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InterviewSolution
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.
| 1401. |
What is DMU ❓plz explain in easy language.mujhe yee smj nhi aa rha..? |
| Answer» Concept\xa0of Law of Diminishing Marginal UtilityLaw of Diminishing Marginal Utility (DMU) states that as we consume more and more units of a commodity, the utility derived from each successive unit goes on decreasing. People spend their income on various goods because consuming more and more of any one good reduces the marginal satisfaction obtained from further consumption of the same good. Law of DMU has universal applicability and applies to all goods and services.Assumptions\tAll the units of a commodity are same in terms of size, quality, design etc\tUnit of a good must be standard\tNo change in taste\tNo change in the price of substitute goods\tContinuity in consumption.\xa0 <th colspan="1" data-order="<div class="DataTables_sort_wrapper"><span class="DataTables_sort_icon"></span></div>" data-original-value="<div class="DataTables_sort_wrapper"><span class="DataTables_sort_icon"></span></div>" rowspan="1">\xa0</th> <th colspan="1" data-order="<div class="DataTables_sort_wrapper"><span class="DataTables_sort_icon"></span></div>" data-original-value="<div class="DataTables_sort_wrapper"><span class="DataTables_sort_icon"></span></div>" rowspan="1">\xa0</th> <th colspan="1" data-order="<div class="DataTables_sort_wrapper"><span class="DataTables_sort_icon"></span></div>" data-original-value="<div class="DataTables_sort_wrapper"><span class="DataTables_sort_icon"></span></div>" rowspan="1">\xa0</th> \t\t\tUnit of OrangeTotal UtilityMarginal Utility11010 (10-0)2188 (18-10)3246 (24-18)4284 (28- 24)5302 (30-28)6300 (30-30)728-2(28-30)\t | |
| 1402. |
What is median? |
| Answer» The\xa0median\xa0is the middle number in a set of numbers. In order to find the\xa0median, you must order up the numbers in numerical order, and then identify the one in the middle. | |
| 1403. |
Differences beteween market demand and individual demand |
| Answer» | |
| 1404. |
Distinguish between sampling errors and Non-Sampling errors |
| Answer» Sampling error arises because of the variation between the true mean value for the sample and the population. On the other hand, the non-sampling error arises because of deficiency and inappropriate analysis of data. Non-sampling error can be random or non-random whereas sampling error occurs in the random sample only. | |
| 1405. |
Statistical calculations in classified data based on.. |
| Answer» | |
| 1406. |
What mean by Aggregate of facts |
| Answer» | |
| 1407. |
Discuss the central problems of economy |
| Answer» The central problems of an economy revolve around these factors.\tWhat to produce?\tHow to produce?\tFor whom to produce?1. What to produce?It is one of the central problems that arise in an economy. It is related to the type of goods and services that need to be produced and the quantity to be produced.Since resources are in limited quantities, producing more of one good will result in less production of the other.2. How to produce?This aspect deals with the process or technique by which the goods and services can be produced. Generally, there are two techniques that can be used for producing, which are:\tLabour Intensive Techniques\tCapital Intensive TechniquesThe choice of technique for production depends on the availability of the resource in that nation, and hence resource allocation becomes a challenge.3. For whom to produce?This problem deals with determining the people who will be the final consumers of the goods produced. As the resources are scarce in an economy, it becomes difficult to cater to all sections of society.It leads to the creation of a problem of choice in an economy as a good that may be in demand among a section, may not be in demand for another section of the society.Such a situation arises due to the difference in income distribution among the population, which causes a change in buying behaviour.<br>What to produce How to produce And for whom to produce | |
| 1408. |
distinguish between cenaus of India and nsso |
| Answer» Census is the method in which each and every items is included in census method.And .National sample survey office | |
| 1409. |
Differentiate between normative and positive economics? |
| Answer» \tBasis for DifferentiationPositive EconomicsNormative EconomicsMeaningA part of economics grounded on the information and certainty is positive economics.A part of economics grounded on values, perspectives and discernment is normative economics.NatureIllustrativeDictatorialOutlookObjectiveSubjectiveDeals with?What actually is?What has to be?Testing (Trial)Statements can be testedStatements cannot be testedEconomic problemsEvidently elucidates the economic concerns and issues.Provides a solution for the economic concerns, based on the value\t<br>Pta nahi | |
