><p></p>Solution :Price Floor' is the minimum price fixed by the government below which sellers cannot <a href="https://interviewquestions.tuteehub.com/tag/sell-1200244" style="font-weight:bold;" target="_blank" title="Click to know more about SELL">SELL</a> their product. Since this price is normally set above the equilibrium price, there is excess supply in the market. As the <a href="https://interviewquestions.tuteehub.com/tag/seller-1200249" style="font-weight:bold;" target="_blank" title="Click to know more about SELLER">SELLER</a> may not be able to sell all that he wants to sell, he may <a href="https://interviewquestions.tuteehub.com/tag/illegally-7382397" style="font-weight:bold;" target="_blank" title="Click to know more about ILLEGALLY">ILLEGALLY</a> attempt to sell the product at a price below the floor price. <br/> OR <br/> Market of a good is in equilibrium. If the demand for the good decreases, this creates an excess supply of the good at the existing price in the market. <br/> `**` The excess supply creates competition among sellers, resulting in fall in price, because sellers will not be able to sell all that they want to sell at the existing price. <br/> `**` Fall in price leads to <a href="https://interviewquestions.tuteehub.com/tag/rise-1189674" style="font-weight:bold;" target="_blank" title="Click to know more about RISE">RISE</a> in demand and fall in supply. <br/> `**` These changes continue <a href="https://interviewquestions.tuteehub.com/tag/till-709848" style="font-weight:bold;" target="_blank" title="Click to know more about TILL">TILL</a> the market reached new equilibrium.</body></html> | |
| 6492. |
What is economics all about ? |
| 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> :Ecomomics is all about <a href="https://interviewquestions.tuteehub.com/tag/making-1085093" style="font-weight:bold;" target="_blank" title="Click to know more about MAKING">MAKING</a> <a href="https://interviewquestions.tuteehub.com/tag/choices-916015" style="font-weight:bold;" target="_blank" title="Click to know more about CHOICES">CHOICES</a> in the <a href="https://interviewquestions.tuteehub.com/tag/presence-25557" style="font-weight:bold;" target="_blank" title="Click to know more about PRESENCE">PRESENCE</a> of <a href="https://interviewquestions.tuteehub.com/tag/scarcity-1195678" style="font-weight:bold;" target="_blank" title="Click to know more about SCARCITY">SCARCITY</a>.</body></html> | |
| 6493. |
What are the Central Problem 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> :(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>, (<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, (<a href="https://interviewquestions.tuteehub.com/tag/iii-497983" style="font-weight:bold;" target="_blank" title="Click to know more about III">III</a>) For whom to produce.</body></html> | |
| 6494. |
What is the behaviour of average fixed cost as output is increased ? Why is it so ? |
| Answer» <html><body><p></p>Solution :Average fixed cost is fixed cost per unit of output. As the <a href="https://interviewquestions.tuteehub.com/tag/total-711110" style="font-weight:bold;" target="_blank" title="Click to know more about TOTAL">TOTAL</a> number of units of the <a href="https://interviewquestions.tuteehub.com/tag/good-1009017" style="font-weight:bold;" target="_blank" title="Click to know more about GOOD">GOOD</a> produced increases, the average fixed cost <a href="https://interviewquestions.tuteehub.com/tag/decreases-946143" style="font-weight:bold;" target="_blank" title="Click to know more about DECREASES">DECREASES</a> because the same amount of fixed costs is being spread over a <a href="https://interviewquestions.tuteehub.com/tag/larger-1067345" style="font-weight:bold;" target="_blank" title="Click to know more about LARGER">LARGER</a> number of units of output.</body></html> | |
| 6495. |
A monopolist can sell any quantity he likes at a price. |
