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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.
| 6601. |
Explain the distinction between budget set and budget line. |
| Answer» <html><body><p></p>Solution :Budget <a href="https://interviewquestions.tuteehub.com/tag/set-11758" style="font-weight:bold;" target="_blank" title="Click to know more about SET">SET</a> refers to the set of <a href="https://interviewquestions.tuteehub.com/tag/possible-592355" style="font-weight:bold;" target="_blank" title="Click to know more about POSSIBLE">POSSIBLE</a> combination of the <a href="https://interviewquestions.tuteehub.com/tag/two-714195" style="font-weight:bold;" target="_blank" title="Click to know more about TWO">TWO</a> goods the consumer consume which he can afford from his income and given price, whereas budget line is the graphical <a href="https://interviewquestions.tuteehub.com/tag/presentation-1164065" style="font-weight:bold;" target="_blank" title="Click to know more about PRESENTATION">PRESENTATION</a> of the whole collection of the combination of the two goods which <a href="https://interviewquestions.tuteehub.com/tag/costs-25578" style="font-weight:bold;" target="_blank" title="Click to know more about COSTS">COSTS</a> the consumer exactly his income.</body></html> | |
| 6602. |
When a consumer increases consumption of a good from 2 units to 4 units, total utility rises from 9 units to 14 utils. Marginal utility is : |
| Answer» <html><body><p>5 <a href="https://interviewquestions.tuteehub.com/tag/utils-3253191" style="font-weight:bold;" target="_blank" title="Click to know more about UTILS">UTILS</a> <br/>`2.5` utils <br/>3 utils <br/>Can't calculate </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> :B</body></html> | |
| 6603. |
Explain the distinction between budget set and budget line. When can a budget line shift ? |
| Answer» <html><body><p></p>Solution :Budget set refers to the set of <a href="https://interviewquestions.tuteehub.com/tag/possible-592355" style="font-weight:bold;" target="_blank" title="Click to know more about POSSIBLE">POSSIBLE</a> combination of the two <a href="https://interviewquestions.tuteehub.com/tag/goods-1009877" style="font-weight:bold;" target="_blank" title="Click to know more about GOODS">GOODS</a> the consumer consume which he can afford from his income and given price, whereas budget line is the graphical <a href="https://interviewquestions.tuteehub.com/tag/presentation-1164065" style="font-weight:bold;" target="_blank" title="Click to know more about PRESENTATION">PRESENTATION</a> of the whole collection of the combination of the two goods which costs the consumer exactly his income.The budget line will <a href="https://interviewquestions.tuteehub.com/tag/shift-1205367" style="font-weight:bold;" target="_blank" title="Click to know more about SHIFT">SHIFT</a> when there is: A change in the prices of one or both products with nominal income (budget) <a href="https://interviewquestions.tuteehub.com/tag/remaining-1184297" style="font-weight:bold;" target="_blank" title="Click to know more about REMAINING">REMAINING</a> the same.</body></html> | |
| 6604. |
Which of the shaded area in the diagrams below represent total utility ? |
| Answer» <html><body><p><img src="https://d10lpgp6xz60nq.cloudfront.net/physics_images/SG_MIC_ECO_C02_E01_046_O01.png" width="30%"/><br/><img src="https://d10lpgp6xz60nq.cloudfront.net/physics_images/SG_MIC_ECO_C02_E01_046_O02.png" width="30%"/><br/><img src="https://d10lpgp6xz60nq.cloudfront.net/physics_images/SG_MIC_ECO_C02_E01_046_O03.png" width="30%"/><br/><img src="https://d10lpgp6xz60nq.cloudfront.net/physics_images/SG_MIC_ECO_C02_E01_046_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> :<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> | |
| 6605. |
Distinguish between miroeconomics and macroeconomics With an example of each. |
| Answer» <html><body><p></p>Solution :Micro Economics talks about the actions of an <a href="https://interviewquestions.tuteehub.com/tag/individual-1041871" style="font-weight:bold;" target="_blank" title="Click to know more about INDIVIDUAL">INDIVIDUAL</a> unit, i.e. an individual, firm, household, market, <a href="https://interviewquestions.tuteehub.com/tag/industry-1043031" style="font-weight:bold;" target="_blank" title="Click to know more about INDUSTRY">INDUSTRY</a>, etcfor example- consumer equilibirium.On the other hand, the Macro Economics <a href="https://interviewquestions.tuteehub.com/tag/studies-1230633" style="font-weight:bold;" target="_blank" title="Click to know more about STUDIES">STUDIES</a> 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> as a <a href="https://interviewquestions.tuteehub.com/tag/whole-1455252" style="font-weight:bold;" target="_blank" title="Click to know more about WHOLE">WHOLE</a>, i.e. it assesses not a single unit but the combination of all i.e. firms, households, nation, industries, market, etc.for example- national income</body></html> | |
| 6606. |
Distinguish between : (i) Increase and expansion of demand. (ii) Decreas and contraction in demand. |
