Explore topic-wise InterviewSolutions in Class 11.

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.

1451.

Define market

Answer» “The term ‘market’ is not any particular place in which things are bought and sold But the whole of any region where buyers and sellers are in such free intercourse with one another that the price of the same goods tend to equality easily and quickly.”
1452.

What do you mean by individual series and discrete series

Answer» Individual Series ;-When the raw data is presented individually in the form of a series, it is called an individual series. In simple words, individual series is the arrangement of raw data individually. It gives numeric values for a specific situation. In an individual series items are shown singly.For example, following are the marks of secured by the students in a class out of 100.56, 77, 88, 49, 60, 92, 70, 81, 69, 51,As we can see, in the above data, it is not clear that how many students got 56 marks or how many got 77 and so on.Discrete Series :-On the other hand, discrete gives data for each specific value of variable. The important thing in the discrete series is that, the variable involved in the series has integer values. Data are presented in a manner that exact measurement of items are clearly shown.\xa0For example, Given below is a table that shows the wages earned by 30 workers.\xa0Wages No. of Workers (Frequency)\xa02500 7 \xa03000 9\xa04000 5\xa04500 6 \xa05000 3From the above table, it is very clear that 7 workers are getting wages Rs. 2500, 9 workers are getting Rs. 3000 and so on.
1453.

Indirect oral investigation

Answer» In Indirect Oral Investigation, data is collected through indirect sources. Persons who are likely to have information about the problems, are interrogated and on the basis of their answers, factual data have to be compiled. Most of the commissions of enquiry appointed by government collect primary data by this method. The accuracy of the method depends largely upon the type of persons interviewed and hence these persons have to be selected very carefully.Merits of Indirect Oral Investigation:(i) It is economical in terms of time, cost and manpower.(ii) Confidential information can be collected.(iii) Information is likely to be unbiased and reliable.(iv) This method is relatively simple to under-stand.Demerits of Indirect Oral Investigation.(i) The degree of accuracy of information is less.(ii) This method leads to doubtful, conclusion due to ignorance and carelessness of the witness.
1454.

What is law of diminishing marginal product?

Answer» Law of diminishing marginal product or productivity is an economic theory. It proclaims that while increasing one input and maintaining other inputs constant initially helps in increasing the output, a further increase in the input will have a restricted effect and will ultimately have nil consequence or a pessimistic effect on the output.The Law of Diminishing Marginal Productivity helps in understanding why increased manufacturing isn’t always the best way to increase profitability.
1455.

Define variable

Answer» A characteristic which is capable of being measured and changes its value over time is called a variable.
1456.

How many chapters are there in microeconomics?

Answer»
1457.

Define statiscs as a singular noun

Answer» \'Statistics\' is also a\xa0singular\xa0word denoting a field of knowledge. ... A \'statistic\' is a numerical fact, or a piece of numerical information or data, and collections of such things are called \'statistics\'\xa0plural. So\xa0statistics\xa0(plural) are part of the concern of\xa0statistics. In its\xa0plural\xa0sense,\xa0statistics\xa0refers to information in terms of numbers or numerical data such as population\xa0statistics, employment\xa0statistics\xa0etc.
1458.

Can any one tell me Q1.what do you mean by economic activity....?

Answer» Economic activities are those activities which are undertaken by human beings with the main objective of earning money...means Economic is related to money so money related activities are called exonomic activities
1459.

explain the effect on ppc when change in resource happens

Answer» It has been deleted from course
1460.

Show underemployment of resource with ppc?

Answer»
1461.

Who are economics agents?

Answer» Consumer is a economic agent who consumes final goods and services<br>Economics agents are those who take Economic decisions. In microeconomics there are Individual economic agents and at macro level there are institutional Economic agents who take Economic decisions.
1462.

what is change in demand ?

Answer» Simply demand changes with not change with its own price<br>Changes in demand include an increase or decrease in demand. Due to the change in the\xa0price\xa0of related goods, the income of consumers, and the preferences of consumers, etc. the demand for a product or service changes.So there are two possible changes in demand:\tIncrease (shift to the right) in demand\tDecrease (shift to the left) in\xa0demand
1463.

