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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.
| 1501. |
With the help of an imaginary example, prepare a blank three way table |
| Answer» | |
| 1502. |
Distinguish between statistics in the singular and plural sense |
| Answer» Singular Sense:In singular sense, it means the science of counting or science of average. This definition has the following features:\tCollection of data:\tMost of the statistical analysis is performed on the basis of collected data. The methods of data collection like primary and secondary, census and sampling etc. are related with data collection.\tOrganization of data:\tAfter collecting data, systematic arrangement is essential. They are organized and presented in table on the basis of rows and columns. This process is known as presentation of data.\tAnalysis of data:\tThe organized data presented need to be analyzed. There are various tools of analysis in statistics like average, co-relation, regression, dispersion, etc.\tInterpretation of data:\tAfter analysis, results are interpreted and conclusions are drawn. IT is the last and most essential part of the work. If findings are interpreted wrongly, wrong conclusion is obtained.Plural Sense:In the plural sense, it refers to the numerical facts and figure systematically collected for some special purpose. This definition has the following features:\tStatistics are aggregate of facts:\tIn statistics, the single numerical figure has no meaning. It is not statistics. The numerical figures of production, income, price of commodities, students of the class etc. are statistics.\tThe values of statistics are numerically expressed:\tThe values of statistics are countable as well as numerically expressed. For example, the numbers of students in Siddhartha College in grade 11 are 400. Among them 264 are female and 136 are male, which constitute statistics.\tStatistics are collected in a systematic manner:\tFirstly, we have to think about the field of study. Then, data should be collected by applying suitable methods and work should be carried out in systematic manner. Otherwise, interpretation and conclusion may be wrong or misleading.\tStatistics are collected for a pre-determined purpose:\tWe must have well defined purpose, specific aims and objectives before we collect data. Suppose, if we want to compare the performance of students in grade XI in Siddhartha College in one subject or more, we must specify the subject and the year, for which comparison is carried out.\tStatistics makes easy to comparison:\tThe collected numerical data constitute statistics if they are comparable. To make valid comparison, the data should be homogeneous. For example, the passed number of students of Siddhartha College and other College constitute statistics, as they are comparable. But weight of the students and their intelligence do not constitute statistics as they are not comparable. | |
| 1503. |
What\'s the names of book of economy class 11 |
| Answer» 1) Statistics For Economics2) Introductory Microeconomics | |
| 1504. |
how the problem of resource allocation solved in a free economy ? |
| Answer» In a\xa0free\xa0market\xa0economy, prices of commodities in the market are affected by the forces of demand and supply. This generates open competition in the market which leads to optimum\xa0allocation\xa0and utilization of\xa0resources\xa0in the\xa0economy\xa0without any planning or intervention of any authority.\xa0The\xa0resource allocation problem\xa0seeks to find an optimal\xa0allocation\xa0of a fixed amount of\xa0resources\xa0to activities so as to minimize the cost incurred by the\xa0allocation. ... This can be viewed as a special case of the nonlinear programming\xa0problem\xa0or the nonlinear integer programming\xa0problem. | |
| 1505. |
State the importance of statistics ? |
| Answer» 1. Quantitative expression of economic problems: Statistics is an essential tool for an economistto understand the problems of an economy through quantitative data. Example: The problem of poverty in India can be quantitatively expressed as there is a substantial decline in poverty ratiosin India from 55% in 1973to 36% in 1993. 2. Inter-sectoral and inter-temporal comparisons: Thisquantitative data is further used to make inter sectoral comparison ,i.e. across different sectors of the economy and inter-temporal comparisons „i.e. over different plan periods of the rural and urban unemployment.3. Cause and effect relationship: Different sets of data are used to find the cause and effect relationship. This enables policy makers to formulate policy to solve the problem of an economy | |
| 1506. |
What is inferior goods |
