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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.
| 7151. |
Mean deviation can be calculation by using: |
| Answer» <html><body><p>mean<br/>mode<br/>median<br/>all of these </p><a href="https://interviewquestions.tuteehub.com/tag/solution-25781" style="font-weight:bold;" target="_blank" title="Click to know more about SOLUTION">SOLUTION</a> :D</body></html> | |
| 7152. |
List the different ways in which oligopoly firms may behave. |
| Answer» <html><body><p></p>Solution :<a href="https://interviewquestions.tuteehub.com/tag/oligopoly-585440" style="font-weight:bold;" target="_blank" title="Click to know more about OLIGOPOLY">OLIGOPOLY</a> <a href="https://interviewquestions.tuteehub.com/tag/firm-989667" style="font-weight:bold;" target="_blank" title="Click to know more about FIRM">FIRM</a> <a href="https://interviewquestions.tuteehub.com/tag/may-557248" style="font-weight:bold;" target="_blank" title="Click to know more about MAY">MAY</a> be ,(i) <a href="https://interviewquestions.tuteehub.com/tag/collusive-7670427" style="font-weight:bold;" target="_blank" title="Click to know more about COLLUSIVE">COLLUSIVE</a>(<a href="https://interviewquestions.tuteehub.com/tag/ii-1036832" style="font-weight:bold;" target="_blank" title="Click to know more about II">II</a>) Non-collusive</body></html> | |
| 7153. |
"Marginal Product cuts the Average Product from its top". Do you agree with the given statement? |
| Answer» <html><body><p></p>Solution :<a href="https://interviewquestions.tuteehub.com/tag/yes-749457" style="font-weight:bold;" target="_blank" title="Click to know more about YES">YES</a>, I agree with 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> statement. It happens because when Average Product (AP) rises, Marginal Product (MP) is more than AP. When AP <a href="https://interviewquestions.tuteehub.com/tag/falls-983294" style="font-weight:bold;" target="_blank" title="Click to know more about FALLS">FALLS</a>, MP is less than AP. So, MP <a href="https://interviewquestions.tuteehub.com/tag/cuts-942304" style="font-weight:bold;" target="_blank" title="Click to know more about CUTS">CUTS</a> AP from its top.</body></html> | |
| 7154. |
Explainthe relationbetween marginal cost and average cost. |
| Answer» <html><body><p></p>Solution :Average cost is obtained by dividing <a href="https://interviewquestions.tuteehub.com/tag/total-711110" style="font-weight:bold;" target="_blank" title="Click to know more about TOTAL">TOTAL</a> cost by the number of units <a href="https://interviewquestions.tuteehub.com/tag/produced-592947" style="font-weight:bold;" target="_blank" title="Click to know more about PRODUCED">PRODUCED</a>. Marginal cost is the cost of producing one additional unit of output. The total cost, in this reference, is the <a href="https://interviewquestions.tuteehub.com/tag/sum-1234400" style="font-weight:bold;" target="_blank" title="Click to know more about SUM">SUM</a> total of the total <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 plus total variable cost at 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> level of output.</body></html> | |
| 7155. |
What is meant by a histogram? |
| 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 <a href="https://interviewquestions.tuteehub.com/tag/histogram-1027827" style="font-weight:bold;" target="_blank" title="Click to know more about HISTOGRAM">HISTOGRAM</a> is a <a href="https://interviewquestions.tuteehub.com/tag/graphical-7683818" style="font-weight:bold;" target="_blank" title="Click to know more about GRAPHICAL">GRAPHICAL</a> <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 a frequency distribution of a <a href="https://interviewquestions.tuteehub.com/tag/continuous-932035" style="font-weight:bold;" target="_blank" title="Click to know more about CONTINUOUS">CONTINUOUS</a> series.</body></html> | |
| 7156. |
Expansion and contraction in demand are caused by : |
| Answer» <html><body><p><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 price of the given good<br/>Change in income<br/>Change in <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 <a href="https://interviewquestions.tuteehub.com/tag/relatedbrbr-2983848" style="font-weight:bold;" target="_blank" title="Click to know more about RELATED">RELATED</a> goods<br/>Change in <a href="https://interviewquestions.tuteehub.com/tag/population-1159440" style="font-weight:bold;" target="_blank" title="Click to know more about POPULATION">POPULATION</a> </p>Answer :A</body></html> | |
| 7157. |
What is the nature of government inervention which leads to excess demand ? |
