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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.
| 7001. |
Multiple bar diagrams are those diagrams which show two or more seta of data simulaneously. (True/False) |
| Answer» <html><body><p><br/></p><a href="https://interviewquestions.tuteehub.com/tag/solution-25781" style="font-weight:bold;" target="_blank" title="Click to know more about SOLUTION">SOLUTION</a> :<a href="https://interviewquestions.tuteehub.com/tag/true-713260" style="font-weight:bold;" target="_blank" title="Click to know more about TRUE">TRUE</a></body></html> | |
| 7002. |
Why does an economic problem arise? Explain the problem of ‘how to produce? |
| Answer» <html><body><p></p>Solution :Central problems of an economy arise due to the following reasons : (a) Limited or Scarce Resources: Resources are scarce in relation to our wants and economy cannot produce all what <a href="https://interviewquestions.tuteehub.com/tag/people-1150079" style="font-weight:bold;" target="_blank" title="Click to know more about PEOPLE">PEOPLE</a> want. It is the principal <a href="https://interviewquestions.tuteehub.com/tag/reason-620214" style="font-weight:bold;" target="_blank" title="Click to know more about REASON">REASON</a> for existence of economic problems in all economies.problem of how to produce-This <a href="https://interviewquestions.tuteehub.com/tag/studies-1230633" style="font-weight:bold;" target="_blank" title="Click to know more about STUDIES">STUDIES</a> how to organise production. It is the second basic economic problem of resource allocation.It is concerned with the choice of technique production. 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>, production of cloth is possible either by handlooms or by <a href="https://interviewquestions.tuteehub.com/tag/modern-1099449" style="font-weight:bold;" target="_blank" title="Click to know more about MODERN">MODERN</a> machines.This problem is concerned with the efficient use of resources which implies more production with low cost.Thus, one needs to decide the efficient technique of production which uses the least amount of scarce resources to provide the same amount of output.</body></html> | |
| 7003. |
What is the difference between histogram and frequency polygon? |
| Answer» | |
| 7004. |
If a household buys more of a commodity due to rise in income, then the given commodity must be an inferior one. |
| Answer» <html><body><p></p><a href="https://interviewquestions.tuteehub.com/tag/solution-25781" style="font-weight:bold;" target="_blank" title="Click to know more about SOLUTION">SOLUTION</a> :The <a href="https://interviewquestions.tuteehub.com/tag/given-473447" style="font-weight:bold;" target="_blank" title="Click to know more about GIVEN">GIVEN</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> will be a <a href="https://interviewquestions.tuteehub.com/tag/normal-1123860" style="font-weight:bold;" target="_blank" title="Click to know more about NORMAL">NORMAL</a> <a href="https://interviewquestions.tuteehub.com/tag/good-1009017" style="font-weight:bold;" target="_blank" title="Click to know more about GOOD">GOOD</a>.</body></html> | |
| 7005. |
Distinguish between perfect competition and monopolistic competition. |
| Answer» <html><body><p></p>Solution :~Perfect Competition: The product is homogeneous, i.e. it is identical in all respects <a href="https://interviewquestions.tuteehub.com/tag/like-1073845" style="font-weight:bold;" target="_blank" title="Click to know more about LIKE">LIKE</a> size, shape, quality, etc.Monopolistic Competition: The product is differentiated on the <a href="https://interviewquestions.tuteehub.com/tag/basis-893664" style="font-weight:bold;" target="_blank" title="Click to know more about BASIS">BASIS</a> of brand, size, color, shape,etc.~Perfect Competition: No selling costs are incurred as buyers and sellers have perfect <a href="https://interviewquestions.tuteehub.com/tag/knowledge-25694" style="font-weight:bold;" target="_blank" title="Click to know more about KNOWLEDGE">KNOWLEDGE</a> about market conditions.Monopolistic Competition: Heavy selling costs are incurred on sales promotion due to lack of perfect knowledge among buyers and sellers.~Perfect Competition: Firm is a price taker as price is determined by the industry.Monopolistic Competition: Firm has partial control over price due to product differentiation.~Perfect Competition: Buyers and sellers have perfect knowledge about market conditions.Monopolistic Competition: Buyers and sellers do not have perfect knowledge due to product differentiation and selling costs incurred by sellers.~Perfect Competition: Demand curve is perfectly <a href="https://interviewquestions.tuteehub.com/tag/elastic-967540" style="font-weight:bold;" target="_blank" title="Click to know more about ELASTIC">ELASTIC</a> as 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> the same at all levels of output.Monopolistic Competition: Demand curve slopes downwards as more output can be sold only at less price.</body></html> | |