What are goods/commodity?

Answer» Goods/commodity simply refers to the material used for people.<br>Commodity and goods are the want satisfying material for the people<br>Commodity and goods are the want satisfying material for the people.
1464.

Why we study economics?

Answer» Main reason-SCARCITY<br>The main reason for study of economics can be simplified to a single word - scarcity
1465.

Explain the conditions of consumer’s equilibrium in case of two commodities. Use table.

Answer» I donot know this chapter at all ..it is very and very much difficult<br>There are two necessary condition to attain consumer\'s equilibrium in case of two commodities 1)The ratio of marginal utility to price is same in the case of both goods. 2)MU falls as consumption increasesUnits MU of. MU od Commodity x. Commodity y1 20 162 14 123 12 84 7 55 5 3
1466.

Why should there be huge unemployment in india when scarcity of resources is a universal fact

Answer» Factors of production (labour and capital) are always jointly used: Labour is combined with capital (say plant, machinery etc). In India, there is severe shortage of capital. In the absence of capital, labour cannot be used. Hence, there is huge unemployment of labour although scarcity of resources is a universal fact.
1467.

Discuss the published source of secondary data ?

Answer» Secondary data is usually gathered from the published (printed) sources. A few major sources of published information are mentioned below:\tPublished articles of local bodies and Central and State Governments.\tStatistical synopses, census records and other reports issued by different departments of the Government.\tOfficial statements and publications of the foreign Governments.\tPublications and Reports of chambers of commerce, financial institutions, trade associations, etc.,\tMagazines, journals and periodicals.\tPublications of Government organizations like the Central Statistical Organization (CSO), National Sample Survey Organization (NSSO).\tReports presented by Research Scholars, Bureaus, Economists, etc.,
1468.

Explain the central problem of an economy

Answer» The basic economic activities of life are production, distribution and disposition of goods and services. A society will be facing scarcity of resources during the time of fulfillment of these activities.\xa0The central problems of an economy revolve around these factors.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.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:*Labour Intensive Techniques*Capital Intensive TechniquesFor 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.<br>The basic economic activities of life are production, distribution and disposition of goods and services. A society will be facing scarcity of resources during the time of fulfillment of these activities.\xa0The central problems of an economy revolve around these factors.\tWhat to produce?\tIt 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.\tHow to produce?\tThis 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:\t*Labour Intensive Techniques\t*Capital Intensive Techniques\tFor whom to produce?\tThis 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.
1469.

(क)\tसांख्यिकी केवल मात्रात्मक आँकड़ों का अध्ययन करती है। सही है या नहीं

Answer»
1470.

how to claculate frequency distribution in using inclusive method

Answer» Prepare a\xa0frequency distribution\xa0by\xa0inclusive method\xa0taking class interval of 7 from the fol-lowing data. As in the question, the lowest value is 1 and the highest is 37. We have to take a class interval of 7. The various class interval of 7 on\xa0inclusive\xa0basis are given.Steps to Making Your\xa0Frequency Distribution\tStep 1: Calculate the range of the data set. ...\tStep 2: Divide the range by the number of groups you want and then round up. ...\tStep 3: Use the class width to create your groups. ...\tStep 4:\xa0Find\xa0the\xa0frequency\xa0for each group.
1471.

What\'s the meaning of fiscal policies?

Answer» Thanks?<br>Fiscal Policy is the mechanism by means of which a government makes adjustments to its planned spending and the imposed\xa0tax\xa0rates to monitor and thus in turn influence the performance of a country’s economy. It is implemented along with the monetary policy by means of which the central bank of the nation influences the nation’s\xa0money supply. Together these policies go hand in hand to direct a country’s economic goals.
1472.

statistical methods are dangerous weapons in the hands of an unqualified person . explain

Answer» Yes,statistical methods are dangerous in the hands of an qualified person as that person is not qualified.Also for interpreting the data experts are needed for great accuracy.For example in a family 4 persons (father,2 children,mother) have to cross the river.For that the father took average of their height and found it greater than river.But when they crossed 2 children drowned. In this example the statistical method is not wrong but the father used it in wrong situation and misinterpreted it.Therefore we can conclude that statistical method should be interpreted and used by experts only.<br>Why is choice essential in the study of economics
1473.