| Answer» <html><body><p><br/></p>Solution :The nature of government <a href="https://interviewquestions.tuteehub.com/tag/intervention-1049983" style="font-weight:bold;" target="_blank" title="Click to know more about INTERVENTION">INTERVENTION</a> which leads to excess demand is called price ceiling. In which, the government <a href="https://interviewquestions.tuteehub.com/tag/intervenes-518682" style="font-weight:bold;" target="_blank" title="Click to know more about INTERVENES">INTERVENES</a> in the market if it feels that the price is too <a href="https://interviewquestions.tuteehub.com/tag/high-479925" style="font-weight:bold;" target="_blank" title="Click to know more about HIGH">HIGH</a> for the consumers. Government fixes the maximum price which is less than the equilibrium price on which the producers are allowed to sell their goods and services. Since, this price is less than the equilibrium price it creates excess demand on that very level.</body></html> | |
| 7158. |
State the problems relating to 'allocation of resources' in 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> :The three problems of <a href="https://interviewquestions.tuteehub.com/tag/allocation-373131" style="font-weight:bold;" target="_blank" title="Click to know more about ALLOCATION">ALLOCATION</a> 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> are: <br/> 1. What <a href="https://interviewquestions.tuteehub.com/tag/goods-1009877" style="font-weight:bold;" target="_blank" title="Click to know more about GOODS">GOODS</a> to produce and in what quantities? <br/> 2. How, i.e. by which technology, to produce? <br/> 3. For whom to produce?</body></html> | |
| 7159. |
Explain the conditions of producer's equilibrium under perfect completition. |
| 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> :According to `MR - MC` <a href="https://interviewquestions.tuteehub.com/tag/approach-882321" style="font-weight:bold;" target="_blank" title="Click to know more about APPROACH">APPROACH</a>, producer's equilibrium refers to stage of that output level at which : <br/> 1. `MC = MR`, As <a href="https://interviewquestions.tuteehub.com/tag/long-537592" style="font-weight:bold;" target="_blank" title="Click to know more about LONG">LONG</a> as MC is less than `MR`, it is profitable for the producer to go on producing more because it adds to its <a href="https://interviewquestions.tuteehub.com/tag/profits-1168748" style="font-weight:bold;" target="_blank" title="Click to know more about PROFITS">PROFITS</a>. He stops producing more only when MC becomes equal to MR. <br/> 2. MC is greater than MR ater `MC = MR` output level: When MC is greater than MR after equilibrium it means producing more will lead to decline in profits.</body></html> | |
| 7160. |
Which Indifference Curve represents the highest level of satisfaction ? |
| Answer» <html><body><p>`IC_(<a href="https://interviewquestions.tuteehub.com/tag/1-256655" style="font-weight:bold;" target="_blank" title="Click to know more about 1">1</a>)`<br/>`IC_(2)`<br/>`IC_(3)`<br/><a href="https://interviewquestions.tuteehub.com/tag/none-580659" style="font-weight:bold;" target="_blank" title="Click to know more about NONE">NONE</a> of these</p>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> | |
| 7161. |
Spot the inferior good: |
| Answer» <html><body><p>Wheat<br/>Bajra<br/>Rice <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>Answer :D</body></html> | |
| 7162. |
What is law of diminishing marginal product ? |
| Answer» <html><body><p></p>Solution :It states that initially as inputs are employed <a href="https://interviewquestions.tuteehub.com/tag/mp-565167" style="font-weight:bold;" target="_blank" title="Click to know more about MP">MP</a> <a href="https://interviewquestions.tuteehub.com/tag/increases-1040626" style="font-weight:bold;" target="_blank" title="Click to know more about INCREASES">INCREASES</a>. After a point of time, MP remains positive but starts <a href="https://interviewquestions.tuteehub.com/tag/falling-983241" style="font-weight:bold;" target="_blank" title="Click to know more about FALLING">FALLING</a>. Then there <a href="https://interviewquestions.tuteehub.com/tag/comes-2017383" style="font-weight:bold;" target="_blank" title="Click to know more about COMES">COMES</a> a phase where MP becomes negative as more inputs are employed.</body></html> | |
| 7163. |
Total Revenue increases with every increase in output. |
| Answer» <html><body><p></p><a href="https://interviewquestions.tuteehub.com/tag/solution-25781" style="font-weight:bold;" target="_blank" title="Click to know more about SOLUTION">SOLUTION</a> :False : When a firm <a href="https://interviewquestions.tuteehub.com/tag/sell-1200244" style="font-weight:bold;" target="_blank" title="Click to know more about SELL">SELL</a> more only by lowring the price, it is possible that total revenue <a href="https://interviewquestions.tuteehub.com/tag/falls-983294" style="font-weight:bold;" target="_blank" title="Click to know more about FALLS">FALLS</a> after a level of output.</body></html> | |
