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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.
| 7251. |
With rise in price of inputs, equilibrium price of the commodity will increase. |
| Answer» <html><body><p><br/></p>Solution :Equilibrium <a href="https://interviewquestions.tuteehub.com/tag/price-1165141" style="font-weight:bold;" target="_blank" title="Click to know more about PRICE">PRICE</a> will <a href="https://interviewquestions.tuteehub.com/tag/increase-1040383" style="font-weight:bold;" target="_blank" title="Click to know more about INCREASE">INCREASE</a> as <a href="https://interviewquestions.tuteehub.com/tag/supply-1235254" style="font-weight:bold;" target="_blank" title="Click to know more about SUPPLY">SUPPLY</a> will decrease due to rise in cost of <a href="https://interviewquestions.tuteehub.com/tag/production-14556" style="font-weight:bold;" target="_blank" title="Click to know more about PRODUCTION">PRODUCTION</a>.</body></html> | |
| 7252. |
A consumer consumes only two goods X and Y whose prices are Rs 3 and Rs 4 per unit respectively. If the consumer chooses a combination of the two goods with marginal utility of X equal to 4 and that of Y equal to 3, is the consumer in equilibrium, then the consumer will : |
| Answer» <html><body><p><a href="https://interviewquestions.tuteehub.com/tag/buy-391430" style="font-weight:bold;" target="_blank" title="Click to know more about BUY">BUY</a> more units of both, <a href="https://interviewquestions.tuteehub.com/tag/x-746616" style="font-weight:bold;" target="_blank" title="Click to know more about X">X</a> and Y<br/>Buy more units of Y and <a href="https://interviewquestions.tuteehub.com/tag/less-1071906" style="font-weight:bold;" target="_blank" title="Click to know more about LESS">LESS</a> of X<br/>Buy more units of X and less of Y<br/>Buy less units of both, X and y</p>Answer :C</body></html> | |
| 7253. |
Explain the central problem 'for whom to produce'. |
| 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> :For whom' means who will buy the goods and <a href="https://interviewquestions.tuteehub.com/tag/services-1202745" style="font-weight:bold;" target="_blank" title="Click to know more about SERVICES">SERVICES</a> produced. Clearly, only those who have <a href="https://interviewquestions.tuteehub.com/tag/purchasing-1172776" style="font-weight:bold;" target="_blank" title="Click to know more about PURCHASING">PURCHASING</a> power or <a href="https://interviewquestions.tuteehub.com/tag/income-25499" style="font-weight:bold;" target="_blank" title="Click to know more about INCOME">INCOME</a> will be able to buy. As such the problem <a href="https://interviewquestions.tuteehub.com/tag/amounts-374805" style="font-weight:bold;" target="_blank" title="Click to know more about AMOUNTS">AMOUNTS</a> to that how should the national income to distributed among people in the economy.</body></html> | |
| 7254. |
Which of the following refer to geometric form of data presentation ? |
| Answer» <html><body><p><a href="https://interviewquestions.tuteehub.com/tag/bar-892478" style="font-weight:bold;" target="_blank" title="Click to know more about BAR">BAR</a> <a href="https://interviewquestions.tuteehub.com/tag/diagrams-950755" style="font-weight:bold;" target="_blank" title="Click to know more about DIAGRAMS">DIAGRAMS</a> <br/>Histogram <br/><a href="https://interviewquestions.tuteehub.com/tag/pie-1154484" style="font-weight:bold;" target="_blank" title="Click to know more about PIE">PIE</a> diagrams <br/>Both (a) and ( c)</p>Solution :D</body></html> | |
| 7255. |
Price Elasticity fo Demand is same for the two commoditites x and y if slope of their demand curves are same. |
| Answer» <html><body><p></p>Solution :when slope of demand cuves of commodities x and y are same , then <a href="https://interviewquestions.tuteehub.com/tag/price-1165141" style="font-weight:bold;" target="_blank" title="Click to know more about PRICE">PRICE</a> elasticity of demand on their initial price and intial quantity . It happens because.<br/> Elasticity of Demand `(E_(d))= 1/("Slope of 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>")xxP/Q`</body></html> | |
| 7256. |
State whether True or False. With increase in level of output, AFC goes on falling till it reaches zero |
| 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/false-459184" style="font-weight:bold;" target="_blank" title="Click to know more about FALSE">FALSE</a></body></html> | |
| 7257. |