| Answer» Definition:\xa0An inferior good is a type of good whose demand declines when income rises. In other words, demand of inferior goods is inversely related to the income of the consumer.Description:\xa0For example, there are two commodities in the economy -- wheat flour and jowar flour -- and consumers are consuming both. Presently both commodities face a downward sloping graph, i.e. the higher the price the lesser will be the demand and vice versa. If the income of consumer rises, then he would be more inclined towards wheat flour, which is a little costly than jowar flour.<br>There are a few commodities the demands for which move in the converse path of the earning of the customer. These goods are known as inferior goods.As the earning of the customer rises, the demand for an inferior good drop, and as the earning drops, the demand for inferior good increases. Instances of inferior goods incorporate low quality food items like cereals. A commodity can be a normal commodity for the customer at some degrees of income and an inferior commodity for them at other degrees of income. At very low levels of earning, a customer’s demand for low-quality cereals can rise with earning. However, after a level, any rise in earning of the customer is likely to drop his or her consumption and utilization of such food items as they change to better quality cereals. | |
| 1507. |
what is epicentre of growth |
| Answer» The place inside the earth\'s crust where the earthquake is generated, is called focus of the earthquake. The point on the earth\'s surface directly above the focus is called epicentre. | |
| 1508. |
What will happen if the current prices go up? |
| Answer» What is economic | |
| 1509. |
Arrange on frequency |
| Answer» | |
| 1510. |
Explain direct method of calculating mean |
| Answer» 1. Direct MethodIn this method, the formal definition of mean is used. The values of items are simply summed and divided by the number of observations.Mean=∑X÷NThe formula for the direct method is as follows:Mean=\xa0∑fX/∑fHere,\xa0∑fX= Summation of the product of values of items with their corresponding frequencies∑f= Summation of all the frequencies<br>Mean (or average) of observations, as we know, is the sum of the values of all the observations divided by the total number of observations. If x1, x2,… + fn xn, and the number of observations = f1 + f2 + . . . ... + fn. | |
| 1511. |
Labour intensive and capital inensive |
| Answer» Labour-intensive production In Economics, labour is the all human efforts in the production. Labour does not only mean the labourers in an industrial site. If we take an example of a tourist resort, labour includes the receptionists, bell boys, bartenders, waiters, admin assistants, telephone operators etc.Labour-intensive production means that the way that a good or service is produced depends more heavily on labour than the other factors of production, such as capital.Labour intensive method of production is usually used for individual or personalised products, or to produce on a small scale.Examples of labour-intensive production are hotels, restaurants, small scale farming, pole-and-line fishing, mining etc.Capital-intensive ‘Capital’ refers to the equipment, machinery, vehicles and so on that a business uses to make its product or service. This meaning is also consistent with the meaning that the capital is the resources provided by the owner/owners to the business to do the business.Capital-intensive processes are those that require a relatively high level of capital investment compared to the labour cost.These processes are more likely to be highly automated and to be used to produce on a large scale.An industry that is capital intensive is – oil refining, manufacturing. | |
| 1512. |
Two types of shifting |
| Answer» The two types of shifting are leftward and rightward shift. When the resources and technology of both the goods increases there is a rightward shift and when the resources and technology of both goods decreases there is a leftward shift. | |
| 1513. |
Economics chapter notes |
| Answer» | |
| 1514. |
What does refer to economic |
| Answer» Economics\xa0is a science that studies human behavior which aims at allocation of scarce resources in such a way that consumer can maximise\xa0their satisfaction, producers can maximise their\xa0profits and society can maximise its social welfare. It is about making choice in the presence of scarcity.<br>Economics\xa0is a science that studies human behavior which aims at allocation of scarce resources in such a way that consumer can maximise\xa0their satisfaction, producers can maximise their\xa0profits and society can maximise its social welfare. It is about making choice in the presence of scarcity.Father of Economics Adam Smith provided wealth definition of economics( Book- The Wealth\xa0of Nations, 1776):-\xa0Economics is an enquiry into the factors that determine the wealth of a country. | |