| 7164. |
Why is the total revenue curve of a price-taking firm an upward-sloping straight line ?Why does the curve pass through the origin ? |
| Answer» <html><body><p></p>Solution :In case of <a href="https://interviewquestions.tuteehub.com/tag/price-1165141" style="font-weight:bold;" target="_blank" title="Click to know more about PRICE">PRICE</a>-taking firm (perfectly <a href="https://interviewquestions.tuteehub.com/tag/competitive-2033296" style="font-weight:bold;" target="_blank" title="Click to know more about COMPETITIVE">COMPETITIVE</a> firm), TR increases in the same proportion as price is constant. So, TR curve is an upward sloping <a href="https://interviewquestions.tuteehub.com/tag/straight-633156" style="font-weight:bold;" target="_blank" title="Click to know more about STRAIGHT">STRAIGHT</a> line. It <a href="https://interviewquestions.tuteehub.com/tag/passes-1148517" style="font-weight:bold;" target="_blank" title="Click to know more about PASSES">PASSES</a> from the origin because TR is zero at zero <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 output.</body></html> | |
| 7165. |
Explain the concepts of Opportunity Cost and Marginal Rate of Transformation using a production possibility schedule based on the assumption that no resource in equally efficientn prodduction of all goods. |
| Answer» <html><body><p></p>Solution :Suppose the only two goods produced are X and Y <br/> <img src="https://d10lpgp6xz60nq.cloudfront.net/physics_images/SG_MIC_ECO_C01_S01_034_S01.png" width="80%"/> <br/> Opportunity <a href="https://interviewquestions.tuteehub.com/tag/cost-25707" style="font-weight:bold;" target="_blank" title="Click to know more about COST">COST</a> 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 one good foregone to obtain more quantity of the other good. For example when we move from combination A to B the economy foregoes 2 <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 Y to obtain one more units of X, So, opportunity cost of obtaining 1X is 2Y. <br/> MRT means quantity of one good sacrified to produce an additional <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 the other good. For example, when we move from combination B to C the MRT is4Y : 1X. MRT increases as to produce more of good X, we need to transfer less and less efficient resources from good Y.</body></html> | |
| 7166. |
In a city 45 families were surveyed for the number of domestic appliances they used. Prepare a frequency array based on their replies as recorded below . |
| 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> :`(##TRJ_ECO_XI_C04_E01_077_A01##)`</body></html> | |
| 7167. |
Define Marginal rate of substitution |
| Answer» <html><body><p></p>Solution :<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/rate-1177476" style="font-weight:bold;" target="_blank" title="Click to know more about RATE">RATE</a> of substitution <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 rate at which commodities can be substituted with each other, so that the <a href="https://interviewquestions.tuteehub.com/tag/total-711110" style="font-weight:bold;" target="_blank" title="Click to know more about TOTAL">TOTAL</a> <a href="https://interviewquestions.tuteehub.com/tag/satisfaction-1195186" style="font-weight:bold;" target="_blank" title="Click to know more about SATISFACTION">SATISFACTION</a> of consumer remains the same.</body></html> | |
| 7168. |
What is the basic method of finding first quartile in grouped data? |
| Answer» | |
| 7169. |
In case of - an increase in demand will lead to rise in equilibrium quantity, but no change in equilibrium price. |
| 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/elastic-967540" style="font-weight:bold;" target="_blank" title="Click to know more about ELASTIC">ELASTIC</a> supply<br/>Perfectly <a href="https://interviewquestions.tuteehub.com/tag/inelastic-7382420" style="font-weight:bold;" target="_blank" title="Click to know more about INELASTIC">INELASTIC</a> suply<br/>Highly elastic supply<br/>Less elastic supply</p>Answer :(a)</body></html> | |
| 7170. |
The aggregate of data is called: |
| Answer» <html><body><p>Statistics<br/>editing of data<br/>analysis of data<br/>collection of data</p>Solution :A</body></html> | |
| 7171. |
When the relation of three or more variables is studied simultaneously, it is called : |
| Answer» <html><body><p>siple correlation<br/>partial correlation<br/>multiple correlation<br/>none of above</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> | |
| 7172. |