| 7006. |
Which of the following is not a characteristic of a price taker firm? |
| Answer» <html><body><p>`TR=PxxQ`<br/>`<a href="https://interviewquestions.tuteehub.com/tag/ar-380980" style="font-weight:bold;" target="_blank" title="Click to know more about AR">AR</a>="<a href="https://interviewquestions.tuteehub.com/tag/price-1165141" style="font-weight:bold;" target="_blank" title="Click to know more about PRICE">PRICE</a>"`<br/><a href="https://interviewquestions.tuteehub.com/tag/negatively-7699946" style="font-weight:bold;" target="_blank" title="Click to know more about NEGATIVELY">NEGATIVELY</a> sloped demand curve<br/>Marginal Revenue=Price </p>Solution :N/a</body></html> | |
| 7007. |
X and Y are complementary goods. The price of Y falls. Explain the chain of effects of this change in the market of X. |
| Answer» <html><body><p></p>Solution :A fall in <a href="https://interviewquestions.tuteehub.com/tag/price-1165141" style="font-weight:bold;" target="_blank" title="Click to know more about PRICE">PRICE</a> of Y lead to an increase in demand of good X. As a result, the demand curve for X 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> <a href="https://interviewquestions.tuteehub.com/tag/rightwards-1189403" style="font-weight:bold;" target="_blank" title="Click to know more about RIGHTWARDS">RIGHTWARDS</a>. The increase in demand leads to competition among buyers causing a <a href="https://interviewquestions.tuteehub.com/tag/push-593580" style="font-weight:bold;" target="_blank" title="Click to know more about PUSH">PUSH</a> in the market price. The increased price leads to an increase in the qunatity suppied and a fall in quantity demanded leading to a new equilibrium where both the price and quantity demanded of X are higher.</body></html> | |
| 7008. |
Explain the effect of 'Maximum Price Celling' on the market of a good. Use diagram |
| Answer» <html><body><p></p>Solution :Maximum Price Ceiling refers to imposition of <a href="https://interviewquestions.tuteehub.com/tag/upper-721698" style="font-weight:bold;" target="_blank" title="Click to know more about UPPER">UPPER</a> limit on the price of a good by the government. For example, in the diagram, OP is Price Ceiling, while equilibrium price is `OP_(1)`. At this price, the <a href="https://interviewquestions.tuteehub.com/tag/producers-17149" style="font-weight:bold;" target="_blank" title="Click to know more about PRODUCERS">PRODUCERS</a> are <a href="https://interviewquestions.tuteehub.com/tag/willing-2335259" style="font-weight:bold;" target="_blank" title="Click to know more about WILLING">WILLING</a> to supply only `PA (Or OQ_(1))`, while consumers demand `PB (Or OQ_(2))`. The effect of the ceiling is that shortage, <a href="https://interviewquestions.tuteehub.com/tag/equal-446400" style="font-weight:bold;" target="_blank" title="Click to know more about EQUAL">EQUAL</a> to `AB (Q_(1)O_(2))`, is created, which may further lead to <a href="https://interviewquestions.tuteehub.com/tag/black-898687" style="font-weight:bold;" target="_blank" title="Click to know more about BLACK">BLACK</a> marketing. <br/> <img src="https://d10lpgp6xz60nq.cloudfront.net/physics_images/SG_MIC_ECO_PW_E01_021_S01.png" width="80%"/></body></html> | |
| 7009. |
What is a price make 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> :A <a href="https://interviewquestions.tuteehub.com/tag/price-1165141" style="font-weight:bold;" target="_blank" title="Click to know more about PRICE">PRICE</a> <a href="https://interviewquestions.tuteehub.com/tag/makers-1085075" style="font-weight:bold;" target="_blank" title="Click to know more about MAKERS">MAKERS</a> firm is a firm which is in a position to determine the <a href="https://interviewquestions.tuteehub.com/tag/market-25464" style="font-weight:bold;" target="_blank" title="Click to know more about MARKET">MARKET</a> price of the product on its own.</body></html> | |
| 7010. |
Define budget set |
| 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 budget set or opportunity set includes all possible <a href="https://interviewquestions.tuteehub.com/tag/consumption-931383" style="font-weight:bold;" target="_blank" title="Click to know more about CONSUMPTION">CONSUMPTION</a> bundles that someone can afford given the <a href="https://interviewquestions.tuteehub.com/tag/prices-1165311" style="font-weight:bold;" target="_blank" title="Click to know more about PRICES">PRICES</a> of goods and the <a href="https://interviewquestions.tuteehub.com/tag/person-25481" style="font-weight:bold;" target="_blank" title="Click to know more about PERSON">PERSON</a>'s income level. The budget set is <a href="https://interviewquestions.tuteehub.com/tag/bounded-2006551" style="font-weight:bold;" target="_blank" title="Click to know more about BOUNDED">BOUNDED</a> above by the budget line.</body></html> | |
| 7011. |
Can there be an economy without central problems? |