Why does an economic problem 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> :The central problems of an economy arises <a href="https://interviewquestions.tuteehub.com/tag/due-433472" style="font-weight:bold;" target="_blank" title="Click to know more about DUE">DUE</a> to <a href="https://interviewquestions.tuteehub.com/tag/three-708969" style="font-weight:bold;" target="_blank" title="Click to know more about THREE">THREE</a> reasons:a) The wants of the people are unlimited.b) The resources to satisfy these wants are <a href="https://interviewquestions.tuteehub.com/tag/limited-1074043" style="font-weight:bold;" target="_blank" title="Click to know more about LIMITED">LIMITED</a>.c) These limited resources have alternative uses.</body></html> | |
| 7258. |
How is a frequency polygon different from a frequency curve? Draw the two diagram taking an imaginary set of data. |
| Answer» | |
| 7259. |
Give the meaning of equilibrium market price of a good. |
| Answer» <html><body><p></p>Solution :<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 <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 price at which the quantity demanded 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> is equal to the quantity supplied.</body></html> | |
| 7260. |
Explain the impication of non-price competition in an oligopoly market. |
| Answer» | |
| 7261. |
What is the price elasticity of supply of a commodity whose straight line supply curve passes through the origin forming an angle of 75^(@)? |
| Answer» <html><body><p></p>Solution :<a href="https://interviewquestions.tuteehub.com/tag/unitary-3246772" style="font-weight:bold;" target="_blank" title="Click to know more about UNITARY">UNITARY</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> `(E_(s)= 1)`because it is passing through the origin , no matter what <a href="https://interviewquestions.tuteehub.com/tag/angle-875388" style="font-weight:bold;" target="_blank" title="Click to know more about ANGLE">ANGLE</a> it <a href="https://interviewquestions.tuteehub.com/tag/makes-2811811" style="font-weight:bold;" target="_blank" title="Click to know more about MAKES">MAKES</a>.</body></html> | |
| 7262. |
Law of Demand indicates the direction and amount of change in demand of a commodity due to change in its price. |
| Answer» <html><body><p></p>Solution :Law 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> only <a href="https://interviewquestions.tuteehub.com/tag/indicates-1041501" style="font-weight:bold;" target="_blank" title="Click to know more about INDICATES">INDICATES</a> the <a href="https://interviewquestions.tuteehub.com/tag/direction-1696" style="font-weight:bold;" target="_blank" title="Click to know more about DIRECTION">DIRECTION</a> of change in demand and not the <a href="https://interviewquestions.tuteehub.com/tag/amount-374803" style="font-weight:bold;" target="_blank" title="Click to know more about AMOUNT">AMOUNT</a> or magnitude of change.</body></html> | |
| 7263. |
State with reasons , whether the following items will have elastic or inelastic demand: (i) Matchbox,(ii) coke , (iii) medicines, (iv) NCERTTextbook, (v) Electricity, (vi) Cigarettes,(vii) Butter for a poor person . |
| Answer» <html><body><p></p><a href="https://interviewquestions.tuteehub.com/tag/solution-25781" style="font-weight:bold;" target="_blank" title="Click to know more about SOLUTION">SOLUTION</a> :(i) Matchbox has inelastic demand as <a href="https://interviewquestions.tuteehub.com/tag/consumer-25599" style="font-weight:bold;" target="_blank" title="Click to know more about CONSUMER">CONSUMER</a> has to spend a very small <a href="https://interviewquestions.tuteehub.com/tag/proportion-1170266" style="font-weight:bold;" target="_blank" title="Click to know more about PROPORTION">PROPORTION</a> of his income. <br/> (ii) Coke has elastic demand as it has number of substitutes. <br/> (iii) Medicines have inelastic demand as their consumption cannot be postponed. <br/> (iv) NCERT Textbook has inelastic demand as it is a necessity item. <br/> (v) Electricity has elastic demand a it can be put to several uses.<br/> (vi) <a href="https://interviewquestions.tuteehub.com/tag/cigarettes-916462" style="font-weight:bold;" target="_blank" title="Click to know more about CIGARETTES">CIGARETTES</a> have inelatic deamnd as its consumers are <a href="https://interviewquestions.tuteehub.com/tag/habituated-7686732" style="font-weight:bold;" target="_blank" title="Click to know more about HABITUATED">HABITUATED</a>. <br/> (vii) Butter for a poor person has elastic demand as it is a luxury item for the poor person.</body></html> | |
| 7264. |
Which is not a method to find arithmetic mean? |
| Answer» <html><body><p><a href="https://interviewquestions.tuteehub.com/tag/direct-954477" style="font-weight:bold;" target="_blank" title="Click to know more about DIRECT">DIRECT</a> method<br/>Short-cut method<br/>Step-deviation method<br/>Karl <a href="https://interviewquestions.tuteehub.com/tag/pearson-2918977" style="font-weight:bold;" target="_blank" title="Click to know more about PEARSON">PEARSON</a>'s method</p>Answer :D</body></html> | |