Find out the maximum profit position of producer by comparing TC and TR on the basis of the following data. Also verify using MR and MC approach. |
| Answer» <html><body><p></p>Solution :<img src="https://d10lpgp6xz60nq.cloudfront.net/physics_images/MIC_ECO_XI_U03_C08_E01_004_S01.png" width="80%"/> <br/> Hint. TR = Output `<a href="https://interviewquestions.tuteehub.com/tag/xx-747671" style="font-weight:bold;" target="_blank" title="Click to know more about XX">XX</a>` AR and TC = Output `xx` AC. <br/> Thus, <a href="https://interviewquestions.tuteehub.com/tag/producer-1167788" style="font-weight:bold;" target="_blank" title="Click to know more about PRODUCER">PRODUCER</a> will maximize <a href="https://interviewquestions.tuteehub.com/tag/profit-1168589" style="font-weight:bold;" target="_blank" title="Click to know more about PROFIT">PROFIT</a> (Rs.6) when he <a href="https://interviewquestions.tuteehub.com/tag/produces-1167808" style="font-weight:bold;" target="_blank" title="Click to know more about PRODUCES">PRODUCES</a> 3 units of output. <a href="https://interviewquestions.tuteehub.com/tag/also-373387" style="font-weight:bold;" target="_blank" title="Click to know more about ALSO">ALSO</a> at 3 units of output, MR = MC (Rs.6) and MC gt MR after this level of output.</body></html> | |
| 7173. |
"Only scarce goods attract price" Comment. |
| Answer» <html><body><p></p>Solution :The given statement is correct. All resources are not scarce in the economy. 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>, the <a href="https://interviewquestions.tuteehub.com/tag/air-852233" style="font-weight:bold;" target="_blank" title="Click to know more about AIR">AIR</a> we breathe is abundant in relation to wants. Such goods are available <a href="https://interviewquestions.tuteehub.com/tag/free-465311" style="font-weight:bold;" target="_blank" title="Click to know more about FREE">FREE</a> of cost. These goods are known as Non-Economic Goods. On the other hand, some goods are scare in relation to their wants. For examplepetrol, electricity, etc. are scare in relation to wants. These goods command price and are know as Economic Goods. So it is rightly <a href="https://interviewquestions.tuteehub.com/tag/side-1206832" style="font-weight:bold;" target="_blank" title="Click to know more about SIDE">SIDE</a> that only scarce goods <a href="https://interviewquestions.tuteehub.com/tag/attract-364556" style="font-weight:bold;" target="_blank" title="Click to know more about ATTRACT">ATTRACT</a> price.</body></html> | |
| 7174. |
Mention one factor that caruses a rightward shift of the demand curve |
| 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 rise in income of the consumer in <a href="https://interviewquestions.tuteehub.com/tag/case-910082" style="font-weight:bold;" target="_blank" title="Click to know more about CASE">CASE</a> of 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> | |
| 7175. |
Given yield per hectare of food grains in India during 1995-96 and 2001-2002, calculate simple arithmetic mean. |
| 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/rs-625947" style="font-weight:bold;" target="_blank" title="Click to know more about RS">RS</a>. 1625 <a href="https://interviewquestions.tuteehub.com/tag/kg-1063886" style="font-weight:bold;" target="_blank" title="Click to know more about KG">KG</a></body></html> | |
| 7176. |
Explain the inverse relationship between price and quantity demanded of a commodity |
| Answer» <html><body><p></p><a href="https://interviewquestions.tuteehub.com/tag/solution-25781" style="font-weight:bold;" target="_blank" title="Click to know more about SOLUTION">SOLUTION</a> :The inverse relation implies that as the price of a commodity <a href="https://interviewquestions.tuteehub.com/tag/increases-1040626" style="font-weight:bold;" target="_blank" title="Click to know more about INCREASES">INCREASES</a> its <a href="https://interviewquestions.tuteehub.com/tag/quantity-1174212" style="font-weight:bold;" target="_blank" title="Click to know more about QUANTITY">QUANTITY</a> <a href="https://interviewquestions.tuteehub.com/tag/demanded-7675308" style="font-weight:bold;" target="_blank" title="Click to know more about DEMANDED">DEMANDED</a> falls and as the price of a commodity falls its quantity demanded increases.</body></html> | |
| 7177. |
Distinguish between a normal good and inferior good. Give example in each case. |