| Answer» <html><body><p></p>Solution :(i) Increase in demand is the increase in demand of a commodity owing to any other factor affecting the demand for the commodity other than the own price 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> <a href="https://interviewquestions.tuteehub.com/tag/expansion-980011" style="font-weight:bold;" target="_blank" title="Click to know more about EXPANSION">EXPANSION</a> of demand is the increase in demand owing to 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 own price of the commodity. <br/>Increase in demand leads to a rightward shift in the demand curve whereas expansion of demand leads to a downward <a href="https://interviewquestions.tuteehub.com/tag/movement-1104563" style="font-weight:bold;" target="_blank" title="Click to know more about MOVEMENT">MOVEMENT</a> along the same demand curve.<br/>(ii) Decrease in demand is the fall in demand of a commodity owing to a change in other factors affecting the demand for the commodity other than the own price of the commodity whereas contraction in demand is the fall in demand of the commodity <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 an increase in own price of the commodity.<br/>Decrease in demand leads to a leftward shift in the demand curve whereas contraction in demand leads to an upward movement along the same demand curve.</body></html> | |
| 6607. |
Average revenue equals : (Choose the correct alternative) |
| Answer» <html><body><p>Total revenue <a href="https://interviewquestions.tuteehub.com/tag/divided-441039" style="font-weight:bold;" target="_blank" title="Click to know more about DIVIDED">DIVIDED</a> by the <a href="https://interviewquestions.tuteehub.com/tag/quantity-1174212" style="font-weight:bold;" target="_blank" title="Click to know more about QUANTITY">QUANTITY</a> produced <br/>Price <br/>Both (a) and (b) <br/><a href="https://interviewquestions.tuteehub.com/tag/none-580659" style="font-weight:bold;" target="_blank" title="Click to know more about NONE">NONE</a> of the above </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> | |
| 6608. |
What is supply schedule? |
| 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> :If refers to a table which shows various quantities of a commodity that a produceris willing to <a href="https://interviewquestions.tuteehub.com/tag/sell-1200244" style="font-weight:bold;" target="_blank" title="Click to know more about SELL">SELL</a> at <a href="https://interviewquestions.tuteehub.com/tag/different-951434" style="font-weight:bold;" target="_blank" title="Click to know more about DIFFERENT">DIFFERENT</a> price, <a href="https://interviewquestions.tuteehub.com/tag/duing-7676731" style="font-weight:bold;" target="_blank" title="Click to know more about DUING">DUING</a> a given period of <a href="https://interviewquestions.tuteehub.com/tag/time-19467" style="font-weight:bold;" target="_blank" title="Click to know more about TIME">TIME</a>.</body></html> | |
| 6609. |
Explain the implication of the following in an oligopoly market, (a) Inter-dependence between firms, (b) Non price competition. |
| Answer» <html><body><p></p>Solution :a) Inter-dependence between firms: Firms under oligopoly are interdependent. Interdependence means that actions of one firm affect the actions of other firms. A firm considers the action and <a href="https://interviewquestions.tuteehub.com/tag/reaction-22747" style="font-weight:bold;" target="_blank" title="Click to know more about REACTION">REACTION</a> of the <a href="https://interviewquestions.tuteehub.com/tag/rival-614395" style="font-weight:bold;" target="_blank" title="Click to know more about RIVAL">RIVAL</a> firms while <a href="https://interviewquestions.tuteehub.com/tag/determining-7257364" style="font-weight:bold;" target="_blank" title="Click to know more about DETERMINING">DETERMINING</a> its price and output levels. A <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 output or price by one firm evokes reaction from other firms operating in the market. For example: market for cars in India is dominated by few firms( Maruti, Tata, Hyundai, Ford, Honda,etc.). A change by one firm (say, Tata) in any of its vehicle( say, Indica) will induce other firms( say, Maruti, Hyundai,etc) to make changes in their respective vehicles.b)Non price <a href="https://interviewquestions.tuteehub.com/tag/competition-423521" style="font-weight:bold;" target="_blank" title="Click to know more about COMPETITION">COMPETITION</a>.: If a firm tries to reduce the price, the rivals will also react by reducing their prices. However, if it tries to raise the price, other firms might not do so. It will lead to loss of customers for the firm, which intended to raise the price. So, firms prefer non- price competition instead of price competition.</body></html> | |
| 6610. |
Explain the implications of the following ina perfectly competitive market: (a) Large number of sellers (b) Homogeneous products |
| Answer» <html><body><p></p>Solution :(a) Large number of sellers means that number of firms are large enough so that contribution to total <a href="https://interviewquestions.tuteehub.com/tag/ouput-1141511" style="font-weight:bold;" target="_blank" title="Click to know more about OUPUT">OUPUT</a> of the industry by any individual firm is negligible. So, no single firm is in a position to influence the market price on its own by chaining its own output, Thus, Price <a href="https://interviewquestions.tuteehub.com/tag/remains-621920" style="font-weight:bold;" target="_blank" title="Click to know more about REMAINS">REMAINS</a> unchanged.<br/> (b) <a href="https://interviewquestions.tuteehub.com/tag/homogeneous-1028736" style="font-weight:bold;" target="_blank" title="Click to know more about HOMOGENEOUS">HOMOGENEOUS</a> products means that buyers treat products of all the firms as same in all respect as homogeneous product. As such no firm can charge a higher price because no buyer is willing to pay the same. Then market price remains the same for all the firms.</body></html> | |