Discuss the subject matter of economic

Answer» Economics is a social science concerned with the administration of scarce resources. Resources are objects and services that are capable of satisfying human wants either directly or indirectly by helping to produce other objects and services whose use satisfies human wants.
1474.

Explain the condition of consumer\'s equilibrium when he consumes only on good.

Answer» Consumer equilibrium refers to when a consumer gets maximum satisfaction with limited money and he doesn\'t want to change the position and want to remain as it is. For consumer equilibrium in one good the marginal utility of the good should be equal to the amount paid i.e., Mux=Pux. If the Mux is greater than Pux than the consumer should consumer more good due to this Mux will decrease and then it will be equal to Pux.If the Mux is less than Pux than the consumer will decrease his consumption till Mux becomes equal to Pux.
1475.

How does total product behave with change in marginal product

Answer» Fixed costs\xa0are\xa0those that\xa0do\xa0notchange\xa0as the level of\xa0output changes. ... As\xa0production\xa0increases,\xa0totalvariable costs increase at a decreasing rate, since the\xa0marginal product\xa0for each additional worker\xa0is\xa0increasing. With diminishing\xa0marginal product, thetotal\xa0variable cost increases at an increasing rate.<br>Fixed costs\xa0are\xa0those that\xa0do\xa0notchange\xa0as the level of\xa0output changes. ... As\xa0production\xa0increases,\xa0totalvariable costs increase at a decreasing rate, since the\xa0marginal product\xa0for each additional worker\xa0is\xa0increasing. With diminishing\xa0marginal product, thetotal\xa0variable cost increases at an increasing rate.<br>How does total product behave with change in marginal product
1476.

Write a brief note on the use of statistics in your daily life giving a few examples

Answer» Statistics\xa0is the study that deals with the collection and analysis of data. It is mostly used to keep records, calculate probabilities, and provide knowledge. Basically it helps us understand the world a little bit better through numbers and other quantitative information. Doctors, engineers, artists, and businessmen all\xa0use statistics\xa0to\xa0make\xa0predictions about future events. For\xa0example, doctors\xa0use statistics\xa0to understand the future of a disease. They are better able to predict about the prevalence of flue each winter season through the\xa0use of statistics.
1477.

Explain the central problem of economey in detail.

Answer» The basic economic activities of life are production, distribution and disposition of goods and services. A society will be facing scarcity of resources during the time of fulfillment of these activities.As such scarcity is evident, due to the availability of limited resources, and human needs having no limit. Therefore, this variation between the supply and demand leads to the formation of central problems of an economy.The central problems of an economy revolve around these factors.\tWhat to produce?\tHow to produce?\tFor whom to produce?
1478.

Explain the consumer equilibrium with the help of table and diagram

Answer» A consumer is in a state of equilibrium when he maximizes his satisfaction by spending his given income on different goods and services. Any deviation or change in the allocation of income under the given circumstance will lead to a fall in total satisfaction.For one-commodity case: Rupee worth of satisfaction actually received by the consumer is equal to the marginal utility of money as specified by the consumer himself.\xa0Condition 1 : MU(of good X) = MU(of money) OR , PRICE(of good X) = MU(of money)Reason: Price paid by the consumers should be exactly equal to the money value of MU that he derives. In case P(of X) is lesser than the MU(of money), he should be prompted to buy more of good X. Higher consumption will lead to a fall in MU. The consumption of good X would stop only when P(of good X) will be equal to MU(in terms of money). Likewise, if P(of X) is greater than MU(in terms of money), the consumer will be prompted to buy less of good X, leading to a fall in MU.Condition 2: Marginal utility of money remains constant.Condition 3: Law of marginal utility holds good.For two-commodity case: Rupee worth of marginal utility of money should be same across good X and good Y, and equal to marginal utility of money.Reason: In case rupee worth of satisfaction (MU of good X/ price of good X) is greater for good X than good Y, the consumer will be prompted to buy more of good X and less of good Y. This would lead to a fall in marginal utility of good X and a rise in marginal utility of good Y. This process would continue till\xa0MU(of good X)/ Price of good X = MU(OF GOOD Y)/ Price of good Y = MU(of money) . In case rupee worth of satisfaction (MU of good y/ price of good Y) is greater for good Y than good X, the consumer will be prompted to buy more of good Y and less of good X. This would lead to a fall in marginal utility of good Y and a rise in marginal utility of good X.
1479.