| 7265. |
An index number which accounts for the relative importance of the items in known as: (i)weighted index(ii) simple aggregative index(iii)simple average of relatives |
| 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> :(i)</body></html> | |
| 7266. |
Distinguish between fixed costs and variablecosts. Give two examples of each. |
| Answer» <html><body><p></p><a href="https://interviewquestions.tuteehub.com/tag/solution-25781" style="font-weight:bold;" target="_blank" title="Click to know more about SOLUTION">SOLUTION</a> :Fixed Cost is definite; it will incur <a href="https://interviewquestions.tuteehub.com/tag/even-976335" style="font-weight:bold;" target="_blank" title="Click to know more about EVEN">EVEN</a> when there is no <a href="https://interviewquestions.tuteehub.com/tag/units-1438468" style="font-weight:bold;" target="_blank" title="Click to know more about UNITS">UNITS</a> are produced.On the other hand, variable cost remains constant in per unit. Examples of fixed cost are <a href="https://interviewquestions.tuteehub.com/tag/rent-1184968" style="font-weight:bold;" target="_blank" title="Click to know more about RENT">RENT</a>, tax, etc. Examples of variable cost are packing expenses, material <a href="https://interviewquestions.tuteehub.com/tag/consumed-2540963" style="font-weight:bold;" target="_blank" title="Click to know more about CONSUMED">CONSUMED</a>, etc.</body></html> | |
| 7267. |
Explain the outcome of the following features of a perfectly competitive market (i) Freedom to the firm to enter the industry, (ii) Freedom to the firm to leave the industry. |
| Answer» <html><body><p></p>Solution : a)Implication of ' freedom of entry' : 'Freedom of entry' signifies that there are no barriers to the entry of new firms into industry. When the existing firms are earning abnormal profits, the new firms, attracted by the prospects of profit, enter the industry. This <a href="https://interviewquestions.tuteehub.com/tag/raises-1176804" style="font-weight:bold;" target="_blank" title="Click to know more about RAISES">RAISES</a> <a href="https://interviewquestions.tuteehub.com/tag/market-25464" style="font-weight:bold;" target="_blank" title="Click to know more about MARKET">MARKET</a> supply, which in turn, leads to fall in market price and <a href="https://interviewquestions.tuteehub.com/tag/consequently-929800" style="font-weight:bold;" target="_blank" title="Click to know more about CONSEQUENTLY">CONSEQUENTLY</a> profits. Te entry continues till each <a href="https://interviewquestions.tuteehub.com/tag/firm-989667" style="font-weight:bold;" target="_blank" title="Click to know more about FIRM">FIRM</a> is earning just the normal profits. b) 'Freedom to exit' signifies that there are no barriers which restrict the existing firms from leaving the industry. The firms try to leave when they are facing losses. As the firms start leaving, market supply falls, leading to rise in market price and consequently reduction in losses. The firms continue to leave till the losses are <a href="https://interviewquestions.tuteehub.com/tag/wiped-7723135" style="font-weight:bold;" target="_blank" title="Click to know more about WIPED">WIPED</a> out and each existing firm is earning just the normal profits.</body></html> | |
| 7268. |
Explain the feature 'large number of buyers and sellers' of a perfectly competitive market. |
| Answer» <html><body><p></p>Solution :There are a large <a href="https://interviewquestions.tuteehub.com/tag/number-582134" style="font-weight:bold;" target="_blank" title="Click to know more about NUMBER">NUMBER</a> of buyers and sellers selling homogeneous product. Neither of them can affect the market price which is determined by the industry. If 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> tries to charge a little higher price than the market price, the buyers will buy the goods from other sellers and his sales 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>. Withfrawal by some buyers or sellers from the market will not affect the market price because the number of buyers ans sellers is large. The firm in this market is only a price taker. It <a href="https://interviewquestions.tuteehub.com/tag/may-557248" style="font-weight:bold;" target="_blank" title="Click to know more about MAY">MAY</a> sell any <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 putput at the existing proce. Thus the demand curve i.e., AR curve of a firm is perfectly elastic and parallel to the X-axis.</body></html> | |
| 7269. |
