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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.
| 7351. |
MC curve cuts .............. At minimum |
| Answer» <html><body><p><a href="https://interviewquestions.tuteehub.com/tag/ac-361271" style="font-weight:bold;" target="_blank" title="Click to know more about AC">AC</a> curve<br/>AVC curve<br/>both (a) and (<a href="https://interviewquestions.tuteehub.com/tag/b-387190" style="font-weight:bold;" target="_blank" title="Click to know more about B">B</a>)<br/><a href="https://interviewquestions.tuteehub.com/tag/neither-1113494" style="font-weight:bold;" target="_blank" title="Click to know more about NEITHER">NEITHER</a> (a) or (b)</p><a href="https://interviewquestions.tuteehub.com/tag/answer-15557" style="font-weight:bold;" target="_blank" title="Click to know more about ANSWER">ANSWER</a> :<a href="https://interviewquestions.tuteehub.com/tag/c-7168" style="font-weight:bold;" target="_blank" title="Click to know more about C">C</a></body></html> | |
| 7352. |
Explain the procedure of selecting a random sample of 3 students out of 10 in your class, by using random number tables. |
| 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> :Here <a href="https://interviewquestions.tuteehub.com/tag/largest-1067604" style="font-weight:bold;" target="_blank" title="Click to know more about LARGEST">LARGEST</a> number is 10 and we have other 9 numbers i.e. one digit number. So we will consult one digit random numberand we will <a href="https://interviewquestions.tuteehub.com/tag/skip-631221" style="font-weight:bold;" target="_blank" title="Click to know more about SKIP">SKIP</a> the random number greater than 10 because there is no student number greater than 10. Thus the <a href="https://interviewquestions.tuteehub.com/tag/3-301577" style="font-weight:bold;" target="_blank" title="Click to know more about 3">3</a> selected students out of 10 are with <a href="https://interviewquestions.tuteehub.com/tag/serial-1201712" style="font-weight:bold;" target="_blank" title="Click to know more about SERIAL">SERIAL</a> number would be 5,9,2.</body></html> | |
| 7353. |
In monopolistic competition, there are: |
| Answer» <html><body><p>Few <a href="https://interviewquestions.tuteehub.com/tag/firms-989820" style="font-weight:bold;" target="_blank" title="Click to know more about FIRMS">FIRMS</a> <a href="https://interviewquestions.tuteehub.com/tag/selling-25929" style="font-weight:bold;" target="_blank" title="Click to know more about SELLING">SELLING</a> differentiated products<br/>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 firms selling differentiated products<br/>Large number of firms selling <a href="https://interviewquestions.tuteehub.com/tag/homogeneous-1028736" style="font-weight:bold;" target="_blank" title="Click to know more about HOMOGENEOUS">HOMOGENEOUS</a> product<br/>Few <a href="https://interviewquestions.tuteehub.com/tag/firma-2084523" style="font-weight:bold;" target="_blank" title="Click to know more about FIRMA">FIRMA</a> selling a homogeneous product</p>Solution :N/a</body></html> | |
| 7354. |
Which of thefollowingstatement is notvaildwith repect to 'Law of Supply' |
| Answer» <html><body><p>indicate the magnitute of <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 supply due to change in demand.<br/>states one sided between price and quantity supplied.<br/>does not establish proportional <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 change in price and change in supply.<br/>states the <a href="https://interviewquestions.tuteehub.com/tag/direct-954477" style="font-weight:bold;" target="_blank" title="Click to know more about DIRECT">DIRECT</a> <a href="https://interviewquestions.tuteehub.com/tag/relation-1183220" style="font-weight:bold;" target="_blank" title="Click to know more about RELATION">RELATION</a> between price and quantity supplied.</p>Solution :law of supply does not indicate the <a href="https://interviewquestions.tuteehub.com/tag/magnitude-1083080" style="font-weight:bold;" target="_blank" title="Click to know more about MAGNITUDE">MAGNITUDE</a> of change in supply due to the change in price.</body></html> | |
| 7355. |
Poor quality rice due to increase in income of a buyer. |
| 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/shift-1205367" style="font-weight:bold;" target="_blank" title="Click to know more about SHIFT">SHIFT</a> <a href="https://interviewquestions.tuteehub.com/tag/towards-7269729" style="font-weight:bold;" target="_blank" title="Click to know more about TOWARDS">TOWARDS</a> <a href="https://interviewquestions.tuteehub.com/tag/left-1070879" style="font-weight:bold;" target="_blank" title="Click to know more about LEFT">LEFT</a></body></html> | |
| 7356. |
Two ladies were asked to rank 10 different types of cell phone . The rank given by them are given below. Calculate Spearman's rank correlation coefficient |