| 1410. |
15. Data collected by investigator is called the secondary datatruefalse |
| Answer» False<br>Data collected by an investigator is called the secondary data.\xa0–\xa0FalseThe data collected by an investigator is called the primary data, whereas, the data that is already in existence being collected by any other investigator is known as secondary data. | |
| 1411. |
Percentage bar diagrams _______ absolute values. |
| Answer» | |
| 1412. |
What\'s the difference between Stratified sampling and Quota sampling...??? |
| Answer» The main\xa0difference between stratified sampling and quota sampling is\xa0that\xa0stratified sampling\xa0would select the students using a probability\xa0sampling\xa0method such as simple random\xa0sampling\xa0or systematic\xa0sampling. ... The main argument against\xa0quota sampling is\xa0that it does not meet the basic requirement of randomness. | |
| 1413. |
What is product equilibrium ? |
| Answer» Thank you | |
| 1414. |
What is an opportunity cost?? |
| Answer» Opportunity cost of false true value of a factor in its next best or( second best) alternative use. The next best alternative that is foregone is called opportunity cost also known as alternative cause. Dhanush father to native when one alternative is choosen. Opportunity cost can guide to more profitable decisions making.<br>Opportunity costs\xa0represent the potential benefits an individual, investor, or business misses out on when choosing one\xa0alternative\xa0over another.<br>Ritvik Agarwal ,where are u fromThanks for the answer | |
| 1415. |
economic is the science of whelth explain |
| Answer» I think u are trying to say wealth | |
| 1416. |
What is meant by universe? |
| Answer» The universe (Latin: universus) is all of space and time and their contents, including planets, stars, galaxies, and all other forms of matter and energy. At the largest scale, galaxies are distributed uniformly and the same in all directions, meaning that the universe has neither an edge nor a center. | |
| 1417. |
Give an example where only secondary data can be used. |
| Answer» Census | |
| 1418. |
why should consumer equilibrium point be located on the budget line? |
| Answer» Only a point that lies on the budget line can be the equilibrium point because of the fact that only the combination of goods as represented by these points is affordable by the consumer given his income. On the other hand, the points that lie above the budget line are not affordable by the consumer, thereby, cannot be the equilibrium. In contrast to this, consumption bundles that lie below the budget line leave the consumer with some unspent income. This suggests that the consumer can have more of at least one of the goods and no less of the other. Thus, only a point on the budget line can be the equilibrium point for a consumer.\xa0 | |
| 1419. |
Is marginal utility and initial utility same or differ |
| Answer» Thanks ?<br>Can u pls explain me in detail<br>It\'s different | |
| 1420. |
Which source of data is easierto use? Give reason for your answer. |
| Answer» Secondary dataAs it is easily accessible ? | |
| 1421. |
What is the main features of statistic as a numerical data?describe any four. |
| Answer» 1. Aggregate of Facts:\xa0Single or isolated figures are not considered to be statistics because such figures are unrelated and cannot be compared. A single figure of the boy of 26 years would not constitute statistics. It is just a numerical statement the fact. Statistical data are concrete numbers which represent objects2. Systematically Arranged: A proper plan should be prepared before collecting the statistical data. Data collected in a haphazard manner would lead to false conclusions. Therefore, data should be collected in a systematic manner.3. Statistics are Estimated or Enumerated: According to the feature of statistics, data can be enumerated or estimated. If the numerical statements are precise accurate, then they can be enumerated. Contrary to this, if the field of investigation large and beyond comprehension, then the estimation procedure can be adopted.4. Statistics are numerically expressed: All statistics are expressed numerical figures i.e. expressed in numbers and related to quantitative information only. Qualitative characteristics do not come under statistics unless they are assigned cert; ranks as a quantitative measure of assessment.5. Statistical Data Collected for a Pre Determined Purpose: Collected should be, for a pre determined purpose. The figures are collected with some goal objective in mind. Without any objective collected data will be useless. Thus, the purpose of collecting data must be decided in advance.6. Placed in Relation to each other:\xa0Numerical information\'s must be mud related and comparable. In the absence of such a quality the statistics would se, purpose. For example, statistics related to number of children born, exports country, coal production etc. have no relevance for statistical\xa0 | |