| Answer» <html><body><p></p>Solution :No, as in all economics <a href="https://interviewquestions.tuteehub.com/tag/means-1091780" style="font-weight:bold;" target="_blank" title="Click to know more about MEANS">MEANS</a> are scarce in <a href="https://interviewquestions.tuteehub.com/tag/relation-1183220" style="font-weight:bold;" target="_blank" title="Click to know more about RELATION">RELATION</a> to <a href="https://interviewquestions.tuteehub.com/tag/wants-1448762" style="font-weight:bold;" target="_blank" title="Click to know more about WANTS">WANTS</a>.</body></html> | |
| 7012. |
The pricipal component of a table is: |
| Answer» <html><body><p>table <a href="https://interviewquestions.tuteehub.com/tag/number-582134" style="font-weight:bold;" target="_blank" title="Click to know more about NUMBER">NUMBER</a> <br/>title<br/>head note<br/>all of these</p>Solution :D</body></html> | |
| 7013. |
Define derived table. |
| Answer» <html><body><p><br/></p>Solution :A derived table is that in which data are not <a href="https://interviewquestions.tuteehub.com/tag/presented-7264773" style="font-weight:bold;" target="_blank" title="Click to know more about PRESENTED">PRESENTED</a> 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> in which these are collected. <a href="https://interviewquestions.tuteehub.com/tag/instead-516622" style="font-weight:bold;" target="_blank" title="Click to know more about INSTEAD">INSTEAD</a> the data are first <a href="https://interviewquestions.tuteehub.com/tag/converted-2543437" style="font-weight:bold;" target="_blank" title="Click to know more about CONVERTED">CONVERTED</a> into ratios of <a href="https://interviewquestions.tuteehub.com/tag/percentage-13406" style="font-weight:bold;" target="_blank" title="Click to know more about PERCENTAGE">PERCENTAGE</a> and then presented.</body></html> | |
| 7014. |
What does the area under the marginal cost curve show ? |
| Answer» <html><body><p></p>Solution :<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 <a href="https://interviewquestions.tuteehub.com/tag/marginal-555038" style="font-weight:bold;" target="_blank" title="Click to know more about MARGINAL">MARGINAL</a> cost <a href="https://interviewquestions.tuteehub.com/tag/curve-941741" style="font-weight:bold;" target="_blank" title="Click to know more about CURVE">CURVE</a> shows total <a href="https://interviewquestions.tuteehub.com/tag/variable-1442996" style="font-weight:bold;" target="_blank" title="Click to know more about VARIABLE">VARIABLE</a> cost.</body></html> | |
| 7015. |
When MR is negative TR_________. |
| 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/decreses-2568014" style="font-weight:bold;" target="_blank" title="Click to know more about DECRESES">DECRESES</a></body></html> | |
| 7016. |
Find equilibrium for a producer if : |
| Answer» <html><body><p><a href="https://interviewquestions.tuteehub.com/tag/2-283658" style="font-weight:bold;" target="_blank" title="Click to know more about 2">2</a> units<br/>5 units<br/>4 units<br/>3 units</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> | |
| 7017. |
Which of the followingis true with respect to relationship between AC and MC? |
| Answer» <html><body><p>When `<a href="https://interviewquestions.tuteehub.com/tag/mc-1091384" style="font-weight:bold;" target="_blank" title="Click to know more about MC">MC</a> <a href="https://interviewquestions.tuteehub.com/tag/gt-1013864" style="font-weight:bold;" target="_blank" title="Click to know more about GT">GT</a> AC`, AC falls<br/>AC <a href="https://interviewquestions.tuteehub.com/tag/curve-941741" style="font-weight:bold;" target="_blank" title="Click to know more about CURVE">CURVE</a> intesects MC curve at minimum MC<br/>MC curve intersects AC curve at minimum AC<br/>When MC <a href="https://interviewquestions.tuteehub.com/tag/lt-537906" style="font-weight:bold;" target="_blank" title="Click to know more about LT">LT</a> AC, <a href="https://interviewquestions.tuteehub.com/tag/atc-364379" style="font-weight:bold;" target="_blank" title="Click to know more about ATC">ATC</a>` rises</p>Solution :N//A</body></html> | |
| 7018. |
Calculate the marginal opportunity cost (MOC) of commodity X for the given combinatons: {:("Commodity X",0,1,2,3,4,5),("Commodity Y",100,95,85,70,50,25):} |
| Answer» <html><body><p><br/></p>Answer :(MOC;-; <a href="https://interviewquestions.tuteehub.com/tag/5-319454" style="font-weight:bold;" target="_blank" title="Click to know more about 5">5</a>;10;<a href="https://interviewquestions.tuteehub.com/tag/15-274069" style="font-weight:bold;" target="_blank" title="Click to know more about 15">15</a>;<a href="https://interviewquestions.tuteehub.com/tag/20-287209" style="font-weight:bold;" target="_blank" title="Click to know more about 20">20</a>;<a href="https://interviewquestions.tuteehub.com/tag/25-296426" style="font-weight:bold;" target="_blank" title="Click to know more about 25">25</a>)</body></html> | |
| 7019. |
What is efficient technique of production ? |