| Answer» <html><body><p></p>Solution :<img src="https://d10lpgp6xz60nq.cloudfront.net/physics_images/TRJ_ECO_XI_C12_S01_015_S01.png" width="80%"/> <br/> `r_(k)=1-(sumD^(2))/(<a href="https://interviewquestions.tuteehub.com/tag/n-568463" style="font-weight:bold;" target="_blank" title="Click to know more about N">N</a>^(3)-N)` <br/> Here, `N=10,sumD^(2)=<a href="https://interviewquestions.tuteehub.com/tag/100-263808" style="font-weight:bold;" target="_blank" title="Click to know more about 100">100</a>` <br/> Susbstituting the values, we get <br/> `r_(k)=1-(6xx100)/(10^(3)-10)` <br/> `=1-(600)/(1,000-10)` <br/> `=1-(600)/(<a href="https://interviewquestions.tuteehub.com/tag/900-341675" style="font-weight:bold;" target="_blank" title="Click to know more about 900">900</a>)` <br/> `=1-0.606` <br/> `= 0.394` <br/> Coefficient of <a href="https://interviewquestions.tuteehub.com/tag/rank-618939" style="font-weight:bold;" target="_blank" title="Click to know more about RANK">RANK</a> Correlation `(r_(k))=0.394`</body></html> | |
| 7357. |
How does the following factors influence price elasticity of demand for a commodity: (i) Nature of the commodity, and (ii) Availability of substitutes ? |
| Answer» | |
| 7358. |
At a certain level of output , the marginal cost ofa firm is above its marginal revenue. Can this be its equilibrium output ? |
| 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> :No, it cannot be its <a href="https://interviewquestions.tuteehub.com/tag/equilibrium-974342" style="font-weight:bold;" target="_blank" title="Click to know more about EQUILIBRIUM">EQUILIBRIUM</a> output becasuse the <a href="https://interviewquestions.tuteehub.com/tag/marginalcost-1087477" style="font-weight:bold;" target="_blank" title="Click to know more about MARGINALCOST">MARGINALCOST</a> <a href="https://interviewquestions.tuteehub.com/tag/exceeds-978356" style="font-weight:bold;" target="_blank" title="Click to know more about EXCEEDS">EXCEEDS</a> themarginal revenue. The firm is runningat a <a href="https://interviewquestions.tuteehub.com/tag/loss-1079380" style="font-weight:bold;" target="_blank" title="Click to know more about LOSS">LOSS</a>.</body></html> | |
| 7359. |
Census of India: |
| Answer» <html><body><p>Publishes only primary <a href="https://interviewquestions.tuteehub.com/tag/data-25577" style="font-weight:bold;" target="_blank" title="Click to know more about DATA">DATA</a><br/>Publishes both primary and <a href="https://interviewquestions.tuteehub.com/tag/secondary-638692" style="font-weight:bold;" target="_blank" title="Click to know more about SECONDARY">SECONDARY</a> data<br/>Publishes only secondary data<br/>Does not publish any data </p>Solution :A. Census of <a href="https://interviewquestions.tuteehub.com/tag/india-54" style="font-weight:bold;" target="_blank" title="Click to know more about INDIA">INDIA</a> Publishes only primary data.</body></html> | |
| 7360. |
Degradationo technology will havethefollowingeffect on thesupplycurves: |
| Answer» <html><body><p><img src="https://d10lpgp6xz60nq.cloudfront.net/physics_images/SG_MIC_ECO_C09_E01_031_O01.png" width="30%"/><br/><img src="https://d10lpgp6xz60nq.cloudfront.net/physics_images/SG_MIC_ECO_C09_E01_031_O02.png" width="30%"/><br/><img src="https://d10lpgp6xz60nq.cloudfront.net/physics_images/SG_MIC_ECO_C09_E01_031_O03.png" width="30%"/><br/><img src="https://d10lpgp6xz60nq.cloudfront.net/physics_images/SG_MIC_ECO_C09_E01_031_O04.png" width="30%"/></p>Solution :degradation of technology 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> the cost of producing a good and hence it's <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 <a href="https://interviewquestions.tuteehub.com/tag/fall-983217" style="font-weight:bold;" target="_blank" title="Click to know more about FALL">FALL</a>. there will be a leftward movement in the supply <a href="https://interviewquestions.tuteehub.com/tag/curve-941741" style="font-weight:bold;" target="_blank" title="Click to know more about CURVE">CURVE</a> from S to S1.</body></html> | |
| 7361. |
_____________sampling is adopted when population consists of different groups with different characterstics. (Stratified / Systematic) |
| 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/stratified-2282659" style="font-weight:bold;" target="_blank" title="Click to know more about STRATIFIED">STRATIFIED</a></body></html> | |
| 7362. |
What is a discrete series? |
| Answer» <html><body><p></p>Solution :A discrete <a href="https://interviewquestions.tuteehub.com/tag/series-1201802" style="font-weight:bold;" target="_blank" title="Click to know more about SERIES">SERIES</a> is that series in which <a href="https://interviewquestions.tuteehub.com/tag/data-25577" style="font-weight:bold;" target="_blank" title="Click to know more about DATA">DATA</a> are <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 a way that exact measurements of items are clearly shown in such series, there are no <a href="https://interviewquestions.tuteehub.com/tag/class-18125" style="font-weight:bold;" target="_blank" title="Click to know more about CLASS">CLASS</a> intervals and a particular item in the series is <a href="https://interviewquestions.tuteehub.com/tag/numbered-2200261" style="font-weight:bold;" target="_blank" title="Click to know more about NUMBERED">NUMBERED</a> rather than measured with some range.</body></html> | |