| 1422. |
Differentiate between continuous variable and discrete Variable. |
| Answer» The differences between a discrete and continuous variables are :Discrete Variable:\xa0A discrete variable can take only certain values.Its value changes only by finite ‘jumps’. It jumps from one values to another but does not take any intermediate value between them.For example, in number of students in class Xlth could be 1,2,4,10,11,15,20, etc.Continuous Variable :\xa0A continuous variable is the one which can take any value in a specified interval.For exomp/e, temperature recorded of patients a hospital, wages of all workers in a factory, etc. | |
| 1423. |
DIRECT TAX VS INDIRECT TAX |
| Answer» <video controls> <source src="https://streamable.com/84nocm" </video><br><style>body background #141414 text-align center.welcome margin-top 20px @keyframes wave 0% x -400px 100% x 0 @keyframes fill-up 0% height 0 y 130px 100% height 160px y -30px .water-fill animation wave 0.7s infinite linear, fill-up 10s infinite ease-out alternate </style><br><style>body background #141414 text-align center.Welcome margin-top 20px @keyframes wave 0% x -400px 100% x 0 @keyframes fill-up 0% height 0 y 130px 100% height 160px y -30px .water-fill animation wave 0.7s infinite linear, fill-up 10s infinite ease-out alternate</style><br><a href ="https://www.adityabirlacapital.com/abc-of-money/direct-vs-indirect-tax-what-is-the-difference">Click here for your answer?</a> | |
| 1424. |
What is indirect oral investigation |
| Answer» Thankyou ritik aggarwal | |
| 1425. |
What is questionnaire?? |
| Answer» Questionnaire: A form containing questions to which a subject or subjects respond. The information gained from the questionnaire is often subjected to statistical analysis. Questionnaires can be used to examine the general characteristics of a population, to compare attitudes of different groups and to test theories. Questionnaires appear simple but they are very difficult to compile in a manner which establishes reliability and validity. For example, a question worded in one way, may elicit a different response from the same question worded slightly differently.Following are the characteristics of a good questionnaire:(i) Questions must be worded simply and clearly, not ambiguous or vague. It must be objective.(ii) Attractive in appearance (questions spaced out and neatly arranged).(iii) Write a descriptive title for the questionnaire.(iv) Write an introduction to the questionnaire(v) Order questions in a logical sequence.(vi) Keep questionnaire uncluttered and easy to complete.(vii) Design for easy tabulation.(viii) Design to achieve objectives.(ix) Define each and every term.(x) Avoid double negatives (I have no money).(xi) Avoid double barreled questions (this AND that).(xii) Frame questions for all respondents. | |
| 1426. |
What is meant by planned, market and mixed economy? Explain with examples. |
| Answer» A\xa0mixed economy\xa0is variously\xa0defined\xa0as an\xa0economic\xa0system blending elements of a\xa0market economy\xa0with elements of a\xa0planned economy, free\xa0markets\xa0with state interventionism, or private enterprise with public enterprise.\xa0A\xa0mixed economic\xa0system is a system that combines aspects of both capitalism and socialism. A\xa0mixed economic\xa0system protects private property and allows a level of\xa0economic\xa0freedom in the use of capital, but also allows for governments to interfere in\xa0economic\xa0activities in order to achieve social aims. | |
| 1427. |
What are the some of the important qualities of a good questionnaire? |
| Answer» Following are the qualities of a good questionnaire.\tThe length of questionnaire should be proper one.\tThe language used should be easy and simple.\tThe term used are explained properly.\tThe questions should be arranged in a proper way.\tThe questions should be in logical manner.\tThe questions should be in analytical form.\tComplex questions should be broken into filter questions.\tThe questions should be described precisely and correctly.\tThe questionnaire should be constructed for a specific period of time.\tThe questions should be moving around the theme of the investigator. | |
| 1428. |
Difference between partnership and joint hindu family business ? |