| Answer» <html><body><p></p>Solution :<a href="https://interviewquestions.tuteehub.com/tag/efficient-966565" style="font-weight:bold;" target="_blank" title="Click to know more about EFFICIENT">EFFICIENT</a> <a href="https://interviewquestions.tuteehub.com/tag/technique-1240417" style="font-weight:bold;" target="_blank" title="Click to know more about TECHNIQUE">TECHNIQUE</a> is the one which produces maximum at <a href="https://interviewquestions.tuteehub.com/tag/minimum-561095" style="font-weight:bold;" target="_blank" title="Click to know more about MINIMUM">MINIMUM</a> <a href="https://interviewquestions.tuteehub.com/tag/cost-25707" style="font-weight:bold;" target="_blank" title="Click to know more about COST">COST</a>.</body></html> | |
| 7020. |
Discuss the effect of: (i) Clean India Mission, or (ii) Outflow of Foregn Capital, or (iii) Make in India, or (iv) Edcution for All campagin or any other activity on Production Possibility Frontier. |
| Answer» | |
| 7021. |
Give the relationship between AVC and MC. |
| Answer» <html><body><p></p>Solution :(i) When MC <a href="https://interviewquestions.tuteehub.com/tag/lt-537906" style="font-weight:bold;" target="_blank" title="Click to know more about LT">LT</a> AVC, AVC <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/> (ii) When MC = AVC, AVC is at its minimum point. <br/> (<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 MC gt AVC, AVC rises. <br/> (iv) MC increases at a faster rate as <a href="https://interviewquestions.tuteehub.com/tag/compared-7256615" style="font-weight:bold;" target="_blank" title="Click to know more about COMPARED">COMPARED</a> to AVC.</body></html> | |
| 7022. |
So long as Average product is increasing: |
| Answer» <html><body><p><a href="https://interviewquestions.tuteehub.com/tag/marginal-555038" style="font-weight:bold;" target="_blank" title="Click to know more about MARGINAL">MARGINAL</a> <a href="https://interviewquestions.tuteehub.com/tag/product-25523" style="font-weight:bold;" target="_blank" title="Click to know more about PRODUCT">PRODUCT</a> is falling<br/>Marginal product is rising<br/>Marginal product is greater than average product<br/>Marginal product is <a href="https://interviewquestions.tuteehub.com/tag/smaller-1213327" style="font-weight:bold;" target="_blank" title="Click to know more about SMALLER">SMALLER</a> than average product</p>Answer :<a href="https://interviewquestions.tuteehub.com/tag/c-7168" style="font-weight:bold;" target="_blank" title="Click to know more about C">C</a></body></html> | |
| 7023. |
In thefollowing frequency distribution, the frequency of the class interval (40-50) is not known. Find it, if the arithmetic mean of the distribution is 52. {:("Wages(Rs.)",10-20,20-30,30-40,40-50,50-60,60-70,70-80),("Number of Workes"," "5," "3," "4," "?," "2," "6," "13):} |
| Answer» <html><body><p></p>Solution :<img src="https://d10lpgp6xz60nq.cloudfront.net/physics_images/TRJ_ECO_XI_C09_S01_017_S01.png" width="80%"/> <br/> `<a href="https://interviewquestions.tuteehub.com/tag/barx-2461082" style="font-weight:bold;" target="_blank" title="Click to know more about BARX">BARX</a>=(sumfm)/(sumf)` <br/> `<a href="https://interviewquestions.tuteehub.com/tag/52-324553" style="font-weight:bold;" target="_blank" title="Click to know more about 52">52</a>=(1,765+45f)/(33+f)` <br/> `Or, 52(33+f)=1,765+34f` <br/> `1,716+52f=1,765+45f` <br/> `52f-45f=1,765-1,716` <br/> `rArr""7f=49` <br/> `rArr""f=7` <br/> <a href="https://interviewquestions.tuteehub.com/tag/missing-1098377" style="font-weight:bold;" target="_blank" title="Click to know more about MISSING">MISSING</a> <a href="https://interviewquestions.tuteehub.com/tag/frequency-465761" style="font-weight:bold;" target="_blank" title="Click to know more about FREQUENCY">FREQUENCY</a> =7.</body></html> | |
| 7024. |
Define Production Possibilities Curve. Explain why it is downward sloping from left to right. |
| Answer» <html><body><p></p>Solution :PPC is the curve which shows the combinations of 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> and services that can be <a href="https://interviewquestions.tuteehub.com/tag/produced-592947" style="font-weight:bold;" target="_blank" title="Click to know more about PRODUCED">PRODUCED</a> with fuller the utilisation 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> amount of resources in the most efficient way and with a given production technology.PPC curve is downward sloping from <a href="https://interviewquestions.tuteehub.com/tag/left-1070879" style="font-weight:bold;" target="_blank" title="Click to know more about LEFT">LEFT</a> to right. This is because the production of every additional unit of one <a href="https://interviewquestions.tuteehub.com/tag/good-1009017" style="font-weight:bold;" target="_blank" title="Click to know more about GOOD">GOOD</a>, more and more units of other goods has to be sacrificed.</body></html> | |
| 7025. |
Suppose the demand and supply curves of a Commodity-X is given by the following two equations simultaneously : Qd = 200-P""Qs=50+2P (i) Find the equilibrium price and equilibrium quantity. (ii) Suppose that the price of a factor of production producing the commodity has changed, resulting in the new supply curve given by the equation : Qs'=80+2P. Analyse the new equilibrium quantity as against the original equilibrium price and equilibrium quantity. |