| Answer» <html><body><p></p><a href="https://interviewquestions.tuteehub.com/tag/solution-25781" style="font-weight:bold;" target="_blank" title="Click to know more about SOLUTION">SOLUTION</a> :A <a href="https://interviewquestions.tuteehub.com/tag/monopolist-1101062" style="font-weight:bold;" target="_blank" title="Click to know more about MONOPOLIST">MONOPOLIST</a> can sell more quantity only by <a href="https://interviewquestions.tuteehub.com/tag/lowering-1081107" style="font-weight:bold;" target="_blank" title="Click to know more about LOWERING">LOWERING</a> the price because the monopolist <a href="https://interviewquestions.tuteehub.com/tag/controls-425632" style="font-weight:bold;" target="_blank" title="Click to know more about CONTROLS">CONTROLS</a> only the supply and not 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>.</body></html> | |
| 6496. |
What do you mean by average value? |
| Answer» <html><body><p></p>Solution :An <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/value-1442530" style="font-weight:bold;" target="_blank" title="Click to know more about VALUE">VALUE</a> refers to a central value or <a href="https://interviewquestions.tuteehub.com/tag/representative-1185392" style="font-weight:bold;" target="_blank" title="Click to know more about REPRESENTATIVE">REPRESENTATIVE</a> value of a <a href="https://interviewquestions.tuteehub.com/tag/statistical-1226409" style="font-weight:bold;" target="_blank" title="Click to know more about STATISTICAL">STATISTICAL</a> series.</body></html> | |
| 6497. |
An increase in income will lead to the following change in Bundget Line : |
| Answer» <html><body><p><img src="https://d10lpgp6xz60nq.cloudfront.net/physics_images/SG_MIC_ECO_C02_E01_054_O01.png" width="30%"/><br/><img src="https://d10lpgp6xz60nq.cloudfront.net/physics_images/SG_MIC_ECO_C02_E01_054_O02.png" width="30%"/><br/><img src="https://d10lpgp6xz60nq.cloudfront.net/physics_images/SG_MIC_ECO_C02_E01_054_O03.png" width="30%"/><br/><img src="https://d10lpgp6xz60nq.cloudfront.net/physics_images/SG_MIC_ECO_C02_E01_054_O04.png" width="30%"/></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> | |
| 6498. |
Mention the four main merits of the sample 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 <a href="https://interviewquestions.tuteehub.com/tag/farmers-984727" style="font-weight:bold;" target="_blank" title="Click to know more about FARMERS">FARMERS</a>, we get it from 50-100 only.2. Less Time Consuming:As no of <a href="https://interviewquestions.tuteehub.com/tag/units-1438468" style="font-weight:bold;" target="_blank" title="Click to know more about UNITS">UNITS</a> is only a fraction of the total universe, time consumed is <a href="https://interviewquestions.tuteehub.com/tag/also-373387" style="font-weight:bold;" target="_blank" title="Click to know more about ALSO">ALSO</a> a 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 <a href="https://interviewquestions.tuteehub.com/tag/results-2643" style="font-weight:bold;" target="_blank" title="Click to know more about RESULTS">RESULTS</a> are very reliable and accurate.4. Organisational Convenience:As samples are taken and the number of units is smaller, the better (Trained) enumerators can be employed by the organisation.</body></html> | |
| 6499. |
Production function estabilishes a relation between inputs and output, which is technical and not economical in nature. |
| 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. Production function establishes only a technical <a href="https://interviewquestions.tuteehub.com/tag/relation-1183220" style="font-weight:bold;" target="_blank" title="Click to know more about RELATION">RELATION</a> between inputs and output. It is not economical in nature as we do not <a href="https://interviewquestions.tuteehub.com/tag/consider-2017521" style="font-weight:bold;" target="_blank" title="Click to know more about CONSIDER">CONSIDER</a> the <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 inputs and output.</body></html> | |
| 6500. |
When is rank correlation method used ? |
| 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> :Rank <a href="https://interviewquestions.tuteehub.com/tag/correlation-935534" style="font-weight:bold;" target="_blank" title="Click to know more about CORRELATION">CORRELATION</a> method is used when variables are <a href="https://interviewquestions.tuteehub.com/tag/qualitative-611024" style="font-weight:bold;" target="_blank" title="Click to know more about QUALITATIVE">QUALITATIVE</a> in nature, such as beauty, bravery, <a href="https://interviewquestions.tuteehub.com/tag/wisdom-1457883" style="font-weight:bold;" target="_blank" title="Click to know more about WISDOM">WISDOM</a>, virtue etc.</body></html> | |