| 6611. |
Define total revenue |
| Answer» <html><body><p></p>Solution :Total <a href="https://interviewquestions.tuteehub.com/tag/revenue-1188040" style="font-weight:bold;" target="_blank" title="Click to know more about REVENUE">REVENUE</a> <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 total receipts from the <a href="https://interviewquestions.tuteehub.com/tag/sale-1193496" style="font-weight:bold;" target="_blank" title="Click to know more about SALE">SALE</a> of 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> quantity of a <a href="https://interviewquestions.tuteehub.com/tag/commodity-923558" style="font-weight:bold;" target="_blank" title="Click to know more about COMMODITY">COMMODITY</a>.</body></html> | |
| 6612. |
Base year is also known as: |
| Answer» <html><body><p><a href="https://interviewquestions.tuteehub.com/tag/current-940804" style="font-weight:bold;" target="_blank" title="Click to know more about CURRENT">CURRENT</a> year<br/>reference year<br/>periodic year<br/>both (a) and (<a href="https://interviewquestions.tuteehub.com/tag/c-7168" style="font-weight:bold;" target="_blank" title="Click to know more about C">C</a>)</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/b-387190" style="font-weight:bold;" target="_blank" title="Click to know more about B">B</a></body></html> | |
| 6613. |
The government has granted license of production of a particular commodity to one production unit leading to emergence of monopoly. Thought monopoly leads to concentration of power in few hands as per conventional belief, how in your opinion monopoly is good for us ? |
| Answer» <html><body><p></p>Solution :If monopoly emerges because of its competency to provide a better <a href="https://interviewquestions.tuteehub.com/tag/product-25523" style="font-weight:bold;" target="_blank" title="Click to know more about PRODUCT">PRODUCT</a>. <br/> If it is outcome of <a href="https://interviewquestions.tuteehub.com/tag/development-950177" style="font-weight:bold;" target="_blank" title="Click to know more about DEVELOPMENT">DEVELOPMENT</a> and resarch and <a href="https://interviewquestions.tuteehub.com/tag/uses-722152" style="font-weight:bold;" target="_blank" title="Click to know more about USES">USES</a> scarce resources efficiently.</body></html> | |
| 6614. |
Where does SMC curve cut AC? Give reasons to support your answer. |
| Answer» <html><body><p></p>Solution :SMC curve cut <a href="https://interviewquestions.tuteehub.com/tag/ac-361271" style="font-weight:bold;" target="_blank" title="Click to know more about AC">AC</a> at its minimum points.When the <a href="https://interviewquestions.tuteehub.com/tag/mc-1091384" style="font-weight:bold;" target="_blank" title="Click to know more about MC">MC</a> is smaller the AC, the AC decreases. This is because when the extra <a href="https://interviewquestions.tuteehub.com/tag/unit-1438166" style="font-weight:bold;" target="_blank" title="Click to know more about UNIT">UNIT</a> of output is cheaper than the <a href="https://interviewquestions.tuteehub.com/tag/average-13416" style="font-weight:bold;" target="_blank" title="Click to know more about AVERAGE">AVERAGE</a> cost then the AC is pulled down. Similarly, when the MC is <a href="https://interviewquestions.tuteehub.com/tag/greater-476627" style="font-weight:bold;" target="_blank" title="Click to know more about GREATER">GREATER</a> than the AC, the AC is pulled up. The point of intersection between the MC and AC curves is also the minimum of the AC curve</body></html> | |
| 6615. |
According to the Law of diminishing marginal utility, satisfaction obtained form consumption of each successive unit: |
| Answer» <html><body><p><a href="https://interviewquestions.tuteehub.com/tag/increases-1040626" style="font-weight:bold;" target="_blank" title="Click to know more about INCREASES">INCREASES</a><br/>Decreases<br/>Remains same<br/>Either increases or decreases</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> | |
| 6616. |
What is the degree of elasticity of supply in the diagram? |
| Answer» <html><body><p>zero<br/>one <br/>infinity<br/>none of these.</p>Answer :A</body></html> | |
| 6617. |
Fixation of minimum wage below the equilibrium wage rate leads to : |
| Answer» <html><body><p>Unemployment<br/>Overemployment<br/>Neither (a) nor (<a href="https://interviewquestions.tuteehub.com/tag/b-387190" style="font-weight:bold;" target="_blank" title="Click to know more about B">B</a>)<br/><a href="https://interviewquestions.tuteehub.com/tag/either-7265046" style="font-weight:bold;" target="_blank" title="Click to know more about EITHER">EITHER</a> (a) or (b)</p><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/c-7168" style="font-weight:bold;" target="_blank" title="Click to know more about C">C</a></body></html> | |
| 6618. |
Define an indifference curve. Explain why an indifference curve is downward sloping from left to right. |