| 7363. |
Give the meaning of production function Or Define production function |
| Answer» <html><body><p></p>Solution :Production <a href="https://interviewquestions.tuteehub.com/tag/function-11303" style="font-weight:bold;" target="_blank" title="Click to know more about FUNCTION">FUNCTION</a> <a href="https://interviewquestions.tuteehub.com/tag/explains-2627999" style="font-weight:bold;" target="_blank" title="Click to know more about EXPLAINS">EXPLAINS</a> the <a href="https://interviewquestions.tuteehub.com/tag/functional-466801" style="font-weight:bold;" target="_blank" title="Click to know more about FUNCTIONAL">FUNCTIONAL</a> <a href="https://interviewquestions.tuteehub.com/tag/relationship-1183331" style="font-weight:bold;" target="_blank" title="Click to know more about RELATIONSHIP">RELATIONSHIP</a> between inputs and <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> | |
| 7364. |
There is increase in demand for electricity. What causes it ? Explain diagrammatically. If its supply cannot increase due to lack of resources, explain briefly how in two ways demand for electricity can be decreased? |
| Answer» <html><body><p></p>Solution :Increase 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 electricity 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 change in other factors than its price. It may be due to: <br/> (i) Increase in size of population <br/> (ii) Increase in income of the consumers. <br/> (iii) Increasing <a href="https://interviewquestions.tuteehub.com/tag/urbanisation-721902" style="font-weight:bold;" target="_blank" title="Click to know more about URBANISATION">URBANISATION</a>. <br/> Increase in demand will be represented by rightward shift of the demand curve from DD to `D_(1)D_(1)`. <br/> <img src="https://d10lpgp6xz60nq.cloudfront.net/physics_images/MIC_ECO_XI_U02_C03_E01_046_S01.png" width="80%"/> <br/> If its supply cannot increase due to lack of resources, consumers can <br/> (i) Use <a href="https://interviewquestions.tuteehub.com/tag/energy-15288" style="font-weight:bold;" target="_blank" title="Click to know more about ENERGY">ENERGY</a> saving electrical appliances <a href="https://interviewquestions.tuteehub.com/tag/like-1073845" style="font-weight:bold;" target="_blank" title="Click to know more about LIKE">LIKE</a> CFL. <br/> (ii) Use alternate sources of energy like solar energy.</body></html> | |
| 7365. |
In which period, some factors of production are fixed and other 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 href="https://interviewquestions.tuteehub.com/tag/short-642706" style="font-weight:bold;" target="_blank" title="Click to know more about SHORT">SHORT</a> <a href="https://interviewquestions.tuteehub.com/tag/period-1151023" style="font-weight:bold;" target="_blank" title="Click to know more about PERIOD">PERIOD</a> or 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>.</body></html> | |
| 7366. |
What isthesupplycurveof a firmin theshortrun ? |
| 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> :Supplycurveis <a href="https://interviewquestions.tuteehub.com/tag/less-1071906" style="font-weight:bold;" target="_blank" title="Click to know more about LESS">LESS</a> elastic in <a href="https://interviewquestions.tuteehub.com/tag/theshort-1412648" style="font-weight:bold;" target="_blank" title="Click to know more about THESHORT">THESHORT</a> runas supplyis lessresponsiveto <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.</body></html> | |
| 7367. |
T.V. sets if excise tax is increased. |
| 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/shifts-1205400" style="font-weight:bold;" target="_blank" title="Click to know more about SHIFTS">SHIFTS</a> to <a href="https://interviewquestions.tuteehub.com/tag/left-1070879" style="font-weight:bold;" target="_blank" title="Click to know more about LEFT">LEFT</a>.</body></html> | |
| 7368. |
When there are diminishing returns to a factor, marginal and total product both always fall. |
| Answer» <html><body><p></p>Solution :<a href="https://interviewquestions.tuteehub.com/tag/false-459184" style="font-weight:bold;" target="_blank" title="Click to know more about FALSE">FALSE</a>. 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 diminishing returns to a <a href="https://interviewquestions.tuteehub.com/tag/factor-458892" style="font-weight:bold;" target="_blank" title="Click to know more about FACTOR">FACTOR</a>, only marginal <a href="https://interviewquestions.tuteehub.com/tag/product-25523" style="font-weight:bold;" target="_blank" title="Click to know more about PRODUCT">PRODUCT</a> falls and not <a href="https://interviewquestions.tuteehub.com/tag/total-711110" style="font-weight:bold;" target="_blank" title="Click to know more about TOTAL">TOTAL</a> product.</body></html> | |