| 1515. |
Explain tha law of variable proportion with the help of a total product schedule |
| Answer» The law of variable proportions state that as the quantity of one factor is increased, keeping the other factors fixed, the marginal product of that factor will eventually decline. This means that up to the use of a certain amount of variable factor, marginal product of the factor may increase and after a certain stage it starts diminishing.Assumptions of Law of Variable Proportions:1. Constant State of Technology: First, the state of technology is assumed to be given and unchanged. If there is improvement in the technology, then the marginal product may rise instead of diminishing.2. Fixed Amount of Other Factors: Secondly, there must be some inputs whose quantity is kept fixed. It is only in this way that we can alter the factor proportions and know its effects on output. The law does not apply if all factors are proportionately varied.3. Possibility of Varying the Factor proportions: Thirdly, the law is based upon the possibility of varying the proportions in which the various factors can be combined to produce a product. The law does not apply if the factors must be used in fixed proportions to yield a product. | |
| 1516. |
Can I get ecenomics chapter 1 Introduction MCQ type questions with answers |
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| 1517. |
Q-Choice is an outcome of1.scarcity2.decision making? |
| Answer» 1.scarcity<br>I will simply answer the question. The answer should be 1.) Scarcity.<br>Scarcity:\xa0Refers to limited supply of resources in the economy in relation to demand, this is due to the unlimited wants of human beings.\xa0 | |
| 1518. |
Why demand curve of normal goods slope downward from left to right ?? |
| Answer» The curve depicts the law of demand. It slopes downward to the right. It has a negative slope. The negative slope of the demand curve shows the inverse relationship between the price of commodity and its quantity demanded. It shows that demand for commodity increases with the decrease in its price and it decreases with the rise in its price. Downward movement on the demand curve shows fall in price and rise in demand . | |
| 1519. |
Statistics is the science of analysing. |
| Answer» Chapter statistics<br>S | |
| 1520. |
What is production posiblity curve .I can\'t understand please help me |
| Answer» It is a graphical representation of all possible combination of goods.<br>Thanks<br>\xa0Production Possibility Curve (PPC) also known as\xa0Production Possibility Frontier (PPF) is a graphical representation of all the possibile combinations of two goods that can be produced in an economy given the available resources and technology.The two main characteristics of PPC are:\tSlopes downwards to the right: PPC slopes downwards from left to right. It is because in a situation of fuller utilisation of the given resources, production of both the goods cannot be increased simultaneously. More of commodity A can be produced only with less production of commodity B.\tConcave to the point of origin: It is because to produce each additional unit of commodity A, more and more units of commodity B will have to be sacrificed. Opportunity cost of producing every additional unit of commodity A tends to increase in terms of the loss of production of commodity B. Production will act upon the law of increasing marginal opportunity cost. | |
| 1521. |
Law of demand must fail in case when marginal utlity is negative total utlity is |
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| 1522. |
Difference between budget set and budget line |
| Answer» Budget Set:Budget set refers to the attainable combinations of a set of two goods, given prices of the goods and income of the consumer. A budget set is based on the assumptions that income of the consumer and the prices of two goods (consumed by the consumer) remain unchanged. Accordingly, a change, either in prices or in consumer\'s income will lead to a change in the budget set.Budget Line:\xa0A budget line is a\xa0line\xa0that shows the maximum amount of good-X or of good-Y (or the possible combinations of X and Y) that the consumer can buy, given his money income and the prices of the goods X and Y. It is also called Price Line, as it shows the price ratio between good-X and Good-Y, or the rate at which one good can be exchanged for the other, given prices of the two goods in the market. The position\xa0of the budget line depends on the income of the consumer and prices of the two goods. If prices of two goods remain unchanged, then with an increase in income, budget line of the consumer shifts to the right. Similarly, if\xa0income\xa0of the consumer remains unchanged, the budget line will shift to the right when there is a proportionate fall in the prices of both goods X and Y. Thus, if the prices of both X and Y are reduced to half, the budget line will shift to the right showing twice the possible purchase of X and Y than before. | |