| Answer» <html><body><p></p>Solution :An <a href="https://interviewquestions.tuteehub.com/tag/indifference-1041534" style="font-weight:bold;" target="_blank" title="Click to know more about INDIFFERENCE">INDIFFERENCE</a> curve is a graph showing combination of two goods that <a href="https://interviewquestions.tuteehub.com/tag/give-468520" style="font-weight:bold;" target="_blank" title="Click to know more about GIVE">GIVE</a> the consumer equal satisfaction and utility. Each point on an indifference curve indicates that a consumer is indifferent between the two and all points give him the same utility.The indifference curves must slope down from left to right. This means that an indifference curve is negatively sloped. It <a href="https://interviewquestions.tuteehub.com/tag/slopes-1212080" style="font-weight:bold;" target="_blank" title="Click to know more about SLOPES">SLOPES</a> downward because as the consumer increases the consumption of <a href="https://interviewquestions.tuteehub.com/tag/x-746616" style="font-weight:bold;" target="_blank" title="Click to know more about X">X</a> commodity, he has to give up certain units of Y commodity in order to maintain the same level of satisfaction.</body></html> | |
| 6619. |
State the relation between marginal revenue and average revenue. |
| 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/relationship-1183331" style="font-weight:bold;" target="_blank" title="Click to know more about RELATIONSHIP">RELATIONSHIP</a> between MR and <a href="https://interviewquestions.tuteehub.com/tag/ar-380980" style="font-weight:bold;" target="_blank" title="Click to know more about AR">AR</a> : (i) When MR is greater than AR then AR increases. (ii) When MR is equal to AR then both the curves coincide with each other and are parallel to x-axis. (<a href="https://interviewquestions.tuteehub.com/tag/iii-497983" style="font-weight:bold;" target="_blank" title="Click to know more about III">III</a>) When MR is less than AR, AR decreases.</body></html> | |
| 6620. |
Follwing are the marks obtained by 8 students in Statistics. Calculate the arithmetic mean. {:("Marks",15,18,16,45,32,40,30,28):} |
| Answer» <html><body><p></p>Solution :`{:("Marks (<a href="https://interviewquestions.tuteehub.com/tag/x-746616" style="font-weight:bold;" target="_blank" title="Click to know more about X">X</a>)"),(""<a href="https://interviewquestions.tuteehub.com/tag/15-274069" style="font-weight:bold;" target="_blank" title="Click to know more about 15">15</a>),(""18),(""16),(""45),(""32),(""40),(""30),(""28),(sumX=224):}` <br/> `barX=(sumX)/N=(X_(1)+X_(<a href="https://interviewquestions.tuteehub.com/tag/2-283658" style="font-weight:bold;" target="_blank" title="Click to know more about 2">2</a>)+...X_(10))/10=224/8=28` <br/> Average marks of the 8 <a href="https://interviewquestions.tuteehub.com/tag/students-1230546" style="font-weight:bold;" target="_blank" title="Click to know more about STUDENTS">STUDENTS</a> = 28.</body></html> | |
| 6621. |
Under monopoly selling costs are incurred for: |
| Answer» <html><body><p><a href="https://interviewquestions.tuteehub.com/tag/persuading-1152382" style="font-weight:bold;" target="_blank" title="Click to know more about PERSUADING">PERSUADING</a> <a href="https://interviewquestions.tuteehub.com/tag/customers-25461" style="font-weight:bold;" target="_blank" title="Click to know more about CUSTOMERS">CUSTOMERS</a> for not <a href="https://interviewquestions.tuteehub.com/tag/buying-906461" style="font-weight:bold;" target="_blank" title="Click to know more about BUYING">BUYING</a> <a href="https://interviewquestions.tuteehub.com/tag/competitor-925703" style="font-weight:bold;" target="_blank" title="Click to know more about COMPETITOR">COMPETITOR</a>'s product<br/>Inforamtion purpose<br/>Promoting <a href="https://interviewquestions.tuteehub.com/tag/sales-25569" style="font-weight:bold;" target="_blank" title="Click to know more about SALES">SALES</a> of the product<br/>None of these</p>Solution :N/a</body></html> | |
| 6622. |
How is price elasticty related to a vertical straight line demand curve ? |
| Answer» <html><body><p></p>Solution :A vertical straight <a href="https://interviewquestions.tuteehub.com/tag/line-1074199" style="font-weight:bold;" target="_blank" title="Click to know more about LINE">LINE</a> 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> is <a href="https://interviewquestions.tuteehub.com/tag/perfectly-7309466" style="font-weight:bold;" target="_blank" title="Click to know more about PERFECTLY">PERFECTLY</a> inelastic `(E_(d))=0)`</body></html> | |
| 6623. |
Can there be some fixed cost curve in the long run ? If not, why ? |
| Answer» <html><body><p></p><a href="https://interviewquestions.tuteehub.com/tag/solution-25781" style="font-weight:bold;" target="_blank" title="Click to know more about SOLUTION">SOLUTION</a> :No, there are no <a href="https://interviewquestions.tuteehub.com/tag/fixed-457597" style="font-weight:bold;" target="_blank" title="Click to know more about FIXED">FIXED</a> cost in the long-run as 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> are <a href="https://interviewquestions.tuteehub.com/tag/variable-1442996" style="font-weight:bold;" target="_blank" title="Click to know more about VARIABLE">VARIABLE</a>. Fixed cost <a href="https://interviewquestions.tuteehub.com/tag/exists-979838" style="font-weight:bold;" target="_blank" title="Click to know more about EXISTS">EXISTS</a> only in the short-run.</body></html> | |
| 6624. |
State the conditions of consumer equilibrium in case of indifference curve approach |