A fall in price of wheat will shift the supply curve of rice towards left. |
| Answer» <html><body><p></p>Solution :False. <a href="https://interviewquestions.tuteehub.com/tag/wheat-736282" style="font-weight:bold;" target="_blank" title="Click to know more about WHEAT">WHEAT</a> and <a href="https://interviewquestions.tuteehub.com/tag/rice-1188681" style="font-weight:bold;" target="_blank" title="Click to know more about RICE">RICE</a> are substitutes , so the <a href="https://interviewquestions.tuteehub.com/tag/supply-1235254" style="font-weight:bold;" target="_blank" title="Click to know more about SUPPLY">SUPPLY</a> curve of rice 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> towards <a href="https://interviewquestions.tuteehub.com/tag/right-1188951" style="font-weight:bold;" target="_blank" title="Click to know more about RIGHT">RIGHT</a> as rice will become more profitable after fall in the price of wheat.</body></html> | |
| 7270. |
There will be a _______ in the demand curve of cars with an increase in the price of petrol : |
| Answer» <html><body><p><a href="https://interviewquestions.tuteehub.com/tag/rightward-1189400" style="font-weight:bold;" target="_blank" title="Click to know more about RIGHTWARD">RIGHTWARD</a> shift<br/>Upward Movement<br/>Leftward shift<br/>Downward Movement</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> | |
| 7271. |
Table is the consequence of: |
| Answer» <html><body><p><a href="https://interviewquestions.tuteehub.com/tag/classification-13449" style="font-weight:bold;" target="_blank" title="Click to know more about CLASSIFICATION">CLASSIFICATION</a> <br/>organisation<br/>presentation<br/>tabulation</p>Solution :D</body></html> | |
| 7272. |
What does a rightward shift indicate? |
| 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 <a href="https://interviewquestions.tuteehub.com/tag/indicates-1041501" style="font-weight:bold;" target="_blank" title="Click to know more about INDICATES">INDICATES</a> <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 <a href="https://interviewquestions.tuteehub.com/tag/demand-436956" style="font-weight:bold;" target="_blank" title="Click to know more about DEMAND">DEMAND</a> 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>.</body></html> | |
| 7273. |
Will a profit maximising firm in a competitive market ever produce a positive level of output in the range where MC is falling ? 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> :No, because the necessary condition of equilibrium is that <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> MR after equilibrium.</body></html> | |
| 7274. |
Give the formula for finding out median of a continuous series. |
| Answer» <html><body><p></p>Solution :<a href="https://interviewquestions.tuteehub.com/tag/median-1092401" style="font-weight:bold;" target="_blank" title="Click to know more about MEDIAN">MEDIAN</a> class isiedentified .It corresponds to that cumulative frequency which includes the `((N)/(2))` th item . Thefollowing <a href="https://interviewquestions.tuteehub.com/tag/formula-464310" style="font-weight:bold;" target="_blank" title="Click to know more about FORMULA">FORMULA</a> is then applied to determine the actual median value.<br/>`M=l_(1)+(N/(2)-c.f.)/(f)xxi`<br/>Here , `l_(1)` = Lower limit of the <a href="https://interviewquestions.tuteehub.com/tag/medianclass-2824255" style="font-weight:bold;" target="_blank" title="Click to know more about MEDIANCLASS">MEDIANCLASS</a> , = Cumulative frequency of the class <a href="https://interviewquestions.tuteehub.com/tag/preceding-592817" style="font-weight:bold;" target="_blank" title="Click to know more about PRECEDING">PRECEDING</a> the median class , f = Frequency of the median class , i = Size of the median class interval.</body></html> | |
| 7275. |
Suppose there are 10 students in your class. You want to select three out of them. How many samples are possible ? |
| Answer» <html><body><p><br/></p>Answer :Selecting 3 <a href="https://interviewquestions.tuteehub.com/tag/students-1230546" style="font-weight:bold;" target="_blank" title="Click to know more about STUDENTS">STUDENTS</a> out of 10 is given by `.^(10)C_(3)=<a href="https://interviewquestions.tuteehub.com/tag/120-270396" style="font-weight:bold;" target="_blank" title="Click to know more about 120">120</a>` <br/> `:.` 120 <a href="https://interviewquestions.tuteehub.com/tag/samples-1194689" style="font-weight:bold;" target="_blank" title="Click to know more about SAMPLES">SAMPLES</a> are possible.</body></html> | |
| 7276. |
Microeconomics studies economic activity of an individual unit. (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> | |
| 7277. |