| Answer» <html><body><p></p>Solution :(i) Normal good are those goods whose <a href="https://interviewquestions.tuteehub.com/tag/demand-436956" style="font-weight:bold;" target="_blank" title="Click to know more about DEMAND">DEMAND</a> increases with an increase in income of the consumer and vice-versa whereas <a href="https://interviewquestions.tuteehub.com/tag/inferior-515744" style="font-weight:bold;" target="_blank" title="Click to know more about INFERIOR">INFERIOR</a> goods are those whose demand falls with an increase in income of the consumer and vice-versa.<br/>(ii) Income effect is <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 case of normal goods or there is a positive <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 income and demand of the <a href="https://interviewquestions.tuteehub.com/tag/commodity-923558" style="font-weight:bold;" target="_blank" title="Click to know more about COMMODITY">COMMODITY</a> whereas income effect is negative in case of inferior goods or there is a negative relationship between income and demand of the commodity.</body></html> | |
| 7178. |
Price Relatives=("Current Year Price")/(?)xx100 |
| Answer» <html><body><p>Referenceyear <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/>Periodic <a href="https://interviewquestions.tuteehub.com/tag/year-1464599" style="font-weight:bold;" target="_blank" title="Click to know more about YEAR">YEAR</a> price <br/><a href="https://interviewquestions.tuteehub.com/tag/base-892693" style="font-weight:bold;" target="_blank" title="Click to know more about BASE">BASE</a> year price<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> :D</body></html> | |
| 7179. |
State two features of resources that give rise to an economic problem. |
| Answer» <html><body><p></p>Solution :The two <a href="https://interviewquestions.tuteehub.com/tag/features-985771" style="font-weight:bold;" target="_blank" title="Click to know more about FEATURES">FEATURES</a> 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> 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> rise to an economic problem are : <br/> (i) resources are limited <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>) resources have alternative uses.</body></html> | |
| 7180. |
Suppose mean of a series of 5 items is 30. Four values are, 10,15,30 and 35 respectively. Find the missing (5th) value of the series. |
| Answer» <html><body><p></p>Solution :Assume 5th value as `X_(5)`. <br/> `barX=(X_(1)+X_(2)+X_(<a href="https://interviewquestions.tuteehub.com/tag/3-301577" style="font-weight:bold;" target="_blank" title="Click to know more about 3">3</a>)+X_(4)+X_(5))/N` <br/> `"<a href="https://interviewquestions.tuteehub.com/tag/given-473447" style="font-weight:bold;" target="_blank" title="Click to know more about GIVEN">GIVEN</a>: "X_(1)=10,X_(2)=<a href="https://interviewquestions.tuteehub.com/tag/15-274069" style="font-weight:bold;" target="_blank" title="Click to know more about 15">15</a>,X_(3)=30,X_(4)=35,X_(5)=?` <br/> `barX=30,N=5` <br/> `30=(10+15+30+35+X_(5))/5=(90+X_(5))/5` <br/> `:.""30xx5=90+X_(5)` <br/> `Or,150=90+X_(5)` <br/> `:.""X_(5)=150-90` <br/> `=<a href="https://interviewquestions.tuteehub.com/tag/60-328817" style="font-weight:bold;" target="_blank" title="Click to know more about 60">60</a>` <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>, Value of the5th item = 60.</body></html> | |
| 7181. |
What is meant by exclusive series? |
| 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> :Exclusive series is that series in which <a href="https://interviewquestions.tuteehub.com/tag/every-976721" style="font-weight:bold;" target="_blank" title="Click to know more about EVERY">EVERY</a> <a href="https://interviewquestions.tuteehub.com/tag/class-18125" style="font-weight:bold;" target="_blank" title="Click to know more about CLASS">CLASS</a> <a href="https://interviewquestions.tuteehub.com/tag/interval-1049953" style="font-weight:bold;" target="_blank" title="Click to know more about INTERVAL">INTERVAL</a> excludes items corresponding to its upper limit.</body></html> | |
| 7182. |
When do we say there is excess supply for a commodity in the market? |
| Answer» <html><body><p></p>Solution :There is <a href="https://interviewquestions.tuteehub.com/tag/excess-978535" style="font-weight:bold;" target="_blank" title="Click to know more about EXCESS">EXCESS</a> supply for 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 market when its <a href="https://interviewquestions.tuteehub.com/tag/quantity-1174212" style="font-weight:bold;" target="_blank" title="Click to know more about QUANTITY">QUANTITY</a> supplied is more than quantity demanded at the prevailing market <a href="https://interviewquestions.tuteehub.com/tag/price-1165141" style="font-weight:bold;" target="_blank" title="Click to know more about PRICE">PRICE</a>.</body></html> | |
| 7183. |
Define 'Produce's equilibrium'. Explain the conditions of producer's equilibrium in terms of MR - MC approach. |
| Answer» | |
| 7184. |
In__________ sense, statistics refers to information in term of numerical data.(singular/plural) |