| 7369. |
Calculate weighted mean of the following data: {:("Marks(X)",81,76,74,58,70,73),("Weight(W)",2,3,6,7,3,7):} |
| Answer» <html><body><p></p><a href="https://interviewquestions.tuteehub.com/tag/solution-25781" style="font-weight:bold;" target="_blank" title="Click to know more about SOLUTION">SOLUTION</a> :<img src="https://d10lpgp6xz60nq.cloudfront.net/physics_images/TRJ_ECO_XI_C09_S01_015_S01.png" width="80%"/> <br/> <a href="https://interviewquestions.tuteehub.com/tag/weighted-1451397" style="font-weight:bold;" target="_blank" title="Click to know more about WEIGHTED">WEIGHTED</a> <a href="https://interviewquestions.tuteehub.com/tag/mean-1091459" style="font-weight:bold;" target="_blank" title="Click to know more about MEAN">MEAN</a>, <br/> `barX_(<a href="https://interviewquestions.tuteehub.com/tag/w-729065" style="font-weight:bold;" target="_blank" title="Click to know more about W">W</a>)=(sumWX)/(sumW)=(1,961)/28=70.04` <br/> Weighted Mean = 70.04 markds.</body></html> | |
| 7370. |
Equilibrium price remains the same when |
| Answer» <html><body><p>increase 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> = increase in <a href="https://interviewquestions.tuteehub.com/tag/supply-1235254" style="font-weight:bold;" target="_blank" title="Click to know more about SUPPLY">SUPPLY</a><br/>decrease in demand = decrease in supply<br/>increase in demand when supply is perfectly elastic<br/>all of these</p>Answer :D</body></html> | |
| 7371. |
Which of the following formulae is used to find out median ? |
| Answer» <html><body><p>`M=l_(<a href="https://interviewquestions.tuteehub.com/tag/1-256655" style="font-weight:bold;" target="_blank" title="Click to know more about 1">1</a>)+(N/(<a href="https://interviewquestions.tuteehub.com/tag/4-311707" style="font-weight:bold;" target="_blank" title="Click to know more about 4">4</a>)-c.f.)/(f)<a href="https://interviewquestions.tuteehub.com/tag/xxi-747680" style="font-weight:bold;" target="_blank" title="Click to know more about XXI">XXI</a>`<br/>`M=l_(2)+(N/(4)-c.f.)/(f)xxi`<br/>`M=l_(1)+(N-c.f.)/(f)xxi`<br/><a href="https://interviewquestions.tuteehub.com/tag/none-580659" style="font-weight:bold;" target="_blank" title="Click to know more about NONE">NONE</a> of these</p>Solution :`M=l_(1)+(N-c.f.)/(f)xxi`</body></html> | |
| 7372. |
When does 'change in demand' take place? |
| Answer» <html><body><p></p>Solution :A <a href="https://interviewquestions.tuteehub.com/tag/change-913808" style="font-weight:bold;" target="_blank" title="Click to know more about CHANGE">CHANGE</a> in <a href="https://interviewquestions.tuteehub.com/tag/demand-436956" style="font-weight:bold;" target="_blank" title="Click to know more about DEMAND">DEMAND</a> <a href="https://interviewquestions.tuteehub.com/tag/occurs-1127848" style="font-weight:bold;" target="_blank" title="Click to know more about OCCURS">OCCURS</a> when there is a change in other factors affecting the demand for 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> other than the own price of the commodity.</body></html> | |
| 7373. |
How does minimum wage legislation help labour ? |
| Answer» <html><body><p><br/></p>Solution :Wage rate in perfect competition is determined by the market <a href="https://interviewquestions.tuteehub.com/tag/forces-16875" style="font-weight:bold;" target="_blank" title="Click to know more about FORCES">FORCES</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> and supply of labour. If the market determined rate is considered to be very low which is insufficient to meet the basic requirements of the labour, then the government imposes minimum wages , a wage rate rate which is higher than the market determined price. The excerise <a href="https://interviewquestions.tuteehub.com/tag/helps-1018140" style="font-weight:bold;" target="_blank" title="Click to know more about HELPS">HELPS</a> to protect the interest of labour. However it might lead to surplus labour or unemployment.</body></html> | |
| 7374. |
Define the following terms: (i) Total product (ii) Average product (iii) Marginal product |
| Answer» <html><body><p></p>Solution :Total <a href="https://interviewquestions.tuteehub.com/tag/product-25523" style="font-weight:bold;" target="_blank" title="Click to know more about PRODUCT">PRODUCT</a> <a href="https://interviewquestions.tuteehub.com/tag/refers-1181652" style="font-weight:bold;" target="_blank" title="Click to know more about REFERS">REFERS</a> to total output of a commodity at a <a href="https://interviewquestions.tuteehub.com/tag/particular-1147539" style="font-weight:bold;" target="_blank" title="Click to know more about PARTICULAR">PARTICULAR</a> level of a variable <a href="https://interviewquestions.tuteehub.com/tag/factor-458892" style="font-weight:bold;" target="_blank" title="Click to know more about FACTOR">FACTOR</a> combined with fixed facotrs.<br/>Average product is the output per unit of variable factor employed.<br/>Marginal Product is the addition to total product when one more unit of variable factor is employed while keeping other <a href="https://interviewquestions.tuteehub.com/tag/factors-458933" style="font-weight:bold;" target="_blank" title="Click to know more about FACTORS">FACTORS</a> fixed.</body></html> | |