| Answer» <html><body><p><br/></p>Solution :Budget line is tangent to <a href="https://interviewquestions.tuteehub.com/tag/indifference-1041534" style="font-weight:bold;" target="_blank" title="Click to know more about INDIFFERENCE">INDIFFERENCE</a> <a href="https://interviewquestions.tuteehub.com/tag/curve-941741" style="font-weight:bold;" target="_blank" title="Click to know more about CURVE">CURVE</a> (<a href="https://interviewquestions.tuteehub.com/tag/convex-933348" style="font-weight:bold;" target="_blank" title="Click to know more about CONVEX">CONVEX</a> to origin) (if) MRS =<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/ratio-13379" style="font-weight:bold;" target="_blank" title="Click to know more about RATIO">RATIO</a></body></html> | |
| 6625. |
There are 40 students in your school who are cricke players. You are to form a term of 11 players. How would you do it ? Would youresort to random sampling technique ? Give reasons in support of your answer |
| Answer» <html><body><p></p>Solution :We can <a href="https://interviewquestions.tuteehub.com/tag/use-1441041" style="font-weight:bold;" target="_blank" title="Click to know more about USE">USE</a> the random sampling technique if and only if all the <a href="https://interviewquestions.tuteehub.com/tag/students-1230546" style="font-weight:bold;" target="_blank" title="Click to know more about STUDENTS">STUDENTS</a> of the school are equally brilliant in the game of cricket, otherwise, if no such information is available non-random sampling technique can be used. In this <a href="https://interviewquestions.tuteehub.com/tag/regard-1182006" style="font-weight:bold;" target="_blank" title="Click to know more about REGARD">REGARD</a>, any of the non-random sampling, namely, judgement, <a href="https://interviewquestions.tuteehub.com/tag/quota-611693" style="font-weight:bold;" target="_blank" title="Click to know more about QUOTA">QUOTA</a> or convenience sampling technique can be used. For instance, in accordance to the judgement sampling, based on your own opinion and judgement, any 11 students that in your opinion are the <a href="https://interviewquestions.tuteehub.com/tag/best-390038" style="font-weight:bold;" target="_blank" title="Click to know more about BEST">BEST</a>, can be selected out of the total 40 students.</body></html> | |
| 6626. |
With regard to distrust of Statistics which of the following statements is not correct ? |
| Answer» <html><body><p>Statistics is a <a href="https://interviewquestions.tuteehub.com/tag/rainbow-1176696" style="font-weight:bold;" target="_blank" title="Click to know more about RAINBOW">RAINBOW</a> of lies<br/>Statistical are <a href="https://interviewquestions.tuteehub.com/tag/tissues-18036" style="font-weight:bold;" target="_blank" title="Click to know more about TISSUES">TISSUES</a> of falsehood<br/>Statistics <a href="https://interviewquestions.tuteehub.com/tag/express-11918" style="font-weight:bold;" target="_blank" title="Click to know more about EXPRESS">EXPRESS</a> the <a href="https://interviewquestions.tuteehub.com/tag/facts-16997" style="font-weight:bold;" target="_blank" title="Click to know more about FACTS">FACTS</a> in numbers<br/>There are three kinds of lies-lies, demand lies and statistics</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> | |
| 6627. |
Demand for product X is perfectly inelastic. What will be the change in demand if price falls from ₹ 10 per unit to ₹5 per unit ? |
| 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> :There will be no <a href="https://interviewquestions.tuteehub.com/tag/change-913808" style="font-weight:bold;" target="_blank" title="Click to know more about CHANGE">CHANGE</a> in <a href="https://interviewquestions.tuteehub.com/tag/demand-436956" style="font-weight:bold;" target="_blank" title="Click to know more about DEMAND">DEMAND</a> as demand is <a href="https://interviewquestions.tuteehub.com/tag/perfectly-7309466" style="font-weight:bold;" target="_blank" title="Click to know more about PERFECTLY">PERFECTLY</a> <a href="https://interviewquestions.tuteehub.com/tag/inelastic-7382420" style="font-weight:bold;" target="_blank" title="Click to know more about INELASTIC">INELASTIC</a>.</body></html> | |
| 6628. |
In a commodity market excess demand exists when : |
| Answer» <html><body><p><a href="https://interviewquestions.tuteehub.com/tag/market-25464" style="font-weight:bold;" target="_blank" title="Click to know more about MARKET">MARKET</a> price is greater than <a href="https://interviewquestions.tuteehub.com/tag/equilibrium-974342" style="font-weight:bold;" target="_blank" title="Click to know more about EQUILIBRIUM">EQUILIBRIUM</a> price .<br/>Equilibrium price is greater than market price .<br/>Equilibrium price is not equal to market price.<br/>Government fixes the price.</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> | |
| 6629. |
What is 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> :It is a system which provides <a href="https://interviewquestions.tuteehub.com/tag/people-1150079" style="font-weight:bold;" target="_blank" title="Click to know more about PEOPLE">PEOPLE</a> with the <a href="https://interviewquestions.tuteehub.com/tag/means-1091780" style="font-weight:bold;" target="_blank" title="Click to know more about MEANS">MEANS</a> to work and <a href="https://interviewquestions.tuteehub.com/tag/earn-444812" style="font-weight:bold;" target="_blank" title="Click to know more about EARN">EARN</a> a living.</body></html> | |
| 6630. |
After reaching the point of satiety, consumption of additional units of the commodity cause: |