| 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/plural-1156853" style="font-weight:bold;" target="_blank" title="Click to know more about PLURAL">PLURAL</a></body></html> | |
| 7185. |
Using supply and demand curves, show how an increase in the price of shoes affects the price of a pair of socks and the number of pair of socks bought and sold. |
| Answer» <html><body><p></p>Solution :Shoes and socks are complementray goods. An <a href="https://interviewquestions.tuteehub.com/tag/increase-1040383" style="font-weight:bold;" target="_blank" title="Click to know more about INCREASE">INCREASE</a> in the <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 shoes will cause a decrease 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> for its complementary goods (socks). As a result, demand curve of socks will shift to the <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 `D_(1)D_(1)`. There will be a new equilibrium <a href="https://interviewquestions.tuteehub.com/tag/point-1157106" style="font-weight:bold;" target="_blank" title="Click to know more about POINT">POINT</a> at `E_(1)`. Both equilbrium price and equilibrium qunatity will decline. From `OP-OP_(1)` and `OM-OM_(1)` respectively. <br/> <img src="https://d10lpgp6xz60nq.cloudfront.net/physics_images/MIC_ECO_XI_U04_C11_E01_037_S01.png" width="80%"/></body></html> | |
| 7186. |
Following table gives marks in Statistics of the students of a class. Find out mean marks. {:("Mid-value",5,10,15,20,25,30,35,40),("Number of Students",5,7,9,10,8,6,3,2):} |
| Answer» <html><body><p></p>Solution :In this series, mid-values are already given. The calculation of arithmetic <a href="https://interviewquestions.tuteehub.com/tag/mean-1091459" style="font-weight:bold;" target="_blank" title="Click to know more about MEAN">MEAN</a> involves thesameprocedure as in the case of exclusive series. <br/> <img src="https://d10lpgp6xz60nq.cloudfront.net/physics_images/TRJ_ECO_XI_C09_S01_011_S01.png" width="80%"/> <br/>`barX= (sumfm)/(sumf)=995/50=<a href="https://interviewquestions.tuteehub.com/tag/19-280618" style="font-weight:bold;" target="_blank" title="Click to know more about 19">19</a>.9` <br/> 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> = 19.</body></html> | |
| 7187. |
What change in Tr will result in (i) a decreases in MR and (ii) an increase in MR ? |
| Answer» <html><body><p></p>Solution :(i) <a href="https://interviewquestions.tuteehub.com/tag/tr-661737" style="font-weight:bold;" target="_blank" title="Click to know more about TR">TR</a> increases at a diminishing rate or TR <a href="https://interviewquestions.tuteehub.com/tag/decreases-946143" style="font-weight:bold;" target="_blank" title="Click to know more about DECREASES">DECREASES</a>, then there will be a decreases in <a href="https://interviewquestions.tuteehub.com/tag/mr-549185" style="font-weight:bold;" target="_blank" title="Click to know more about MR">MR</a>. <br/> (ii) TR increases rate 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 there will be an <a href="https://interviewquestions.tuteehub.com/tag/increase-1040383" style="font-weight:bold;" target="_blank" title="Click to know more about INCREASE">INCREASE</a> in MR.</body></html> | |
| 7188. |
What are the shapes of AR and MR curves under monopoly? |
| 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> :Both <a href="https://interviewquestions.tuteehub.com/tag/ar-380980" style="font-weight:bold;" target="_blank" title="Click to know more about AR">AR</a> and MR curves <a href="https://interviewquestions.tuteehub.com/tag/slope-15649" style="font-weight:bold;" target="_blank" title="Click to know more about SLOPE">SLOPE</a> <a href="https://interviewquestions.tuteehub.com/tag/downwards-959173" style="font-weight:bold;" target="_blank" title="Click to know more about DOWNWARDS">DOWNWARDS</a>.</body></html> | |
| 7189. |
Ramesh is working at a salary of Rs. 35,000 per month. He receives two job offers: (i) To work as an accountant at a salary of Rs. 30,000 per month,(ii) To work as a sales manager at a salary of Rs.25,000 per month. In the given case, his opportunity cost will be: |
| Answer» <html><body><p>Rs. 25,000<br/>Rs.30,000<br/>Rs. 35,000<br/>Rs. 65,000</p>Solution :<a href="https://interviewquestions.tuteehub.com/tag/b-387190" style="font-weight:bold;" target="_blank" title="Click to know more about B">B</a>. A benefit, <a href="https://interviewquestions.tuteehub.com/tag/profit-1168589" style="font-weight:bold;" target="_blank" title="Click to know more about PROFIT">PROFIT</a>, or value of something that must be given up to acquire or achieve something <a href="https://interviewquestions.tuteehub.com/tag/else-printfhye-969701" style="font-weight:bold;" target="_blank" title="Click to know more about ELSE">ELSE</a>. Since every resource (land, money, time, etc.) can be <a href="https://interviewquestions.tuteehub.com/tag/put-11868" style="font-weight:bold;" target="_blank" title="Click to know more about PUT">PUT</a> to alternative uses, every action, choice, or decision has an associated opportunity cost.So, the best alternative forgone by <a href="https://interviewquestions.tuteehub.com/tag/ramesh-618332" style="font-weight:bold;" target="_blank" title="Click to know more about RAMESH">RAMESH</a> is his salary as an accountant of Rs. 30,000.</body></html> | |