Can anyone please suggest some youtube channel for economics.(STATISTICS FOR ECONOMICS)

Answer» Economics on your tips<br>Economics on your tips<br>And one more thing don\'t be panic because at some point of time l was in the same place. So, in my view you should buy books written by Chandan Pathak and then follow his You Tube channel (pthk edukation) and you can also download pthk edukation app from play store. Hope, it helps!<br>You can visit C.A Parag Gupta channel or Chandan Pathak\'s channel:- pthk edukation. But, remember you should buy some reference book first. You can buy books online written by Chandan Pathak. You can order it from Flipkart or Amazon. If you have again any query then please ask it, l will try to solve it.
1480.

Who is the father of statastics

Answer» Sir Ronald Aylmer Fisher who was a British statistician, is considered by many to be the father of the modern statistics.
1481.

Explain briefly the law of demand with the help of schedule ?

Answer» (A) INTRODUCTION:The law of demand is one of the important law of consumption which explain the functional relationship between price and quantity demanded of a commodity. Dr. Alfred Marshall in his book "Principles of Economics", has explained the consumer\'s behaviour as follows:(B) STATEMENT OF THE LAW:"Other thins being equal, the amount demanded increases with a fall in price and diminishes with a rise in price." In other words, other things remaining constant, demand varies inversely with price i.e. when price falls demand expands or (rises) and when price rises, demand contracts or (falls). Marshall\'s law of demand describes the functional relationship between demand and price. It can be presented as:Dx\u200b=f(Px\u200b)\xa0i.e. Demand for\xa0x\xa0is a function of Price of\xa0x.This functional relationship is inverse and negative because larger quantity is demanded when price falls and smaller quantity will be demanded when price rises.(C) Explanation of the law of demand with the help of market demand schedule and diagram (Curve):(1) Market Demand Schedule: It is a tabular representation of various quantities of a commodity demanded by different consumers at different prices during a given period of time. It is a imaginary schedule:\tPrice of Commodity\xa0X (per unit in Rs.)Total Market Demand (per day)50100\xa0Units40200\xa0Units30300\xa0Units20400\xa0Units10500\xa0Units\tFrom the above schedule we observe that at a higher price of\xa0Rs.50\xa0per unit of commodity\xa0X\xa0the market demand is low i.e. only for\xa0100\xa0units and at a lower price of\xa0Rs.10, the market demand rises to\xa0500\xa0units. This shows a inverse relationship between price and quantity demanded.(2) Market Demand Curve: It is a graphical representation of market demand schedule. Measure price of\xa0Y\xa0axis and quantity demanded on\xa0X\xa0axis and plot the schedule on this graph to get the demand curve\xa0DD. The demand curve\xa0DD\xa0slopes downwards from left to right showing a inverse relationship between price and demand. It has a negative slope.(D) Assumption of the Law of Demand:The law of demand is based on the following assumption or conditions:(1) No change in consumer\'s income: Consumer\'s income must remain unchanged because if income increases consumer may buy more even at a higher price invalidating the law of demand.(2) No change in the size and composition of population: The size of population, gender ratio and age composition are assumed to remain constant. As such changes are sure to affect demand.(3) No change in consumer\'s taste, preference, habits and fashions: If the taste changes then the consumer\'s preference also will change which will affect demand. When commodities go out of fashion then demand will be low even at a low price.(4) No expectation of future price change: The consumers do not expect any significant rise or fall in the future prices.(5) No change in prices of related goods: The law assumes that prices of substitutes and complementary goods remain constant.(6) No change in tax policy of the Government: The level of direct and indirect tax imposed by the government on the income and goods should remain constant.<section></section><br>The law of demand is one of the important law of consumption which explain the functional relationship between price and quantity demanded of a commodity. Dr. Alfred Marshall in his book "Principles of Economics", has explained the consumer\'s behaviour as follows:(B) STATEMENT OF THE LAW:"Other thins being equal, the amount demanded increases with a fall in price and diminishes with a rise in price." In other words, other things remaining constant, demand varies inversely with price i.e. when price falls demand expands or (rises) and when price rises, demand contracts or (falls). Marshall\'s law of demand describes the functional relationship between demand and price. It can be presented as:Dx\u200b=f(Px\u200b)\xa0i.e. Demand for\xa0x\xa0is a function of Price of\xa0x.This functional relationship is inverse and negative because larger quantity is demanded when price falls and smaller quantity will be demanded when price rises.
1482.