| Answer» <html><body><p><a href="https://interviewquestions.tuteehub.com/tag/tu-1428586" style="font-weight:bold;" target="_blank" title="Click to know more about TU">TU</a> <a href="https://interviewquestions.tuteehub.com/tag/falls-983294" style="font-weight:bold;" target="_blank" title="Click to know more about FALLS">FALLS</a> and <a href="https://interviewquestions.tuteehub.com/tag/mu-566056" style="font-weight:bold;" target="_blank" title="Click to know more about MU">MU</a> increases<br/>Both TU and MU increase<br/>TU falls and MU falls and <a href="https://interviewquestions.tuteehub.com/tag/becomes-1994370" style="font-weight:bold;" target="_blank" title="Click to know more about BECOMES">BECOMES</a> <a href="https://interviewquestions.tuteehub.com/tag/negative-570381" style="font-weight:bold;" target="_blank" title="Click to know more about NEGATIVE">NEGATIVE</a><br/>TU becomes negative and MU falls</p>Answer :C</body></html> | |
| 6631. |
Define quartile. What do the values of first and third quartiles indicate about a series ? |
| Answer» | |
| 6632. |
Marginal revenue and price are always equal under. |
| Answer» <html><body><p><a href="https://interviewquestions.tuteehub.com/tag/perfectly-7309466" style="font-weight:bold;" target="_blank" title="Click to know more about PERFECTLY">PERFECTLY</a> <a href="https://interviewquestions.tuteehub.com/tag/competition-423521" style="font-weight:bold;" target="_blank" title="Click to know more about COMPETITION">COMPETITION</a> only<br/>Monopolistic Competition<br/>Oligopoly<br/>All of these</p>Solution :N/a</body></html> | |
| 6633. |
Microeconomics deals with economic behaviour of: |
| Answer» <html><body><p>(a) Economic System<br/>(b) Economic <a href="https://interviewquestions.tuteehub.com/tag/entities-972724" style="font-weight:bold;" target="_blank" title="Click to know more about ENTITIES">ENTITIES</a> that <a href="https://interviewquestions.tuteehub.com/tag/make-546668" style="font-weight:bold;" target="_blank" title="Click to know more about MAKE">MAKE</a> up the system<br/>(<a href="https://interviewquestions.tuteehub.com/tag/c-7168" style="font-weight:bold;" target="_blank" title="Click to know more about C">C</a>) <a href="https://interviewquestions.tuteehub.com/tag/country-936956" style="font-weight:bold;" target="_blank" title="Click to know more about COUNTRY">COUNTRY</a><br/>(d) Regions of a country </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> :b</body></html> | |
| 6634. |
Calculate mean from the following data: {:("Marks",10-20,10-30,10-40,10-50,10-60,10-70,10-80,10-90),("Number of Students"," "4," "16," "56," "97," "124," "137," "146," "150):} |
| 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 data is in cumulative frequency form. It should <a href="https://interviewquestions.tuteehub.com/tag/first-461760" style="font-weight:bold;" target="_blank" title="Click to know more about FIRST">FIRST</a> be converted into simple frequency. <br/> <img src="https://d10lpgp6xz60nq.cloudfront.net/physics_images/TRJ_ECO_XI_C09_S01_022_S01.png" width="80%"/> <br/> Mean, `barX=A+(sum fd')/(sumf)xxC` <br/> `=45+20/150xx 10` <br/> `=45+1.33=46.33` <br/> <a href="https://interviewquestions.tuteehub.com/tag/thus-2307358" style="font-weight:bold;" target="_blank" title="Click to know more about THUS">THUS</a>, Mean <a href="https://interviewquestions.tuteehub.com/tag/marks-1088184" style="font-weight:bold;" target="_blank" title="Click to know more about MARKS">MARKS</a> = 46.33.</body></html> | |
| 6635. |
which of the following will have elastic demand ? |
| Answer» <html><body><p>Matchbox<br/>NCERT textbooks<br/>Medicines <br/><a href="https://interviewquestions.tuteehub.com/tag/air-852233" style="font-weight:bold;" target="_blank" title="Click to know more about AIR">AIR</a> conditioners.</p>Solution :N/a</body></html> | |
| 6636. |
Commodity 'Y' when its price rises. |
| Answer» <html><body><p><br/></p>Answer :<a href="https://interviewquestions.tuteehub.com/tag/movement-1104563" style="font-weight:bold;" target="_blank" title="Click to know more about MOVEMENT">MOVEMENT</a> from a lower <a href="https://interviewquestions.tuteehub.com/tag/point-1157106" style="font-weight:bold;" target="_blank" title="Click to know more about POINT">POINT</a> to an upper point on same <a href="https://interviewquestions.tuteehub.com/tag/supply-1235254" style="font-weight:bold;" target="_blank" title="Click to know more about SUPPLY">SUPPLY</a> <a href="https://interviewquestions.tuteehub.com/tag/curve-941741" style="font-weight:bold;" target="_blank" title="Click to know more about CURVE">CURVE</a></body></html> | |
| 6637. |
Give the meaning of revenue |
| Answer» <html><body><p></p>Solution :Revenue <a href="https://interviewquestions.tuteehub.com/tag/refers-1181652" style="font-weight:bold;" target="_blank" title="Click to know more about REFERS">REFERS</a> to the amount <a href="https://interviewquestions.tuteehub.com/tag/received-1179289" style="font-weight:bold;" target="_blank" title="Click to know more about RECEIVED">RECEIVED</a> by a firm from the sale of a given quantity of a <a href="https://interviewquestions.tuteehub.com/tag/commodity-923558" style="font-weight:bold;" target="_blank" title="Click to know more about COMMODITY">COMMODITY</a> in the <a href="https://interviewquestions.tuteehub.com/tag/market-25464" style="font-weight:bold;" target="_blank" title="Click to know more about MARKET">MARKET</a>.</body></html> | |
| 6638. |
What is equilibrium point? |