| 7375. |
When is a good called an inferior good? or What is meant by inferior good in economics? |
| Answer» <html><body><p></p>Solution :Inferior goods are the goods with income <a href="https://interviewquestions.tuteehub.com/tag/effect-966056" style="font-weight:bold;" target="_blank" title="Click to know more about EFFECT">EFFECT</a> <a href="https://interviewquestions.tuteehub.com/tag/negative-570381" style="font-weight:bold;" target="_blank" title="Click to know more about NEGATIVE">NEGATIVE</a> i.e as the income of the <a href="https://interviewquestions.tuteehub.com/tag/consumer-25599" style="font-weight:bold;" target="_blank" title="Click to know more about CONSUMER">CONSUMER</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> the <a href="https://interviewquestions.tuteehub.com/tag/demand-436956" style="font-weight:bold;" target="_blank" title="Click to know more about DEMAND">DEMAND</a> for the good falls and vice-versa.</body></html> | |
| 7376. |
The demand for a good increases with the increase in the income of its buyer. |
| 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 demand for only normal <a href="https://interviewquestions.tuteehub.com/tag/goods-1009877" style="font-weight:bold;" target="_blank" title="Click to know more about GOODS">GOODS</a> increases with the <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/income-25499" style="font-weight:bold;" target="_blank" title="Click to know more about INCOME">INCOME</a>. The demand of inferior goods will decline with the increase in income.</body></html> | |
| 7377. |
Market for a good is in equilibrium. Explain the chain of reactionsin the market if the price is (i) higher than equilibrium price and (ii)lower than equilibrium 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> :(i) When price is <a href="https://interviewquestions.tuteehub.com/tag/higher-1022060" style="font-weight:bold;" target="_blank" title="Click to know more about HIGHER">HIGHER</a> than equilibrium price: `cdot` There is excess supply and producers are not in aposition 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> all they want to sell at the given price.<br/> `cdot` This leads to competition between producers.<br/> `cdot` Competition between producers leads to lowering of price.<br/> `cdot` Lowering of price raises demand while reduces supply. Thiscontinues <a href="https://interviewquestions.tuteehub.com/tag/till-709848" style="font-weight:bold;" target="_blank" title="Click to know more about TILL">TILL</a> demand is equal to supply again at the original equilibrium.<br/> (ii) When price is lower than the equilibrium price: `cdot` There is excess demand and consumers <a href="https://interviewquestions.tuteehub.com/tag/ar-380980" style="font-weight:bold;" target="_blank" title="Click to know more about AR">AR</a> not in a position to buy all they want to buy at the given price. This leads to competition between consumers.<br/> `cdot` Competition leads to rise in price.<br/> `cdot` Rise in price reduces demand while raises supply. This continues till demand is equal to supply again at the original equilibrium.</body></html> | |
| 7378. |
Which of the following statements is correct in case of non-viable industry ? |
| Answer» <html><body><p>Supply <a href="https://interviewquestions.tuteehub.com/tag/curve-941741" style="font-weight:bold;" target="_blank" title="Click to know more about CURVE">CURVE</a> <a href="https://interviewquestions.tuteehub.com/tag/lies-1073086" style="font-weight:bold;" target="_blank" title="Click to know more about LIES">LIES</a> above the demand curve<br/>Supply curve lies below the demand curve<br/>Supply curve and demand curve <a href="https://interviewquestions.tuteehub.com/tag/intersect-1049831" style="font-weight:bold;" target="_blank" title="Click to know more about INTERSECT">INTERSECT</a> each other<br/>Supply curve <a href="https://interviewquestions.tuteehub.com/tag/coincide-921331" style="font-weight:bold;" target="_blank" title="Click to know more about COINCIDE">COINCIDE</a> with the demand curve</p>Answer :(a)</body></html> | |
| 7379. |
Let the production function of a firm be : Q=5L^(½)K^(½). Find out the maximum possible output that the firm can produce with 100 units of L and 100 units of L and 100 units of K. |