| Answer» <html><body><p></p>Solution :Equilibrium price and equilibrium quantity are determined at a <a href="https://interviewquestions.tuteehub.com/tag/point-1157106" style="font-weight:bold;" target="_blank" title="Click to know more about POINT">POINT</a> where quantity demanded is equal to quantity supplied <br/> `Qd=200-P"(given)and"Qs=50+<a href="https://interviewquestions.tuteehub.com/tag/2p-300467" style="font-weight:bold;" target="_blank" title="Click to know more about 2P">2P</a>"(given)"` <br/> At equilibrium : Qd = Qs<br/> Hence `200-P=50+2P"or"3P=150""P=50` <br/> `therefore` Equilibrium price = 50 and equilibrium quantity `= 200 - 50 "or"50+(2xx50)` <br/> `=150"unitsor"=150 "units"`. <br/> (<a href="https://interviewquestions.tuteehub.com/tag/ii-1036832" style="font-weight:bold;" target="_blank" title="Click to know more about II">II</a>) If the price of factor of production has changed and <a href="https://interviewquestions.tuteehub.com/tag/new-1114486" style="font-weight:bold;" target="_blank" title="Click to know more about NEW">NEW</a> supply curve is 80 + 2P then at equilibrium : Qd = Qs <br/> `200-P=80+2P"or"3P=120""P=40` <br/> `therefore` Equilibrium price = 40 and equilibrium quantity =`200-40"or"80+2(40)` <br/> =<a href="https://interviewquestions.tuteehub.com/tag/160-277205" style="font-weight:bold;" target="_blank" title="Click to know more about 160">160</a> unitsor=160 units. <br/> Thus as the equilibrium price falls from Rs.50 toRS.40, equilibrium quantity rises from 150 units to 160 units.</body></html> | |
| 7026. |
Arithmetic line-graphs are also known as: |
| Answer» <html><body><p><a href="https://interviewquestions.tuteehub.com/tag/linear-1074458" style="font-weight:bold;" target="_blank" title="Click to know more about LINEAR">LINEAR</a> graphs<br/>non-linear graphs<br/>time <a href="https://interviewquestions.tuteehub.com/tag/series-1201802" style="font-weight:bold;" target="_blank" title="Click to know more about SERIES">SERIES</a> graphs<br/>none 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> | |
| 7027. |
Which of the following can be referred to as 'point of satiety? |
| Answer» <html><body><p><a href="https://interviewquestions.tuteehub.com/tag/marginal-555038" style="font-weight:bold;" target="_blank" title="Click to know more about MARGINAL">MARGINAL</a> <a href="https://interviewquestions.tuteehub.com/tag/utility-1441817" style="font-weight:bold;" target="_blank" title="Click to know more about UTILITY">UTILITY</a> is <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/>Total Utility is rising<br/>Marginal Ulitlity is <a href="https://interviewquestions.tuteehub.com/tag/zero-751093" style="font-weight:bold;" target="_blank" title="Click to know more about ZERO">ZERO</a> <br/>Total Utility is falling</p>Answer :<a href="https://interviewquestions.tuteehub.com/tag/c-7168" style="font-weight:bold;" target="_blank" title="Click to know more about C">C</a></body></html> | |
| 7028. |
Inspection method to find out mode is possible only when there is _________ in the seres. |
| Answer» <html><body><p><br/></p>Solution :Inspection method to <a href="https://interviewquestions.tuteehub.com/tag/find-11616" style="font-weight:bold;" target="_blank" title="Click to know more about FIND">FIND</a> out <a href="https://interviewquestions.tuteehub.com/tag/mode-1099190" style="font-weight:bold;" target="_blank" title="Click to know more about MODE">MODE</a> is possible only when there is _homogeneity________ in the <a href="https://interviewquestions.tuteehub.com/tag/series-1201802" style="font-weight:bold;" target="_blank" title="Click to know more about SERIES">SERIES</a>.</body></html> | |
| 7029. |
Define economics. |
| Answer» <html><body><p></p>Solution :<a href="https://interviewquestions.tuteehub.com/tag/economics-260" style="font-weight:bold;" target="_blank" title="Click to know more about ECONOMICS">ECONOMICS</a> is the <a href="https://interviewquestions.tuteehub.com/tag/study-1230645" style="font-weight:bold;" target="_blank" title="Click to know more about STUDY">STUDY</a> of economy issues (or economic problems) arising out of the <a href="https://interviewquestions.tuteehub.com/tag/fact-982736" style="font-weight:bold;" target="_blank" title="Click to know more about FACT">FACT</a> that resources are scare in relation to our needs/desires and the <a href="https://interviewquestions.tuteehub.com/tag/scarce-629762" style="font-weight:bold;" target="_blank" title="Click to know more about SCARCE">SCARCE</a> resources have <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> | |
| 7030. |
Discuss the subject matter of economics. |