bumber production boon or bane for the farmer

Answer» A bumper harvest is a boon to farmers more than it is a bane.However in some circumstances it can be either, depending on the market scenarios and the market opportunities.Explanation:A boonA bumper harvest in most instances is a boon or blessing to the farmers.When farmers have a bumper harvest, they reap more and earn a lot from sales. This however depend on market availability, availabilty of transport and/or availabilty of storage faciities.If the farmers\' products hit the market in a timely manner, they are more likely to get more returns and it becomes a success story.A baneImagine if all the farmers planting the same crop as you did had a bumper harvest, this would mean that you not are the only person with plenty.The only way you would be able to a get a good deal from the market is if your products hit the the market first or early enough.At times, many farmers don\'t plan well and their bumper harvest end up as loss due to lack of storage and/or transportation facilities.However, in the long run, most of the time, the bumper harvest end as a blessing to the farmers. Since they are dealing with surplus, the farmers do not really have much to lose.
1483.

Consumer equilibrium using utility approach

Answer» When consumers make choices about the quantity of goods and services to consume, it is presumed that their objective is to\xa0maximize total utility.\xa0In maximizing total utility, the consumer faces a number of\xa0constraints, the most important of which are the consumer\'s\xa0income\xa0and the\xa0prices\xa0of the goods and services that the consumer wishes to consume. The consumer\'s effort to maximize total utility, subject to these constraints, is referred to as the\xa0consumer\'s problem.\xa0The solution to the consumer\'s problem, which entails decisions about how much the consumer will consume of a number of goods and services, is referred to as\xa0consumer equilibrium.
1484.

Write the properties of IC with diagram and their explanation

Answer» Properties of ic curve are 1. Ic curve downward2. Ic is convex to the origin3. Higher ic shows higher level of satisfaction 4. Ic do not cross and intersect each other5. Ic do not touch x axis or y axis
1485.

What is an economy? Explain its various types ?

Answer» It is as system in which people earn for a living and to satisfy their wants through process of production consumption investment and exchange .. there are three types of economy 1. Controlled or centrally planned economy : In this economy economic activities are controlled by government or some central authority. Public sector dominates the economic activity under this section motive behind every decision is social welfare.2. Free economy or Market economy:These are the economies where the economic activity are controlled by the market forces and all the resources are controlled by the people . Private sector dominates the economic activities under this section motive behind every decision is profit.3. Mixed economy:These are the economies where the economic activities are governed by the free play of market forces but are regulated by government both private and public sector dominates the economic activities . Motive behind every decision is both profit and social welfare
1486.

What is the example of capitalist economy ❓❓

Answer» Thankuu❤❤<br>Capitalism\xa0is an\xa0economic\xa0system in which private individuals or businesses own capital goods. The production of goods and services is based on supply and demand in the general market—known as a market\xa0economy—rather than through central planning—known as a planned\xa0economy\xa0or command\xa0economy.\xa0Examples. The United States is one\xa0example of capitalism, but it doesn\'t rank among the 10 countries with the freest markets, according to the Index of\xa0Economic\xa0Freedom.
1487.