Why is Average Revenue always equal to 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/average-13416" style="font-weight:bold;" target="_blank" title="Click to know more about AVERAGE">AVERAGE</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>(AR) = <a href="https://interviewquestions.tuteehub.com/tag/total-711110" style="font-weight:bold;" target="_blank" title="Click to know more about TOTAL">TOTAL</a> Revenue(TR) / Quantity(Q).<br/> Total Revenue = Price(P) x Quantity(Q).<br/>AR = (P x Q) / Q = P</body></html> | |
| 7278. |
Define market for a good. |
| Answer» | |
| 7279. |
Give the meaning of opportunity cost. |
| Answer» <html><body><p></p>Solution :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> is the cost of the <a href="https://interviewquestions.tuteehub.com/tag/next-578185" style="font-weight:bold;" target="_blank" title="Click to know more about NEXT">NEXT</a> <a href="https://interviewquestions.tuteehub.com/tag/best-390038" style="font-weight:bold;" target="_blank" title="Click to know more about BEST">BEST</a> <a href="https://interviewquestions.tuteehub.com/tag/alternative-858623" style="font-weight:bold;" target="_blank" title="Click to know more about ALTERNATIVE">ALTERNATIVE</a> foregone.</body></html> | |
| 7280. |
If Marginal Rate of Substituation is constant throughtout, the Indifference curve will be: (Choose the correct alternative) |
| Answer» <html><body><p><a href="https://interviewquestions.tuteehub.com/tag/parallel-1146369" style="font-weight:bold;" target="_blank" title="Click to know more about PARALLEL">PARALLEL</a> to the x-axis<br/>Downward <a href="https://interviewquestions.tuteehub.com/tag/sloping-7378327" style="font-weight:bold;" target="_blank" title="Click to know more about SLOPING">SLOPING</a> concave<br/>Downward sloping convex<br/>Downward slopeing <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</p>Answer :D</body></html> | |
| 7281. |
Using diagram, show that at a given price, demand for oil is rising. Oil being a nonrenewabl source, is becoming a scarce good. What measures can be undertaken to meet the growing demand for oil? Why is it impotant to maintain equality between its demand and supply? |
| Answer» <html><body><p></p>Solution :Demand for oil rising 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> price is alarming for the nation as to achieve the objective of sustainable development, we need to maintain it for the needs of future <a href="https://interviewquestions.tuteehub.com/tag/generations-1004954" style="font-weight:bold;" target="_blank" title="Click to know more about GENERATIONS">GENERATIONS</a> too. We should make people aware of <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 oil and <a href="https://interviewquestions.tuteehub.com/tag/encourage-446038" style="font-weight:bold;" target="_blank" title="Click to know more about ENCOURAGE">ENCOURAGE</a> them 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> public transport system, car pools etc. There should be optimum use of scarce oil.</body></html> | |
| 7282. |
According to Law of Variable Proportions, there are _______ phases. |
| Answer» <html><body><p>1<br/>3<br/>2<br/>4</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> | |
| 7283. |
The following table depicts the production possibilities of commondiaties X and Y: (a) Show these production possibilities through PPF. What do the points on the curve indicate? (b) Lable a point F inside the curve. What does this point indicate? (c ) Lable a point G outside the curve. What does this point indicate? (d) What must occur so that economy can attain the level of production as indicated by point G. |
| Answer» <html><body><p></p>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/diagram-950736" style="font-weight:bold;" target="_blank" title="Click to know more about DIAGRAM">DIAGRAM</a> shows all the <a href="https://interviewquestions.tuteehub.com/tag/production-14556" style="font-weight:bold;" target="_blank" title="Click to know more about PRODUCTION">PRODUCTION</a> possibilities given in the table. Point on the curve (A to E) indicate that there is fuller utilization of resources, <br/> (b) Point F inside the curve indicates under utilization of resources, <br/> (c ) Point G outside to curve indicates an unattainable combination, <br/> (d) Economy can attain the level of production as indicated by point G, only when there is 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 resources or an improvement in technology with respect to both <a href="https://interviewquestions.tuteehub.com/tag/commodities-923550" style="font-weight:bold;" target="_blank" title="Click to know more about COMMODITIES">COMMODITIES</a> X and Y. <br/> <img src="https://d10lpgp6xz60nq.cloudfront.net/physics_images/SG_MIC_ECO_C01_S01_006_S01.png" width="80%"/></body></html> | |