| 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 subject-metter of <a href="https://interviewquestions.tuteehub.com/tag/economics-260" style="font-weight:bold;" target="_blank" title="Click to know more about ECONOMICS">ECONOMICS</a> is <a href="https://interviewquestions.tuteehub.com/tag/microeconomics-560080" style="font-weight:bold;" target="_blank" title="Click to know more about MICROECONOMICS">MICROECONOMICS</a> and <a href="https://interviewquestions.tuteehub.com/tag/macroeconomics-1082534" style="font-weight:bold;" target="_blank" title="Click to know more about MACROECONOMICS">MACROECONOMICS</a>.</body></html> | |
| 7031. |
What is meant by the problem of allocation of resources? |
| Answer» <html><body><p></p><a href="https://interviewquestions.tuteehub.com/tag/solution-25781" style="font-weight:bold;" target="_blank" title="Click to know more about SOLUTION">SOLUTION</a> :The problem of allocation of <a href="https://interviewquestions.tuteehub.com/tag/resources-11387" style="font-weight:bold;" target="_blank" title="Click to know more about RESOURCES">RESOURCES</a> arises due to the <a href="https://interviewquestions.tuteehub.com/tag/scarcity-1195678" style="font-weight:bold;" target="_blank" title="Click to know more about SCARCITY">SCARCITY</a> of resources, and refers to the question of which wants should be <a href="https://interviewquestions.tuteehub.com/tag/satisfied-636887" style="font-weight:bold;" target="_blank" title="Click to know more about SATISFIED">SATISFIED</a> and which should be left unsatisfied. In other words, what to produce and how much to produce.</body></html> | |
| 7032. |
Through the minimum wage legislation the government protects the interest of ________ |
| 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> | |
| 7033. |
Explain the changes that take place in total product and marginal product under increasing/diminishingreturns to a factor. |
| Answer» <html><body><p></p>Solution :The <a href="https://interviewquestions.tuteehub.com/tag/law-184" style="font-weight:bold;" target="_blank" title="Click to know more about LAW">LAW</a> of diminishing returns to a factor states that Marginal Product of a factor initially rises with its employment level, but after a certain level of employment it starts falling and ultimately becomes negative.<br/>The total product initially increases at an <a href="https://interviewquestions.tuteehub.com/tag/increasing-1040633" style="font-weight:bold;" target="_blank" title="Click to know more about INCREASING">INCREASING</a> rate, then increases but at a diminishing rate and ultimately starts falling as more and more <a href="https://interviewquestions.tuteehub.com/tag/units-1438468" style="font-weight:bold;" target="_blank" title="Click to know more about UNITS">UNITS</a> of a variable factor are employed.</body></html> | |
| 7034. |
Which of the following factor(s) are considered when comparision between sampling and census method is made ? |
| Answer» <html><body><p><a href="https://interviewquestions.tuteehub.com/tag/area-13372" style="font-weight:bold;" target="_blank" title="Click to know more about AREA">AREA</a> of <a href="https://interviewquestions.tuteehub.com/tag/survey-1235993" style="font-weight:bold;" target="_blank" title="Click to know more about SURVEY">SURVEY</a> <br/><a href="https://interviewquestions.tuteehub.com/tag/accuracy-847217" style="font-weight:bold;" target="_blank" title="Click to know more about ACCURACY">ACCURACY</a> of data<br/>Cost of collection<br/>All of these</p>Solution :D</body></html> | |
| 7035. |
The demand for a commodity always increases with increase in the price of other goods. |
| Answer» <html><body><p></p>Solution :The demand for commodity will increases with <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 other <a href="https://interviewquestions.tuteehub.com/tag/goods-1009877" style="font-weight:bold;" target="_blank" title="Click to know more about GOODS">GOODS</a>, only when such other goods are <a href="https://interviewquestions.tuteehub.com/tag/substitute-1231629" style="font-weight:bold;" target="_blank" title="Click to know more about SUBSTITUTE">SUBSTITUTE</a> goods. However, demand for the commodity will <a href="https://interviewquestions.tuteehub.com/tag/fall-983217" style="font-weight:bold;" target="_blank" title="Click to know more about FALL">FALL</a> with increase in the price of other goods, if such other goods are complementary goods.</body></html> | |
| 7036. |
Why does government adopt rationing technique ? |
| Answer» <html><body><p><br/></p>Solution :Price <a href="https://interviewquestions.tuteehub.com/tag/ceiling-911116" style="font-weight:bold;" target="_blank" title="Click to know more about CEILING">CEILING</a> refers to fixing price below the equilibrium price (as equilibrium price is presumed to be too high). When government intervenes and lowers the price , the quantity demanded exceeds the quantity supplied. This means everyone's demand at this price, cannot be satisfied. Though the intention of the government was to protect the consumer but it would end up creating shortage or the <a href="https://interviewquestions.tuteehub.com/tag/consumers-14615" style="font-weight:bold;" target="_blank" title="Click to know more about CONSUMERS">CONSUMERS</a>. So, there has to be rationing- an <a href="https://interviewquestions.tuteehub.com/tag/upper-721698" style="font-weight:bold;" target="_blank" title="Click to know more about UPPER">UPPER</a> limit on the amount which can be purchased within a given time period. The stipulated amount of good is sold through the fair price shops. This also explains why one cannot buy a <a href="https://interviewquestions.tuteehub.com/tag/large-1066424" style="font-weight:bold;" target="_blank" title="Click to know more about LARGE">LARGE</a> quantity at a time from a fair price or ration shop.</body></html> | |