| 7190. |
Definecost. State the relation betweenmarginal cost and average variable cost. |
| Answer» <html><body><p></p>Solution :(i) Both <a href="https://interviewquestions.tuteehub.com/tag/avc-364692" style="font-weight:bold;" target="_blank" title="Click to know more about AVC">AVC</a> and MC curves are of U-shape. It shows <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 variable portion.<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>) Minimum point of AVC curve will <a href="https://interviewquestions.tuteehub.com/tag/always-373607" style="font-weight:bold;" target="_blank" title="Click to know more about ALWAYS">ALWAYS</a> right to minimum point of MC.<br/> (iii) When AVC declines, then MC curve is below to AVC.<br/> (iv) When AVC increases, then MC curve will be above to AVC. (v) When AVC is <a href="https://interviewquestions.tuteehub.com/tag/constant-930172" style="font-weight:bold;" target="_blank" title="Click to know more about CONSTANT">CONSTANT</a>, then MC = AVC</body></html> | |
| 7191. |
Indicate the most appropriate alternative from the multiple choices provided against each question. Which average is affected most by the presence of extreme items? |
| Answer» <html><body><p>median<br/>Mode<br/>arithmetic mean<br/>geometric mean</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> | |
| 7192. |
What isthesupplycurveof a firmin thelongrun ? |
| Answer» <html><body><p></p>Solution :Supplycurveis highlyelastic in <a href="https://interviewquestions.tuteehub.com/tag/thelong-3199450" style="font-weight:bold;" target="_blank" title="Click to know more about THELONG">THELONG</a> <a href="https://interviewquestions.tuteehub.com/tag/run-1192138" style="font-weight:bold;" target="_blank" title="Click to know more about RUN">RUN</a> as quantity supplied is more <a href="https://interviewquestions.tuteehub.com/tag/responsive-11248" style="font-weight:bold;" target="_blank" title="Click to know more about RESPONSIVE">RESPONSIVE</a> to change in price of 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> commodity.</body></html> | |
| 7193. |
Define price elasticity of demand . |
| 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 the <a href="https://interviewquestions.tuteehub.com/tag/measure-1091857" style="font-weight:bold;" target="_blank" title="Click to know more about MEASURE">MEASURE</a> of <a href="https://interviewquestions.tuteehub.com/tag/responsiveness-1187167" style="font-weight:bold;" target="_blank" title="Click to know more about RESPONSIVENESS">RESPONSIVENESS</a> of <a href="https://interviewquestions.tuteehub.com/tag/demand-436956" style="font-weight:bold;" target="_blank" title="Click to know more about DEMAND">DEMAND</a> for a commodity to change in its price.</body></html> | |
| 7194. |
Why does the problem of 'how to produce' arise? Explain. |
| 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 arises due to availability of alternative <a href="https://interviewquestions.tuteehub.com/tag/techniques-1240432" style="font-weight:bold;" target="_blank" title="Click to know more about TECHNIQUES">TECHNIQUES</a> of production. <a href="https://interviewquestions.tuteehub.com/tag/broadly-904547" style="font-weight:bold;" target="_blank" title="Click to know more about BROADLY">BROADLY</a>, the choice is between capital <a href="https://interviewquestions.tuteehub.com/tag/intensive-1047509" style="font-weight:bold;" target="_blank" title="Click to know more about INTENSIVE">INTENSIVE</a> techniques and labor-intensive techniques. The problem is that which one to employ.</body></html> | |
| 7195. |
The difference between average cost and average variable cost is always constant . |
| Answer» <html><body><p></p>Solution :False .The difference between <a href="https://interviewquestions.tuteehub.com/tag/ac-361271" style="font-weight:bold;" target="_blank" title="Click to know more about AC">AC</a> and AVC is <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 AFC. As output is <a href="https://interviewquestions.tuteehub.com/tag/increased-1040402" style="font-weight:bold;" target="_blank" title="Click to know more about INCREASED">INCREASED</a>, AFC <a href="https://interviewquestions.tuteehub.com/tag/falls-983294" style="font-weight:bold;" target="_blank" title="Click to know more about FALLS">FALLS</a>, so the difference between AC and AVC falls.</body></html> | |