| 7284. |
Which average would be suitable in the following cases? (i) Average size of readymede garments. (ii) Average intelligence of students in a class. (iii) Average wages in an industrial concern. (iv) Average wages in an industrial concern. (v) When quantities of the variable are in ratios. (vi) When quantities of the variable are in ratios. (vii) In case of open-ended frequency distribution. |
| Answer» <html><body><p><br/></p>Answer :(i) Mode (<a href="https://interviewquestions.tuteehub.com/tag/indicating-7689027" style="font-weight:bold;" target="_blank" title="Click to know more about INDICATING">INDICATING</a> a typical of the series). <br/> (ii) Mode (identifying modal value by ranking intelligence on the scale of 1-10). <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>) Arithmetic mean. <br/> (iv) <a href="https://interviewquestions.tuteehub.com/tag/median-1092401" style="font-weight:bold;" target="_blank" title="Click to know more about MEDIAN">MEDIAN</a> (indicating 'less than or equal to wage'for 50% of the workers, and 'more than or equal to wage' for the other 50%). <br/> (<a href="https://interviewquestions.tuteehub.com/tag/v-722631" style="font-weight:bold;" target="_blank" title="Click to know more about V">V</a>) Arithmetic mean. <br/> (vi) Weighted arithmetic mean. <br/> (vii) Median (as it is not sensitive to all the values in a series).</body></html> | |
| 7285. |
An individuals firm under perfect coimpetition cannot influence the market price, then who can and how? |
| Answer» <html><body><p></p>Solution :Under <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> the industry can influence 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> by <a href="https://interviewquestions.tuteehub.com/tag/raising-1176806" style="font-weight:bold;" target="_blank" title="Click to know more about RAISING">RAISING</a> or lowering output.</body></html> | |
| 7286. |
Explain the meaning of diminishing MRS with the help of a numerical example |
| Answer» | |
| 7287. |
…..............Are also called reference table. (General purpose tables/Species purpose 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> :<a href="https://interviewquestions.tuteehub.com/tag/general-471730" style="font-weight:bold;" target="_blank" title="Click to know more about GENERAL">GENERAL</a> <a href="https://interviewquestions.tuteehub.com/tag/purpose-1173268" style="font-weight:bold;" target="_blank" title="Click to know more about PURPOSE">PURPOSE</a> table</body></html> | |
| 7288. |
A person's total utility (TU) schedule is given below. Derive marginal utility (MU) {:("Units",0,1,2,3,4,5,),(TU,0,10,25,38,48,55,):} |
| Answer» <html><body><p></p><a href="https://interviewquestions.tuteehub.com/tag/solution-25781" style="font-weight:bold;" target="_blank" title="Click to know more about SOLUTION">SOLUTION</a> :<img src="https://d10lpgp6xz60nq.cloudfront.net/physics_images/SG_MIC_ECO_C02_S01_001_S01.png" width="80%"/></body></html> | |
| 7289. |
What do you mean by variable factors ? |
| 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> :Variable factors are the factors which <a href="https://interviewquestions.tuteehub.com/tag/vary-1443941" style="font-weight:bold;" target="_blank" title="Click to know more about VARY">VARY</a> with the 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>.</body></html> | |
| 7290. |
A consumer consume only two goods X and Y. Let P_(x) and P_(y) be their prices and Q_(x) and Q_(y) the quantities of these goods respectively. Let m be income. The budget contraints equations is |
| Answer» <html><body><p>`P_(x).Q_(x)+P_(y).Q_(y)=m`<br/>`P_(x).Q_(x)+P_(y).Q_(y) <a href="https://interviewquestions.tuteehub.com/tag/lt-537906" style="font-weight:bold;" target="_blank" title="Click to know more about LT">LT</a> m`<br/>`P_(x).Q_(x)+P_(y).Q_(y) gt m`<br/>None of the above </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> | |
| 7291. |
Suppose there are four bundles containing goods x and goods y, bundle (5,5), Bundle (4,4), Bundle (5,4), Bundle (4,5). If a consumer's perferences are monotonic, then which bundle will be preferred by the consumer ? Give reason for your answer. |