| 7037. |
An increase in excise tax leads to faill in supply of the given commodity, without any change in its market 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> :True: It happens becauseincrease in excise tax <a href="https://interviewquestions.tuteehub.com/tag/increases-1040626" style="font-weight:bold;" target="_blank" title="Click to know more about INCREASES">INCREASES</a> thecostof production and <a href="https://interviewquestions.tuteehub.com/tag/reduces-621012" style="font-weight:bold;" target="_blank" title="Click to know more about REDUCES">REDUCES</a> the profit <a href="https://interviewquestions.tuteehub.com/tag/margin-546769" style="font-weight:bold;" target="_blank" title="Click to know more about MARGIN">MARGIN</a> of that particular commodity. It leads to the fall in supply even at the same market price.</body></html> | |
| 7038. |
Define Price Ceiling. What is the common purpose for the price ceiling imposed by the government? Explain any one likely consequence of this nature of intervention by the government in the price determination process. |
| Answer» <html><body><p></p>Solution :Price ceiling refers to fixing the maximum price of a <a href="https://interviewquestions.tuteehub.com/tag/commodity-923558" style="font-weight:bold;" target="_blank" title="Click to know more about COMMODITY">COMMODITY</a> that is lower than the equilibrium price.<br/>It is generally imposed on essential <a href="https://interviewquestions.tuteehub.com/tag/items-1052972" style="font-weight:bold;" target="_blank" title="Click to know more about ITEMS">ITEMS</a> and necessities.<br/>As a result of price ceiling, the market price falls below the equilibrium price leading to excess demand. This often leads to "black marketing" where the <a href="https://interviewquestions.tuteehub.com/tag/goods-1009877" style="font-weight:bold;" target="_blank" title="Click to know more about GOODS">GOODS</a> are <a href="https://interviewquestions.tuteehub.com/tag/sold-631881" style="font-weight:bold;" target="_blank" title="Click to know more about SOLD">SOLD</a> at a higher price than the price set by the government.</body></html> | |
| 7039. |
What is the nature of government inervention which leads to excess supply ? |
| Answer» <html><body><p><br/></p>Solution :The <a href="https://interviewquestions.tuteehub.com/tag/nature-1112013" style="font-weight:bold;" target="_blank" title="Click to know more about NATURE">NATURE</a> of government intervention which leads to excess supply is <a href="https://interviewquestions.tuteehub.com/tag/called-907796" style="font-weight:bold;" target="_blank" title="Click to know more about CALLED">CALLED</a> price floor. In which, the government intervenes in the market if it feels that the price is too low for the producers 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> their produce. Government fixes the minimum price which is greater than the equilibrium price on which the producers can sell their <a href="https://interviewquestions.tuteehub.com/tag/goods-1009877" style="font-weight:bold;" target="_blank" title="Click to know more about GOODS">GOODS</a> and services. Since, this price is higher than the equilibrium price it creates excess supply on that very level.</body></html> | |
| 7040. |
Calculate (a) Implicit cost (b) Explicit cost and (c ) Econimic cost from the following: {:(,"Paticulars","(Rs. in Lakh)"),((i),"Payment of salaries",5000),((ii),"Expenditure of raw material",2000),((iii),"Rent of owner occupied building",1000),((iv),"Donations to charitable trust",500),((v),"Estimated value of salary of owner who worked as manager",200),((vi),"Minimum profit (expected)",400),((vii),"Super Normal profit (estimated)",700):} |
| Answer» <html><body><p><br/></p>Solution :(a) <a href="https://interviewquestions.tuteehub.com/tag/explicit-455193" style="font-weight:bold;" target="_blank" title="Click to know more about EXPLICIT">EXPLICIT</a> <a href="https://interviewquestions.tuteehub.com/tag/cost-25707" style="font-weight:bold;" target="_blank" title="Click to know more about COST">COST</a>: (i)+(<a href="https://interviewquestions.tuteehub.com/tag/ii-1036832" style="font-weight:bold;" target="_blank" title="Click to know more about II">II</a>)=5000+2000=7000 <br/> (b) <a href="https://interviewquestions.tuteehub.com/tag/implicit-504822" style="font-weight:bold;" target="_blank" title="Click to know more about IMPLICIT">IMPLICIT</a> cost: (<a href="https://interviewquestions.tuteehub.com/tag/iii-497983" style="font-weight:bold;" target="_blank" title="Click to know more about III">III</a>)+(v)+(vi)=1000+200+400=1600 <br/> (c ) Economic cost: (a) + (b)=7000+1600=86000</body></html> | |