In which yeares will the next census he held in India

Answer» Thanks<br>2021
1488.

What is the main difference between potential level of output and actual level of output

Answer» Actual Output can be defined as the growth in the quantity of goods and services produced in a country, or in other words the percentage chance in GDP. While Potential Output is the change in the productive potential of a economy over time.\xa0To put this in simpler terms actual output is\xa0growth that has actually happened in real life,\xa0while potential output is how much growth the economy could achieve. The difference between actual output and potential output is known simply\xa0as the output gap. A positive output gap is when actual GDP is above the productive potential of the economy, while a negative output gap is when actual GDP is below the productive potential of an economy.
1489.

Define attainable and non attainable combinations of output with help of diagram

Answer» In Economical terms, an\xa0attainable combination\xa0is the set or combination of two goods which is feasible by the economy to manufacture with the available resource allocation and technology.Unattainable combination\xa0is the combination of two goods which is not possible to be produced with allocated resource and available technology.In a Production Possibility Curve (PPC) that represents the production of two goods, the points that lie on the curve shows the attainable combination (efficient) and those points that lie within the curve also shows attainable combination but it is inefficient production.Points on the right on outside the curve represents the unattainable combination of goods.
1490.

Explain the central problems of an economy

Answer» The basic economic activities of life are production, distribution and disposition of goods and services. A society will be facing scarcity of resources during the time of fulfillment of these activities.As such scarcity is evident, due to the availability of limited resources, and human needs having no limit. Therefore, this variation between the supply and demand leads to the formation of central problems of an economy.The central problems of an economy revolve around these factors.\tWhat to produce?\tHow to produce?\tFor whom to produce?
1491.

Represent the following data which gives us the import of India from 1984 to 1987

Answer»
1492.

Hii Aarti in here Please some help economic chapter 1

Answer»
1493.

Different between direct investigation and oral investigation

Answer» Direct personal investigation:1.\xa0In this investigation, the\xa0data collected is original\xa0in manner.2.\xa0The\xa0field of the investigation\xa0will be\xa0limited3.\xa0The\xa0information\xa0is highly\xa0reliable.Indirect oral investigation:1.\xa0In this investigation, the\xa0method of collecting data\xa0may lead to\xa0false conclusions.2.\xa0The\xa0field of investigation\xa0can be\xa0large.3.\xa0The\xa0information\xa0can be\xa0wrong or biased.
1494.

Define problem what to produce?

Answer» what do you produce is the problem arises do the due to the fact that means are scarce in relation to their wants .1. first the economy has decided to what goods and services are to be produced.2. when on economy has taken a decision as to what goods or services are to be produced then it has to be decide about its quantity.
1495.

The amount of non responses is maximum in options :A.

Answer»
1496.

Economics is a art or Science.Explain with appropriate examples .

Answer» Both
1497.

What is debates between liabilities and e

Answer» Please ask question with complete information.
1498.

What is Indication of point?

Answer» anything serving to indicate or point out, as a sign or token. a special symptom or the like that points out a suitable remedy or treatment or shows the presence of a disease. an act of indicating. the degree marked by an instrument.
1499.

Statistics solves economic problems

Answer» Statistics solves economic problem.Statistics\xa0acts as a tool in the hands of economists that enables them to understand and evaluate an\xa0economic problem. The causes of a\xa0problem\xa0are identified through\xa0statistical\xa0tools and methods and policies and rectification measures are formulated accordingly.
1500.

What is constitutional amendments

Answer» \xa0Adding of any provision or changing any provision of the Constitution is referred to as the Constitutional amendment.\xa0The members of the Constituent Assembly who drafted the Constitution of India did not want it to remain rigid and static. They wanted a Constitution which can reflect changes in the society. The framers wanted the Constitution to be in accordance with the people’s aspirations and changes in society. As a result, they framed a Constitution, whose provisions can be changed keeping in mind the changes occurring in the society.