| Answer» <html><body><p></p>Solution :<a href="https://interviewquestions.tuteehub.com/tag/consumer-25599" style="font-weight:bold;" target="_blank" title="Click to know more about CONSUMER">CONSUMER</a> will prefer the <a href="https://interviewquestions.tuteehub.com/tag/bundle-905567" style="font-weight:bold;" target="_blank" title="Click to know more about BUNDLE">BUNDLE</a> (5,5) 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 all the three bundles if he has monotonic preferences. <br/> `**` The consumer will prefer the bundle `(5,5)` as compared to bundle (4,4) because the <a href="https://interviewquestions.tuteehub.com/tag/former-7375780" style="font-weight:bold;" target="_blank" title="Click to know more about FORMER">FORMER</a> has more of both <a href="https://interviewquestions.tuteehub.com/tag/goods-1009877" style="font-weight:bold;" target="_blank" title="Click to know more about GOODS">GOODS</a>. <br/> `**` Similarly, he will prefer the bundle (5, 5) as compared to bundle (5,4)because the former has same amount of good x, but more of good y. <br/> `**` Similarly, he will prefer the bundle (5,5) as compared to bundle (4,5) because the former has same amount of good y, but more of good x. <br/> So, the consumer will prefer the bundle (5,5)</body></html> | |
| 7292. |
Discuss short run equilibrium in diagram. |
| Answer» <html><body><p></p>Solution :Short <a href="https://interviewquestions.tuteehub.com/tag/run-1192138" style="font-weight:bold;" target="_blank" title="Click to know more about RUN">RUN</a> <a href="https://interviewquestions.tuteehub.com/tag/equilibrium-974342" style="font-weight:bold;" target="_blank" title="Click to know more about EQUILIBRIUM">EQUILIBRIUM</a> Situations are given as <a href="https://interviewquestions.tuteehub.com/tag/follows-994526" style="font-weight:bold;" target="_blank" title="Click to know more about FOLLOWS">FOLLOWS</a> : <br/> <img src="https://d10lpgp6xz60nq.cloudfront.net/physics_images/MIC_ECO_XI_U03_C08_E01_026_S01.png" width="80%"/></body></html> | |
| 7293. |
Price elasticity of supply of a good is 5 . A producer sells units 500 units of this good at Rs.5 per unit . How much will be willing to sell at Rs. 6 per unit ? |
| Answer» <html><body><p><<a href="https://interviewquestions.tuteehub.com/tag/p-588962" style="font-weight:bold;" target="_blank" title="Click to know more about P">P</a>></p>Solution :`E_(s)=(P)/(<a href="https://interviewquestions.tuteehub.com/tag/q-609558" style="font-weight:bold;" target="_blank" title="Click to know more about Q">Q</a>)xx(<a href="https://interviewquestions.tuteehub.com/tag/deltaq-2053540" style="font-weight:bold;" target="_blank" title="Click to know more about DELTAQ">DELTAQ</a>)/(DeltaP)` <br/> `5=(5)/(500)xx(DeltaQ)/(1)` <br/>`DeltaQ=500` <br/> New `Q=Q+DeltaQ=500+500=1000` units</body></html> | |
| 7294. |
What happens to the budget set and budget line if both the prices as well as the income double ? |
| Answer» <html><body><p><br/></p>Solution :If as given, <br/> `P_1`<a href="https://interviewquestions.tuteehub.com/tag/changes-913881" style="font-weight:bold;" target="_blank" title="Click to know more about CHANGES">CHANGES</a> from Rs.8 to Rs.16 <br/>`P_2` changes from Rs.10 to Rs.20 <br/> and M changes from Rs.40 to Rs.80 then intercepts on X-axis and Y-axis will remain unchanged at 5 units and 4 units <a href="https://interviewquestions.tuteehub.com/tag/respectively-1186938" style="font-weight:bold;" target="_blank" title="Click to know more about RESPECTIVELY">RESPECTIVELY</a> and the slope of the price <a href="https://interviewquestions.tuteehub.com/tag/line-1074199" style="font-weight:bold;" target="_blank" title="Click to know more about LINE">LINE</a> will remain <a href="https://interviewquestions.tuteehub.com/tag/unaffected-2316692" style="font-weight:bold;" target="_blank" title="Click to know more about UNAFFECTED">UNAFFECTED</a>. i.e., `8/10=16/20`, therefore there will beno change in the budget set and budget line.</body></html> | |
| 7295. |
Explain the significance of " minus sign" attched to the measure of priced elasticity of demand in case of a normal good as compared to the " plus sign" attached to the measure of price elasticity of supply. |
| Answer» <html><body><p></p>Solution :The minus <a href="https://interviewquestions.tuteehub.com/tag/sign-1207134" style="font-weight:bold;" target="_blank" title="Click to know more about SIGN">SIGN</a> just <a href="https://interviewquestions.tuteehub.com/tag/represents-1185452" style="font-weight:bold;" target="_blank" title="Click to know more about REPRESENTS">REPRESENTS</a> the negative relationship between price and <a href="https://interviewquestions.tuteehub.com/tag/quantity-1174212" style="font-weight:bold;" target="_blank" title="Click to know more about QUANTITY">QUANTITY</a> demanded 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> | |
| 7296. |
Both total cost and total fixed cost curve start from the same point. |