| Answer» Difference between Partnership and Joint Hindu family1. Formation - The basis of Partnership firm is a contract between persons whereas a Hindu undivided family is created by status i.e., a person becomes its member by virtue of his being born in the particular family.2. Addition of a new partner or member - When a new partner has to be introduced into a partnership firm, consent of all the partners is needed for the same whereas no such consent is needed for the addition of a member into the joint Hindu family. A person becomes the member of the family on being born in that family.3. Mutual agency - There is mutual agency between the partners of a particular firm, and the act done by any of the partners binds the firm whereas there is no such mutual agency between the members of a joint Hindu family. The Karta of the joint Hindu family has all the powers to act on the behalf of the family and he is the only person who can represent the family.4. Liability - The liability of a partner is not only joint liability or limited to his share in the partnership business, the liability is several liability also. Such liability is unlimited and even a partner’s personal property can be attached for the partnership debts. On the other hand, the liability of the coparceners, on the other hand, is limited only to the extent of their shares in the family business.5. Minor - A minor cannot become a partner in a firm, he can be admitted only for the benefits whereas a person becomes a coparcener right from his birth. | |
| 1429. |
Normative economics deals with |
| Answer» Normative economics days without linnaean of Economics related to economic issues aur economic problems.Normative statement cannot be termed as true or false .these statements involve opinions only. Normative statements are not verifiable at all. Normative economics involve value judgement. Ex- summary she is that old age pension should be stopped. it is just an opinion.<br>It deals with what ought to be or how the economic problems should be solved . | |
| 1430. |
What do you understand about statistics |
| Answer» \tStatistics is a science that deals with the techniques and methods of collection, classification and presentation of data. It is an aggregate of facts based on cause-and-effect relationship, just like science.\tStatistics is defined as the aggregate of facts. This is because a single figure of output or income cannot be termed statistics. Thus, the aggregate of data is called statistics. | |
| 1431. |
State the objectives of false base line in statistics? |
| Answer» Three\xa0objectives\xa0of using a\xa0false base line\xa0are: Variations of the data are clearly represented. A large part of the graph is not wasted and makes easier to make the graph. It provides a better and faster under | |
| 1432. |
Sir _chapter 4 ke notes |
| Answer» | |
| 1433. |
What do you mean by data |
| Answer» Data is a collection of facts, such as numbers, words, measurements, observations or just descriptions of things.<br>Data is a collection of various facts and figures | |
| 1434. |
what is the proper define of producers equilibrium |
| Answer» that\'s I know plz give me ans in only 1mark??<br>Equilibrium\xa0refers to a state of rest when no change is required. A firm (producer) is said to be in\xa0equilibrium\xa0when it has no inclination to expand or to contract its output. This state either reflects maximum profits or minimum losses.\xa0Producer\'s equilibrium\xa0or optimisation occurs when he earns maximum profit with optimal combination of factors. A profit maximisation firm faces two choices of optimal combination of factors (inputs).\xa0Producer\'s equilibrium\xa0is often explained in terms of marginal revenue (MR) and marginal cost (MC) of production. Profit is maximized (or a\xa0producer\xa0strikes his\xa0equilibrium) when two\xa0conditions\xa0are satisfied – (i) MR = MC, and (ii) MC is rising (or MC is greater than MR beyond the point of\xa0equilibrium\xa0output). | |
| 1435. |
What are main sources of data |
| Answer» Following are the two sources of data:1. Internal Source\tWhen data are collected from reports and records of the organization itself, it is known as the internal source.\tFor example, a company publishes its ‘Annual Report’ on Profit and Loss, Total Sales, Loans, Wages etc.2. External Source\tWhen data are collected from outside the organization, it is known as the external source.\tFor example, if a Tour and Travels Company obtains information on ‘KarnatakaTourism’ from Karnataka Transport Corporation, it would be known as external sources of data. | |
| 1436. |
Report of UNICEF is a source of? |
| Answer» of information on the situation of children around the world. Our work is grounded in empirical data, rigorous research and thoughtful analysis. | |
| 1437. |
Kind of central problem |