| Answer» <html><body><p></p>Solution :Given: `Q=5L^(½)K^(½), L=100` <a href="https://interviewquestions.tuteehub.com/tag/units-1438468" style="font-weight:bold;" target="_blank" title="Click to know more about UNITS">UNITS</a>, `K=100` units <br/> Putting the values of L and K in the given <a href="https://interviewquestions.tuteehub.com/tag/production-14556" style="font-weight:bold;" target="_blank" title="Click to know more about PRODUCTION">PRODUCTION</a> function, we <a href="https://interviewquestions.tuteehub.com/tag/get-11812" style="font-weight:bold;" target="_blank" title="Click to know more about GET">GET</a> : <br/> `Q=5(100)^(½)(100)^(½)` <br/> i.e., `Q=5 <a href="https://interviewquestions.tuteehub.com/tag/sqrt-1223129" style="font-weight:bold;" target="_blank" title="Click to know more about SQRT">SQRT</a>(100). sqrt(100)` <br/> Q or Maximum output `= <a href="https://interviewquestions.tuteehub.com/tag/500-323288" style="font-weight:bold;" target="_blank" title="Click to know more about 500">500</a>` units</body></html> | |
| 7380. |
If astatistical series is divided into four equal parts , the end value of each part is called a _________. |
| Answer» <html><body><p><br/></p>Solution :If astatistical <a href="https://interviewquestions.tuteehub.com/tag/series-1201802" style="font-weight:bold;" target="_blank" title="Click to know more about SERIES">SERIES</a> is divided into four equal <a href="https://interviewquestions.tuteehub.com/tag/parts-1148278" style="font-weight:bold;" target="_blank" title="Click to know more about PARTS">PARTS</a> , the end value of each <a href="https://interviewquestions.tuteehub.com/tag/part-596478" style="font-weight:bold;" target="_blank" title="Click to know more about PART">PART</a> is called aquartile</body></html> | |
| 7381. |
Suppose that an ice-cream is sold for Rs 30. Laxmi, who loves ice-cream, has already eaten 3. Her marginal utility from eating the 3^(rd) ice-cream is 90 utils. If MU of Rs 1 is 3 utils, should she eat more ice-creams or should she stop ? |
| 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/given-473447" style="font-weight:bold;" target="_blank" title="Click to know more about GIVEN">GIVEN</a>: Price `(P_(IC)) = Rs 30`, Marginal <a href="https://interviewquestions.tuteehub.com/tag/utility-1441817" style="font-weight:bold;" target="_blank" title="Click to know more about UTILITY">UTILITY</a> from eating `3^(rd)`ice-cream = <a href="https://interviewquestions.tuteehub.com/tag/90-341351" style="font-weight:bold;" target="_blank" title="Click to know more about 90">90</a> utils. Value of 3 utils = Rs i.e., `MU_(M) = 3`. <br/> MU in terms of Money `(MU_(IC)) = (MU " in Utils")/(MU_(M)) = (90)/(3) = 30` <br/> Laxmi should not consume any more ice -creasn as the condition for consumer equilibrium `''MU_(IC) = P_(IC)''`is <a href="https://interviewquestions.tuteehub.com/tag/satisfied-636887" style="font-weight:bold;" target="_blank" title="Click to know more about SATISFIED">SATISFIED</a> at `3^(rd)` ice-cream.</body></html> | |
| 7382. |
Identify fixed costs and variable costs: {:("Salary of permanent staff","Interest payment"),("Wages to daily wage workers","Expenditure on raw materials"),("Depreciation","License fee"),("Excise duty","Sales tax"):} |
| Answer» <html><body><p><br/></p>Answer :Fixed cost : (i),(ii),(v),(<a href="https://interviewquestions.tuteehub.com/tag/vi-723586" style="font-weight:bold;" target="_blank" title="Click to know more about VI">VI</a>) Variable cost: (iii),(iv),(<a href="https://interviewquestions.tuteehub.com/tag/vii-723638" style="font-weight:bold;" target="_blank" title="Click to know more about VII">VII</a>),(<a href="https://interviewquestions.tuteehub.com/tag/viii-723647" style="font-weight:bold;" target="_blank" title="Click to know more about VIII">VIII</a>)</body></html> | |
| 7383. |
Price Floor is the price fixed by the government, which is: |
| Answer» <html><body><p><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 <a href="https://interviewquestions.tuteehub.com/tag/equilibrium-974342" style="font-weight:bold;" target="_blank" title="Click to know more about EQUILIBRIUM">EQUILIBRIUM</a> Price<br/>Below the Equilibrium Price<br/>Above the Equilibrium Price<br/>None 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> | |
| 7384. |
Out of 'Price Floor' and 'Price Ceiling', which concept is used by the government to control the prices of essential commodities? |
| 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/price-1165141" style="font-weight:bold;" target="_blank" title="Click to know more about PRICE">PRICE</a> <a href="https://interviewquestions.tuteehub.com/tag/ceiling-911116" style="font-weight:bold;" target="_blank" title="Click to know more about CEILING">CEILING</a>.</body></html> | |
| 7385. |
The maximum quantity fixed by the government that can be purchased through fair price shops is : |
| Answer» <html><body><p>rationing<br/>price ceiling<br/>floor price<br/>all of these</p>Solution :N/a</body></html> | |
| 7386. |
Quartile deviation is equal to: |
| Answer» <html><body><p>`(Q_(<a href="https://interviewquestions.tuteehub.com/tag/1-256655" style="font-weight:bold;" target="_blank" title="Click to know more about 1">1</a>)-Q_(<a href="https://interviewquestions.tuteehub.com/tag/3-301577" style="font-weight:bold;" target="_blank" title="Click to know more about 3">3</a>))/(2)`<br/>`(Q_(1)+Q_(3))/(2)`<br/>`(Q_(3)-Q_(1))/(2)`<br/>`(Q_(3)+Q_(1))/(2)`</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> | |