| Answer» <html><body><p></p>Solution :True. Both the curves <a href="https://interviewquestions.tuteehub.com/tag/start-1224710" style="font-weight:bold;" target="_blank" title="Click to know more about START">START</a> form the Y-axis as both are same at <a href="https://interviewquestions.tuteehub.com/tag/zero-751093" style="font-weight:bold;" target="_blank" title="Click to know more about ZERO">ZERO</a> level of output.Total cost <a href="https://interviewquestions.tuteehub.com/tag/includes-1039937" style="font-weight:bold;" target="_blank" title="Click to know more about INCLUDES">INCLUDES</a> Total fixed cost and Total variable cost and <a href="https://interviewquestions.tuteehub.com/tag/tvc-662365" style="font-weight:bold;" target="_blank" title="Click to know more about TVC">TVC</a> is zero at Zero level of output, so TC=TFCat zero level of output.</body></html> | |
| 7297. |
Firms undr monopolistic competition spend huge amount on advertisement. It is left desirable by the firms to make people aware of the new products available end also to create brand image in the mind of consumers. Is it justified ? |
| Answer» <html><body><p></p>Solution :It is not always justified. As far as selling <a href="https://interviewquestions.tuteehub.com/tag/costs-25578" style="font-weight:bold;" target="_blank" title="Click to know more about COSTS">COSTS</a> aer incurred to give information or create <a href="https://interviewquestions.tuteehub.com/tag/awareness-889714" style="font-weight:bold;" target="_blank" title="Click to know more about AWARENESS">AWARENESS</a> or to persuade consumers of distinctivencess of the product, it is desirable. If it turns defensive and firms start incurring huge amount of money increasing their total cost then it is not desirable because this high cost is passed on to <a href="https://interviewquestions.tuteehub.com/tag/consumer-25599" style="font-weight:bold;" target="_blank" title="Click to know more about CONSUMER">CONSUMER</a> in the from of high prices.</body></html> | |
| 7298. |
Which of these is not a property of indifference curve ? |
| Answer» <html><body><p>Indifference <a href="https://interviewquestions.tuteehub.com/tag/curve-941741" style="font-weight:bold;" target="_blank" title="Click to know more about CURVE">CURVE</a> slopes downards<br/>Indifference curve is concave downwards<br/>Two indifference curves cannot intersect each other<br/><a href="https://interviewquestions.tuteehub.com/tag/higher-1022060" style="font-weight:bold;" target="_blank" title="Click to know more about HIGHER">HIGHER</a> indifference curve <a href="https://interviewquestions.tuteehub.com/tag/represents-1185452" style="font-weight:bold;" target="_blank" title="Click to know more about REPRESENTS">REPRESENTS</a> higher <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 satisfaction</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> | |
| 7299. |
Explain the concepts of the short run and the long run. |
| Answer» <html><body><p></p>Solution :In the long run, <a href="https://interviewquestions.tuteehub.com/tag/firms-989820" style="font-weight:bold;" target="_blank" title="Click to know more about FIRMS">FIRMS</a> are able to adjust all costs, whereas, in the short run, firms are only able to <a href="https://interviewquestions.tuteehub.com/tag/influence-1043703" style="font-weight:bold;" target="_blank" title="Click to know more about INFLUENCE">INFLUENCE</a> <a href="https://interviewquestions.tuteehub.com/tag/prices-1165311" style="font-weight:bold;" target="_blank" title="Click to know more about PRICES">PRICES</a> through adjustments made to production levels. In <a href="https://interviewquestions.tuteehub.com/tag/economics-260" style="font-weight:bold;" target="_blank" title="Click to know more about ECONOMICS">ECONOMICS</a>, long-run models may shift away from short-run equilibrium, in which <a href="https://interviewquestions.tuteehub.com/tag/supply-1235254" style="font-weight:bold;" target="_blank" title="Click to know more about SUPPLY">SUPPLY</a> and demand react to price levels with more flexibility.</body></html> | |
| 7300. |
Define a variable. |
| 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 characteristic or a <a href="https://interviewquestions.tuteehub.com/tag/phenomenon-599568" style="font-weight:bold;" target="_blank" title="Click to know more about PHENOMENON">PHENOMENON</a> which is <a href="https://interviewquestions.tuteehub.com/tag/capable-7374700" style="font-weight:bold;" target="_blank" title="Click to know more about CAPABLE">CAPABLE</a> of being measured and changes its value <a href="https://interviewquestions.tuteehub.com/tag/overtime-1144263" style="font-weight:bold;" target="_blank" title="Click to know more about OVERTIME">OVERTIME</a> is called a <a href="https://interviewquestions.tuteehub.com/tag/variable-1442996" style="font-weight:bold;" target="_blank" title="Click to know more about VARIABLE">VARIABLE</a>.</body></html> | |