| 7041. |
How are the total revenue of a firm, market price, and the quantity sold by the firm related to each other ? |
| Answer» <html><body><p></p>Solution :<a href="https://interviewquestions.tuteehub.com/tag/total-711110" style="font-weight:bold;" target="_blank" title="Click to know more about TOTAL">TOTAL</a> <a href="https://interviewquestions.tuteehub.com/tag/revenue-1188040" style="font-weight:bold;" target="_blank" title="Click to know more about REVENUE">REVENUE</a> = Price x Quantity.</body></html> | |
| 7042. |
If MU_(y) = 20, MU_(x) = 60, Price of Y = Rs 4, then what will be the price of X at Equilibrium |
| Answer» <html><body><p>`Rs 14`<br/>`Rs <a href="https://interviewquestions.tuteehub.com/tag/3-301577" style="font-weight:bold;" target="_blank" title="Click to know more about 3">3</a>`<br/>`Rs <a href="https://interviewquestions.tuteehub.com/tag/12-269062" style="font-weight:bold;" target="_blank" title="Click to know more about 12">12</a>`<br/>`Rs 4`</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> :C</body></html> | |
| 7043. |
Arithmetic mean makes comparison __________ .(easy/difficult) |
| 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/easy-444822" style="font-weight:bold;" target="_blank" title="Click to know more about EASY">EASY</a></body></html> | |
| 7044. |
There are three different supply curves passing through the origin. Curve A makes an angle of 60^(@) Curve B makes an angle of 45^(@) and curve C makes an angle of 30°. What will be the price elasticily of curves A, B and C? |
| Answer» <html><body><p></p>Solution : All the <a href="https://interviewquestions.tuteehub.com/tag/three-708969" style="font-weight:bold;" target="_blank" title="Click to know more about THREE">THREE</a> curves: A, B 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> will have unitary elastic <a href="https://interviewquestions.tuteehub.com/tag/supply-1235254" style="font-weight:bold;" target="_blank" title="Click to know more about SUPPLY">SUPPLY</a> as they all are <a href="https://interviewquestions.tuteehub.com/tag/passing-1148520" style="font-weight:bold;" target="_blank" title="Click to know more about PASSING">PASSING</a> through the origin.</body></html> | |
| 7045. |
Explain the percentage method to measure price elasticity of demand with the help of an example. |
| Answer» | |
| 7046. |
Demand curve of a firm is perfectly elastic under : |
| Answer» <html><body><p><a href="https://interviewquestions.tuteehub.com/tag/perfect-1150611" style="font-weight:bold;" target="_blank" title="Click to know more about PERFECT">PERFECT</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> <br/>Monopoly<br/>Monopolistic competition<br/>Oligopoly</p>Answer :A</body></html> | |
| 7047. |
Classification of data on the basis of time period is called: |
| Answer» <html><body><p><a href="https://interviewquestions.tuteehub.com/tag/geographical-1005363" style="font-weight:bold;" target="_blank" title="Click to know more about GEOGRAPHICAL">GEOGRAPHICAL</a> classification<br/>chronological classification<br/>qualitative classification<br/>quantitative classification</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> | |
| 7048. |
Explain why a Production Possibility Curve is: (i) Concave Shaped, (ii) Downward sloping |
| Answer» | |
| 7049. |
Explain the implications of following features: (i) 'Freedom of entry and exit of firms' under Perfect competition. (ii) 'Large number of buyers and sellers' under Perfect Competition. (iii) 'Homogeneous Product' under Perfect Competition (iv) 'Perfect Knowledge among Buyers and Seller's under Perfect competition. (v) 'Differentiated product' feature of Monopolistic competition |
| Answer» | |
| 7050. |
(a) What is the effect of technological advancement on supply curve? (b) How can a developing country prepare itself to achieve economic progress ? |
| Answer» <html><body><p></p>Solution :(b) Production and supply should be increased to achieve economic progress. In <a href="https://interviewquestions.tuteehub.com/tag/economically-448598" style="font-weight:bold;" target="_blank" title="Click to know more about ECONOMICALLY">ECONOMICALLY</a> backward countries, there is <a href="https://interviewquestions.tuteehub.com/tag/shortage-1206161" style="font-weight:bold;" target="_blank" title="Click to know more about SHORTAGE">SHORTAGE</a> of resources, so effeorts should be made to <a href="https://interviewquestions.tuteehub.com/tag/use-1441041" style="font-weight:bold;" target="_blank" title="Click to know more about USE">USE</a> available resources <a href="https://interviewquestions.tuteehub.com/tag/optimally-7702695" style="font-weight:bold;" target="_blank" title="Click to know more about OPTIMALLY">OPTIMALLY</a> and avoid their wastage 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>.</body></html> | |