| 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> :Equilibrium point is the point of <a href="https://interviewquestions.tuteehub.com/tag/intersection-1049849" style="font-weight:bold;" target="_blank" title="Click to know more about INTERSECTION">INTERSECTION</a> of the demand curve and <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 a commodity.</body></html> | |
| 6639. |
Define market demand. |
| Answer» <html><body><p></p>Solution :Market demand refers to the <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 a commodity that all the consumers 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> and able to buy, at a particular price 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.</body></html> | |
| 6640. |
What will be the effect of increase in income on demand curve of a normal good? |
| Answer» <html><body><p></p>Solution :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> curve of normal good will <a href="https://interviewquestions.tuteehub.com/tag/shift-1205367" style="font-weight:bold;" target="_blank" title="Click to know more about SHIFT">SHIFT</a> to its <a href="https://interviewquestions.tuteehub.com/tag/right-1188951" style="font-weight:bold;" target="_blank" title="Click to know more about RIGHT">RIGHT</a> <a href="https://interviewquestions.tuteehub.com/tag/due-433472" style="font-weight:bold;" target="_blank" title="Click to know more about DUE">DUE</a> to increase in income</body></html> | |
| 6641. |
Define Total Product, Average Product and Marginal Product. |
| Answer» <html><body><p></p>Solution :Total product is the total <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 output produced by employing a particular <a href="https://interviewquestions.tuteehub.com/tag/level-1072714" style="font-weight:bold;" target="_blank" title="Click to know more about LEVEL">LEVEL</a> of inputs.<br/>Average product is the output per unit of variable <a href="https://interviewquestions.tuteehub.com/tag/input-11237" style="font-weight:bold;" target="_blank" title="Click to know more about INPUT">INPUT</a>.<br/>Marginal product is the addition to total product 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 variable input is <a href="https://interviewquestions.tuteehub.com/tag/employed-2611124" style="font-weight:bold;" target="_blank" title="Click to know more about EMPLOYED">EMPLOYED</a>.</body></html> | |
| 6642. |
Interpret the value of r as 1, -1 and 0. |
| Answer» <html><body><p></p>Solution :When r = 1 , the correlation is perfect <a href="https://interviewquestions.tuteehub.com/tag/positive-1159908" style="font-weight:bold;" target="_blank" title="Click to know more about POSITIVE">POSITIVE</a>. In this case, <a href="https://interviewquestions.tuteehub.com/tag/proportional-1170279" style="font-weight:bold;" target="_blank" title="Click to know more about PROPORTIONAL">PROPORTIONAL</a> change in two variables is <a href="https://interviewquestions.tuteehub.com/tag/linear-1074458" style="font-weight:bold;" target="_blank" title="Click to know more about LINEAR">LINEAR</a> and is in the same <a href="https://interviewquestions.tuteehub.com/tag/direction-1696" style="font-weight:bold;" target="_blank" title="Click to know more about DIRECTION">DIRECTION</a>. <br/> When r = -1 , the correlation is perfect negative. In this case , proportional change in two variables is linear and is in the opposite direction. <br/> When r =0 , the two variables are uncorrelsted. There is no linear relationship between them. However, it does not <a href="https://interviewquestions.tuteehub.com/tag/imply-1037964" style="font-weight:bold;" target="_blank" title="Click to know more about IMPLY">IMPLY</a> that the two variables are independent.</body></html> | |
| 6643. |
The state govt. has sanctioned a certain amount to increase production in rural areas. Which technique of production will you suggest to the state government for this project? |
| 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> :Labour <a href="https://interviewquestions.tuteehub.com/tag/intensive-1047509" style="font-weight:bold;" target="_blank" title="Click to know more about INTENSIVE">INTENSIVE</a> technique will be appopriate. <br/> It will generate employment <a href="https://interviewquestions.tuteehub.com/tag/opportunities-25471" style="font-weight:bold;" target="_blank" title="Click to know more about OPPORTUNITIES">OPPORTUNITIES</a> and will <a href="https://interviewquestions.tuteehub.com/tag/help-1018089" style="font-weight:bold;" target="_blank" title="Click to know more about HELP">HELP</a> in solving the problem of unemployment.</body></html> | |
| 6644. |
Why does the difference between ATCand AVCdecrease with increase in level of output Explain. |
| Answer» <html><body><p></p>Solution :<a href="https://interviewquestions.tuteehub.com/tag/given-473447" style="font-weight:bold;" target="_blank" title="Click to know more about GIVEN">GIVEN</a> thatATC =AFC +<a href="https://interviewquestions.tuteehub.com/tag/avc-364692" style="font-weight:bold;" target="_blank" title="Click to know more about AVC">AVC</a> <br/> `:.ATC -AVC =AFC` <br/> `AFC =(TFC)/("<a href="https://interviewquestions.tuteehub.com/tag/output-1142821" style="font-weight:bold;" target="_blank" title="Click to know more about OUTPUT">OUTPUT</a> ")` <br/> `by definitionTFC is constant. Thereforeas output is increased AFC falls<br/> <a href="https://interviewquestions.tuteehub.com/tag/since-644476" style="font-weight:bold;" target="_blank" title="Click to know more about SINCE">SINCE</a> AFC =ATC -AVC, thedifference between <br/> ATC and AVC fallsas output is increased.</body></html> | |
| 6645. |