| 7196. |
Downward sloping demand curve shows that: |
| Answer» <html><body><p>As <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/falls-983294" style="font-weight:bold;" target="_blank" title="Click to know more about FALLS">FALLS</a> <a href="https://interviewquestions.tuteehub.com/tag/demand-436956" style="font-weight:bold;" target="_blank" title="Click to know more about DEMAND">DEMAND</a> falls<br/>As demand falls price falls<br/>As price <a href="https://interviewquestions.tuteehub.com/tag/rises-1189694" style="font-weight:bold;" target="_blank" title="Click to know more about RISES">RISES</a> demand falls <br/>As price rises demand rises</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> | |
| 7197. |
Insurance permium on factory building paid to Oriental insurance is a fixed cost. |
| Answer» <html><body><p></p>Solution :True. Insurance premium is a fixed costas same amount of premium has to be <a href="https://interviewquestions.tuteehub.com/tag/paid-1145567" style="font-weight:bold;" target="_blank" title="Click to know more about PAID">PAID</a> irrespective of level of <a href="https://interviewquestions.tuteehub.com/tag/output-1142821" style="font-weight:bold;" target="_blank" title="Click to know more about OUTPUT">OUTPUT</a>. A fixed cost is a cost that does not <a href="https://interviewquestions.tuteehub.com/tag/change-913808" style="font-weight:bold;" target="_blank" title="Click to know more about CHANGE">CHANGE</a> with an <a href="https://interviewquestions.tuteehub.com/tag/increase-1040383" style="font-weight:bold;" target="_blank" title="Click to know more about INCREASE">INCREASE</a> or decrease in the amount of goods or services <a href="https://interviewquestions.tuteehub.com/tag/produced-592947" style="font-weight:bold;" target="_blank" title="Click to know more about PRODUCED">PRODUCED</a> or sold.</body></html> | |
| 7198. |
(i)Determine the quantity of apples a consumer would buy at a given price in the market. Use cardinal utility analysis (ii) What quantity of apples would he consume if apples are available free of cost? |
| Answer» <html><body><p><br/></p>Solution :(i)<a href="https://interviewquestions.tuteehub.com/tag/consumer-25599" style="font-weight:bold;" target="_blank" title="Click to know more about CONSUMER">CONSUMER</a> equilibrium is <a href="https://interviewquestions.tuteehub.com/tag/determined-949906" style="font-weight:bold;" target="_blank" title="Click to know more about DETERMINED">DETERMINED</a> at a point where marginal utility (Rs) of apples <a href="https://interviewquestions.tuteehub.com/tag/would-3285927" style="font-weight:bold;" target="_blank" title="Click to know more about WOULD">WOULD</a> be equal to price paid for apples. <br/> (ii)In case of apples are available <a href="https://interviewquestions.tuteehub.com/tag/free-465311" style="font-weight:bold;" target="_blank" title="Click to know more about FREE">FREE</a> of cost, the consumer will stop consumption at the point of satiety i.e, when MU=0. It is because as per the <a href="https://interviewquestions.tuteehub.com/tag/condition-409743" style="font-weight:bold;" target="_blank" title="Click to know more about CONDITION">CONDITION</a> of consumer equilibrium <br/> `MU_("apples")=Price_("apples")`=zero <br/> <img src="https://d10lpgp6xz60nq.cloudfront.net/physics_images/MIC_ECO_XI_U02_C02_E01_046_S01.png" width="80%"/></body></html> | |
| 7199. |
What is statistical table? Explain briefly the main characteristics of a good statistical table. |
| 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> | |
| 7200. |
Will a firm in a competitive in a market ever produce a positive level of output in the range where the marginal cost is falling? |
| 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, because the <a href="https://interviewquestions.tuteehub.com/tag/essential-975317" style="font-weight:bold;" target="_blank" title="Click to know more about ESSENTIAL">ESSENTIAL</a> condition of producer's <a href="https://interviewquestions.tuteehub.com/tag/equilibrium-974342" style="font-weight:bold;" target="_blank" title="Click to know more about EQUILIBRIUM">EQUILIBRIUM</a> is that marginal cost (MC) <a href="https://interviewquestions.tuteehub.com/tag/curve-941741" style="font-weight:bold;" target="_blank" title="Click to know more about CURVE">CURVE</a> should be rising. So, a firm will <a href="https://interviewquestions.tuteehub.com/tag/produce-1167752" style="font-weight:bold;" target="_blank" title="Click to know more about PRODUCE">PRODUCE</a> that quantity of output at which its MC is rising and not falling.</body></html> | |