| 7387. |
Define fixed costs. OR What is meant by supplementary costs ? |
| Answer» <html><body><p></p>Solution :Fixed costs (or supplementary costs) refer to those costs whichdo not <a href="https://interviewquestions.tuteehub.com/tag/vary-1443941" style="font-weight:bold;" target="_blank" title="Click to know more about VARY">VARY</a> directly 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>. 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>, salary of permanent staff, payment of insurance <a href="https://interviewquestions.tuteehub.com/tag/premium-2555" style="font-weight:bold;" target="_blank" title="Click to know more about PREMIUM">PREMIUM</a>.</body></html> | |
| 7388. |
What is short run ? |
| 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> refers to a period in which output can be <a href="https://interviewquestions.tuteehub.com/tag/changed-913862" style="font-weight:bold;" target="_blank" title="Click to know more about CHANGED">CHANGED</a> by <a href="https://interviewquestions.tuteehub.com/tag/changing-2508325" style="font-weight:bold;" target="_blank" title="Click to know more about CHANGING">CHANGING</a> only variable <a href="https://interviewquestions.tuteehub.com/tag/factor-458892" style="font-weight:bold;" target="_blank" title="Click to know more about FACTOR">FACTOR</a>.</body></html> | |
| 7389. |
A ________ is a percentageratio between price of a commodity in the current year and that in the base year. "" (price relative/average relative) |
| 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/price-1165141" style="font-weight:bold;" target="_blank" title="Click to know more about PRICE">PRICE</a> <a href="https://interviewquestions.tuteehub.com/tag/relative-1183377" style="font-weight:bold;" target="_blank" title="Click to know more about RELATIVE">RELATIVE</a></body></html> | |
| 7390. |
what is meant by price elasticity fo demand ? Explain any two factors that affect it. |
| Answer» <html><body><p></p>Solution :Price <a href="https://interviewquestions.tuteehub.com/tag/elasticity-14238" style="font-weight:bold;" target="_blank" title="Click to know more about ELASTICITY">ELASTICITY</a> of <a href="https://interviewquestions.tuteehub.com/tag/demand-436956" style="font-weight:bold;" target="_blank" title="Click to know more about DEMAND">DEMAND</a> is a measure of degree of responsiveness of demand as a result of change in price of the commodity.<br/>1. <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 the commodity.<br/>2. Time period.</body></html> | |
| 7391. |
ln measuring price elasticity, price is a dependent variable and quantity is an independent 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> :Price is an <a href="https://interviewquestions.tuteehub.com/tag/independent-505826" style="font-weight:bold;" target="_blank" title="Click to know more about INDEPENDENT">INDEPENDENT</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> and quantity is a <a href="https://interviewquestions.tuteehub.com/tag/dependent-948496" style="font-weight:bold;" target="_blank" title="Click to know more about DEPENDENT">DEPENDENT</a> variable.</body></html> | |
| 7392. |
Suppose the price at which equilibrium Is attained Is above the minimum average cost of the firms constituting the market. Now If we allow for free entry and exit of firms, how will the market price adjust to it? |
| Answer» <html><body><p></p>Solution :If the equilibrium price is above the minimum average <a href="https://interviewquestions.tuteehub.com/tag/cost-25707" style="font-weight:bold;" target="_blank" title="Click to know more about COST">COST</a> of the firms, 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> that the existing firms have an opportunity to eam abnormal profits. With freedom of entry and exit of firms, new firms will <a href="https://interviewquestions.tuteehub.com/tag/enter-446119" style="font-weight:bold;" target="_blank" title="Click to know more about ENTER">ENTER</a> the <a href="https://interviewquestions.tuteehub.com/tag/industry-1043031" style="font-weight:bold;" target="_blank" title="Click to know more about INDUSTRY">INDUSTRY</a>. whieh will increase the market supply and will shift the supply curve towards right. This rise in supply will lead to fall in equilibrium price till it becomes equal to the minimum average cost.</body></html> | |
| 7393. |
Indifference curves are : |
| Answer» <html><body><p>Concace to the origin.<br/>Convex to the origin<br/>Upwards 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> <a href="https://interviewquestions.tuteehub.com/tag/line-1074199" style="font-weight:bold;" target="_blank" title="Click to know more about LINE">LINE</a> <a href="https://interviewquestions.tuteehub.com/tag/passing-1148520" style="font-weight:bold;" target="_blank" title="Click to know more about PASSING">PASSING</a> from the origin<br/>None of these</p>Answer :B</body></html> | |