| Answer» 1) whom to produce 2) how to produce3) for whom to produce<br>There are there kind of central problem 1. How do produce 2. Whom to produce3. When to produce | |
| 1438. |
Why is choice essential in the study of economics ? |
| Answer» This is correct or wrong<br>Economics is a science which deal with allocation of scarce resources in a systematic manner inorder to meet our unlimited wants | |
| 1439. |
Karlpearson fotmula |
| Answer» | |
| 1440. |
Describe the problem of what to produce |
| Answer» The central problem of "what to produce?" which is faced by the economy where the economy decides the goods that needs to be produce in the economy wether consumer or capital goods to satisfy human wants keeping in mind the available resources and state of technology in the economy. | |
| 1441. |
Why does demand curve slope downward and exceptions to the low of demand? |
| Answer» hello of demand feel the demand curve does note slope downward slope outward man price increases from demand extends from conversely and prices decrease in demand strings from as already stated positive relationship between demand and price of commodity is acceptable in case of refund goods or when goods are demanded simply because off their high price ,aur when goods are demanded simply because of their high price or when consumers does the quantity of a commodity by its price.<br>Nahi pata | |
| 1442. |
1. Explain the problem of allocation of resources faced by an economy. |
| Answer» Central problems of an economy are. What to produce, How to produce, and For whom to produce. \'What to produce\' relates to the problem of choice of goods and services to be produced. \'How to produce\' relates to the choice of technique of production. It involves a choice between labour-intensive technique and capital - intensive technique. \'For whom to produce\' relates to the distribution of goods and services across different sections of the society. It focuses on the issue of Economic Equality. | |
| 1443. |
Explain two necessary conditions to attain consumers equilibrium in case of two commodities |
| Answer» A consumer is in equilibrium when given his tastes, and price of the two goods, he spends a given money\xa0income\xa0on the purchase of two goods in such a way as to get the maximum satisfaction, According to Koulsayiannis, “The consumer is in equilibrium when he maximises his utility, given his\xa0income\xa0and the market prices. Consumer Equilibrium in Case\xa0of a\xa0Two Commodity, With\xa0the\xa0Help of Utility Analysis. Suppose, a\xa0consumer\xa0consumes only\xa0two\xa0goods X and Y. He will\xa0attain equilibrium\xa0only if he allocates his given income on\xa0the\xa0purchase of good X and Y in such a way that per rupee MU of\xa0both the\xa0products is equal and he gets maximum TU. | |
| 1444. |
Mention the four main merits and demerits of the sample method...? |
| Answer» Merits:1.\xa0Economical:\xa0It is economical, because we have not to collect all data. Instead of getting data from 5000 farmers, we get it from 50-100 only.2.\xa0Less Time Consuming:As no of units is only a fraction of the total universe, time consumed is also a fraction of total time. Number of units is considerably small, hence the time.3.\xa0Reliable:\xa0If sample is taken judiciously, the results are very reliable and accurate.\xa0Demerits:1.\xa0Absence of Being Representative:\xa0Methods, such as purposive sampling may not provide a sample, that is representative.2.\xa0Wrong Conclusion:\xa0If the sample is not representative, the results will not be correct. These will lead to the wrong conclusions.\xa03.\xa0Small Universe:\xa0Sometimes universe is so small that proper samples cannot be taken not of it. Number of units are so less. | |
| 1445. |
What is the difference between census method and sampling method..? |
| Answer» \tSr.No.Census Method (survey)Sr.No.Sample Method(1)In census survey, information is collected from each and every unit of the population.(1)In sample survey, information is collected from a few selected unit of the population.(2)It is very expensive and time-consuming.(2)It is less expensive and less time-consuming.(3)It is suitable where the field of investigation is small.(3)It is suitable where the field of investigation is large.(4)It is more accurate and reliable.(4)It is less accurate and less reliable.(5)It rules out the possibility of any personal biases.(5)It holds the chance of personal biases in the selection of samples.\t | |
| 1446. |
Explain the main limitations of Statistics. at least 6 points sir/mam |