The following table shows wages of the workers. Calculate the average wage of the workers.{:("Wages(Rs.)",10-19,20-29,30-39,40-49,50-59),("Number of Workers"," "8," "9," "12," "11," "6):} |
| Answer» <html><body><p><br/></p><a href="https://interviewquestions.tuteehub.com/tag/answer-15557" style="font-weight:bold;" target="_blank" title="Click to know more about ANSWER">ANSWER</a> :<a href="https://interviewquestions.tuteehub.com/tag/average-13416" style="font-weight:bold;" target="_blank" title="Click to know more about AVERAGE">AVERAGE</a> <a href="https://interviewquestions.tuteehub.com/tag/wage-1448526" style="font-weight:bold;" target="_blank" title="Click to know more about WAGE">WAGE</a> of the <a href="https://interviewquestions.tuteehub.com/tag/workers-1459855" style="font-weight:bold;" target="_blank" title="Click to know more about WORKERS">WORKERS</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>. 34.07</body></html> | |
| 6646. |
If r=0.25,sumxy=45,sigma_(y)=3,sumx^(2)=50, where x and y denote deviation from their respective means, find the number of items. |
| Answer» <html><body><p></p>Solution :Given `: r=0.25,sumxy=<a href="https://interviewquestions.tuteehub.com/tag/45-316951" style="font-weight:bold;" target="_blank" title="Click to know more about 45">45</a>, sigma_(y)=3,sumx^(<a href="https://interviewquestions.tuteehub.com/tag/2-283658" style="font-weight:bold;" target="_blank" title="Click to know more about 2">2</a>)=50` <br/> Now, ` sigma_(y)=sqrt((sumy^(2))/(N))` <br/> when `y=Y-bar(Y)` [formula of <a href="https://interviewquestions.tuteehub.com/tag/standard-632909" style="font-weight:bold;" target="_blank" title="Click to know more about STANDARD">STANDARD</a> Deviation ] <br/> `3=sqrt((sumy^(2))/(N))` <br/> Squaring both sides, 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/> `9=(sumy^(2))/(N) <a href="https://interviewquestions.tuteehub.com/tag/implies-1037962" style="font-weight:bold;" target="_blank" title="Click to know more about IMPLIES">IMPLIES</a> sumy^(2)=9N` <br/> Now, `r=(sumxy)/(sqrt(sumx^(2)xxsumy^(2)))` <br/> `implies 0.25=(45)/(sqrt(50xx9N))` <br/> Squaring both sides<br/> `0.0625=((45)^(2))/(50xx9N)` <br/> `0.0625=(2,025)/(50xx9N)` <br/> `implies 0.0625=(2,025)/(450N)` <br/> `implies (0.0625)(450)N)=2,025` <br/> `implies (28.125)N=2,025` <br/> `:.N=(2,025)/(28.125)=72` <br/> Number of Items =72</body></html> | |
| 6647. |
What is the behaviour of Marginal Revenue in a market in which a firm can sell any quantity of the output it produces at a given 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 href="https://interviewquestions.tuteehub.com/tag/marginal-555038" style="font-weight:bold;" target="_blank" title="Click to know more about MARGINAL">MARGINAL</a> Revenue <a href="https://interviewquestions.tuteehub.com/tag/remains-621920" style="font-weight:bold;" target="_blank" title="Click to know more about REMAINS">REMAINS</a> <a href="https://interviewquestions.tuteehub.com/tag/constant-930172" style="font-weight:bold;" target="_blank" title="Click to know more about CONSTANT">CONSTANT</a> at all levels of output.</body></html> | |
| 6648. |
There are train and bus services between New Delhi and Jaipur. Suppose that the train fare between the two cities comes down. How will this affect demand curve for bus travel between the two cities ? |
| Answer» <html><body><p></p>Solution :<a href="https://interviewquestions.tuteehub.com/tag/demand-436956" style="font-weight:bold;" target="_blank" title="Click to know more about DEMAND">DEMAND</a> curve for <a href="https://interviewquestions.tuteehub.com/tag/bus-404097" style="font-weight:bold;" target="_blank" title="Click to know more about BUS">BUS</a> travel will shift <a href="https://interviewquestions.tuteehub.com/tag/towards-7269729" style="font-weight:bold;" target="_blank" title="Click to know more about TOWARDS">TOWARDS</a> <a href="https://interviewquestions.tuteehub.com/tag/left-1070879" style="font-weight:bold;" target="_blank" title="Click to know more about LEFT">LEFT</a>. It happens because price of substitute (train fare) has decreased and it will make the bus travel relatively <a href="https://interviewquestions.tuteehub.com/tag/costly-426705" style="font-weight:bold;" target="_blank" title="Click to know more about COSTLY">COSTLY</a>.</body></html> | |
| 6649. |
Which of the following is correct regarding Statistics ? |
| Answer» <html><body><p><a href="https://interviewquestions.tuteehub.com/tag/aggregate-851607" style="font-weight:bold;" target="_blank" title="Click to know more about AGGREGATE">AGGREGATE</a> of facts<br/>Numerically expressed<br/>Affected by <a href="https://interviewquestions.tuteehub.com/tag/multiplicity-567062" style="font-weight:bold;" target="_blank" title="Click to know more about MULTIPLICITY">MULTIPLICITY</a> of causes<br/>All of these</p>Solution :D</body></html> | |
| 6650. |
What is meant by diminishing returns to a factor ? |
| 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/diminishing-2044202" style="font-weight:bold;" target="_blank" title="Click to know more about DIMINISHING">DIMINISHING</a> 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> refers to a phase when total product increase at a decreasing <a href="https://interviewquestions.tuteehub.com/tag/rate-1177476" style="font-weight:bold;" target="_blank" title="Click to know more about RATE">RATE</a> and marginal product falls, but remains positive, with increase in variable factor.</body></html> | |