| 7394. |
Mode of a frequency distribution can be known graphically with the help of histogram.(true/false) |
| 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/1-256655" style="font-weight:bold;" target="_blank" title="Click to know more about 1">1</a></body></html> | |
| 7395. |
Median is an average . Median of the series with variable 9,1,5,3,7,11,20 is : |
| Answer» <html><body><p>8<br/>3<br/>7<br/>5</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> | |
| 7396. |
What is the shape of AR and MR curves under monopoly and monopolistic competition ? |
| Answer» <html><body><p></p>Solution :Both the <a href="https://interviewquestions.tuteehub.com/tag/curves-941810" style="font-weight:bold;" target="_blank" title="Click to know more about CURVES">CURVES</a> are <a href="https://interviewquestions.tuteehub.com/tag/downward-2061463" style="font-weight:bold;" target="_blank" title="Click to know more about DOWNWARD">DOWNWARD</a> sloping and MR curve remains below <a href="https://interviewquestions.tuteehub.com/tag/ar-380980" style="font-weight:bold;" target="_blank" title="Click to know more about AR">AR</a> curve.</body></html> | |
| 7397. |
Explain the relation between marginal revenue and average revenue when a firm is able to sell more quantity of output : (i) at the same price. (ii) only by lowering the 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> :(i)If the market price is unaffected by variations in the firm's output, then the firm's demand curve, its AR curve and MR curve will coincide in the same <a href="https://interviewquestions.tuteehub.com/tag/horizontal-1029056" style="font-weight:bold;" target="_blank" title="Click to know more about HORIZONTAL">HORIZONTAL</a> line.It means, the revenue from every additional unit (MR) is equal to AR. (ii) MR will be less than AR at all the output levels.When <a href="https://interviewquestions.tuteehub.com/tag/firms-989820" style="font-weight:bold;" target="_blank" title="Click to know more about FIRMS">FIRMS</a> can increase their volume of sales only by decreasing the price, then AR falls with increase in sale. It means, revenue from every additional unit (i.e. MR) will be less than AR. As a result, both AR 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> downwards from left to <a href="https://interviewquestions.tuteehub.com/tag/right-1188951" style="font-weight:bold;" target="_blank" title="Click to know more about RIGHT">RIGHT</a>.</body></html> | |
| 7398. |
Calculate the standard deviation and coefficient of variation of pocket money received by students . |
| 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/sigma-1207107" style="font-weight:bold;" target="_blank" title="Click to know more about SIGMA">SIGMA</a> = 11.87 , <a href="https://interviewquestions.tuteehub.com/tag/v-722631" style="font-weight:bold;" target="_blank" title="Click to know more about V">V</a> = <a href="https://interviewquestions.tuteehub.com/tag/21-293276" style="font-weight:bold;" target="_blank" title="Click to know more about 21">21</a>. <a href="https://interviewquestions.tuteehub.com/tag/69-331759" style="font-weight:bold;" target="_blank" title="Click to know more about 69">69</a>` %</body></html> | |
| 7399. |
When matginal product is zero, total product is at its maximum point. |
| Answer» <html><body><p></p><a href="https://interviewquestions.tuteehub.com/tag/solution-25781" style="font-weight:bold;" target="_blank" title="Click to know more about SOLUTION">SOLUTION</a> :True. Zero <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> signifies that change in <a href="https://interviewquestions.tuteehub.com/tag/total-711110" style="font-weight:bold;" target="_blank" title="Click to know more about TOTAL">TOTAL</a> product is zero, i.e. total product has stopped increasing and has <a href="https://interviewquestions.tuteehub.com/tag/attained-7662680" style="font-weight:bold;" target="_blank" title="Click to know more about ATTAINED">ATTAINED</a> its maximum point.</body></html> | |
| 7400. |
Briefly discuss the relationship between AP and MP. |
| Answer» <html><body><p></p>Solution :(i) When <a href="https://interviewquestions.tuteehub.com/tag/mp-565167" style="font-weight:bold;" target="_blank" title="Click to know more about MP">MP</a>`gt`AP, AP <a href="https://interviewquestions.tuteehub.com/tag/rises-1189694" style="font-weight:bold;" target="_blank" title="Click to know more about RISES">RISES</a>.<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>) When MP = AP, AP is <a href="https://interviewquestions.tuteehub.com/tag/maximum-556915" style="font-weight:bold;" target="_blank" title="Click to know more about MAXIMUM">MAXIMUM</a> and constant.<br/>(iii) When MP`lt`AP, AP <a href="https://interviewquestions.tuteehub.com/tag/falls-983294" style="font-weight:bold;" target="_blank" title="Click to know more about FALLS">FALLS</a>.</body></html> | |