| Answer» The word statistics is used both in plural as well as in singular sense. In plural sense, statistics means numeric facts which can be used to draw conclusions and in singular sense, it means the statistical methods with the help of which statistical information is used to treat and draw conclusions from them.There are following limitations of statistics :Sometimes, when data are not properly collected 1 then there is likelihood to draw wrong conclusions.Therefore, it is necessary to know the limitations of statistics.(i) Statistics does not study about individuals : Statistics are expressed in facts. It does not study individuals. For example, there are five students in a class. Statistics only tells the average marks obtained in class not how many marks are obtained by every student in the class.(ii) It does not study the qualitative aspect of problem : The most important condition of statistical study is that subject of investigation and inquiry should be capable of being qualitatively measured. For example, honesty, poverty, etc.(iii) Statistics can be misused: The result obtained can be manipulated accordingly to one’s own interest and such manipulated results can mislead the community.(iv) Statistical results lack mathematical accuracy: The results drawn from statistical analysis are normally in approximates. As the satistical analysis is based on observation of mass data, number of inaccuracies may be present and it is difficult to rectify them.(v) Uniformity and homogeneity of data : It is essential that data must have the quality of uniformity and homogeneity. Heterogeneous data are not comparable. For example, it would be meaningless to compare the heights of men with heights of trees because these figures are of heterogeneous character. | |
| 1447. |
. Define Statistics. What are its basic characteristics? at least 4 main points |
| Answer» The word statistics is used both in plural as well as in singular sense. In plural sense, statistics means numeric facts which can be used to draw conclusions and in singular sense, it means the statistical methods with the help of which statistical information is used to treat and draw conclusions from them.There are following limitations of statistics :Sometimes, when data are not properly collected 1 then there is likelihood to draw wrong conclusions.Therefore, it is necessary to know the limitations of statistics.(i) Statistics does not study about individuals : Statistics are expressed in facts. It does not study individuals. For example, there are five students in a class. Statistics only tells the average marks obtained in class not how many marks are obtained by every student in the class.(ii) It does not study the qualitative aspect of problem : The most important condition of statistical study is that subject of investigation and inquiry should be capable of being qualitatively measured. For example, honesty, poverty, etc.(iii) Statistics can be misused: The result obtained can be manipulated accordingly to one’s own interest and such manipulated results can mislead the community.(iv) Statistical results lack mathematical accuracy: The results drawn from statistical analysis are normally in approximates. As the satistical analysis is based on observation of mass data, number of inaccuracies may be present and it is difficult to rectify them.(v) Uniformity and homogeneity of data : It is essential that data must have the quality of uniformity and homogeneity. Heterogeneous data are not comparable. For example, it would be meaningless to compare the heights of men with heights of trees because these figures are of heterogeneous character.<br>at least 6 main points sir/mam | |
| 1448. |
. Scarcity causes economic problem. How? at least 4 main points |
| Answer» Resources such as land, labour and capital are limited in relation to their demand and economy cannot not produce all that people required to satisfy themselves. This is why the existence of economic problems in an economy. Scarcity is universal which is applicable to all individuals, institutions and economy as a whole. If there is abundant or sufficient resources then there will not be any problem in an economy. Hence, scarcity leads to economic problem. | |
| 1449. |
statistical method are no substitute for common sense. comment [at least 4 points |
| Answer» It is true that statistical methods are no substitutes for common sense and that one must not believe statistical data blindly as they can be misterpreted or misused.Statistical data may have errors made by the investigator while collecting or analysing data.For example, you may find relationships such as; more the number of schools in an area, more will be the number of educated children. While this may be proved true statistically but this doesnot match with common sense.\xa0Thus it is important that one uses his/her common sense while working with statistical data. | |
| 1450. |
Chapter one mcq |
| Answer» | |