| 1523. |
Resolve the problem of double counting |
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| 1524. |
Explain the concept of positive and normative economics with illustrations |
| Answer» Positive economics describes the matter of the presence of a theory with proven facts and figures that needs to be taken into account before developing the theory. For example, Law of demand where the theory is derived with proven facts.Normative economic is based on beliefs that are supported by valued judgement which is better for the nation\'s economic future as well as leads to social welfare. For example, belief that income should be distributed evenly in the economy. | |
| 1525. |
how to find total utility |
| Answer» You just need to total (sum)all the utilities gained by consumption of each commodity..Formula is as follows ...TU = U1 +U2 +U3 .......Un | |
| 1526. |
Why demand curve slope is downward\'s? |
| Answer» Because of increasing marginal demand<br>Due to -1) Law of Demand 2) Substitution effect 3) Income effect 4) No. of consumersFor more, refer CA Parag Gupta Sir. | |
| 1527. |
Kitna chapter ho chuke hai microeconomics me |
| Answer» | |
| 1528. |
What is the importance of cumulative percentage in percentage bar diagram |
| Answer» The main advantage of cumulative percentage over cumulative frequency as a measure of frequency distribution is that it provides an easier way to compare different sets of data. Cumulative frequency and cumulative percentage graphs are exactly the same, with the exception of the vertical axis scale. | |
| 1529. |
Do you consider yourself a consumer ? Why? |
| Answer» Yes i consider my self as a consumer. Consumers are the actual buyers or clients who purchase goods and services. In my daily routine spending whether in the shops, restraunt, and any other place of exchange of goods and service is an act reffered as consuming. this justifies me as a consumer. | |
| 1530. |
Explain the measurement of price elasticity of demand with the help of percentage change method. |
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| 1531. |
Define the MRS with digram |
| Answer» How does people missuse thier right<br>\xa0The\xa0Marginal Rate of Substitution can be defined as the\xa0rate\xa0at which a consumer is willing to forgo a number of units good X for one more of good Y at the same utility. The Marginal\xa0Rate of Substitution\xa0is used to analyze the indifference curve.\xa0 | |
| 1532. |
Exercise solution |
| Answer» | |
| 1533. |
Explain how scarcity is the undercurrent of economic. |
| Answer» Human wants are unlimited but the means or resources to satisfy those wants are limited. With the available resources, all human wants cannot be satisfied. This gives rise to the problem of scarcity.Economics is concerned with the allocation of scarce resources for the satisfaction of unlimited wants of humans under the conditions of scarcity.\xa0Scarcity is a universal problem and is faced by all economies. Thus one of the main reasons for studying economics is Scarcity and how resources can be optimally utilised to satisfy the wants of people. Thus we can say that scarcity is the undercurrent of economics. | |
| 1534. |
Please explain the law of diminishing marginal utility |
| Answer» According to the law of diminishing marginal utility the utility derived from consuming the first unit of a commodity is maximum and then subsequently it decreases as we consume more and more unit of a commodity, as a result the marginal utility (change in total utility÷change in units consumed) keeps on decreasing and in no case it can increase until and unless assumption taken into consideration are changed. | |
| 1535. |
Mcq questions ch 1 statistics eco |
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| 1536. |
Problem of choice is unavoidable in the ordinary business of life. How? |
| Answer» Before explaining the problem, it is necessary to understand the meaning of ordinary business of life. *Ordinary business of life:- It means conducting economic activities to gain profits within minimum resources. These activities are associated with day to day life and for monetary gains.It is true that the problem of choice is unavoidable in the ordinary business of life. We want various resources but we have limited resources due to which we face a paradigm of scarcity. Due to the scarce resources, we have to buy those things which are very important for us. It can be understood by the following example:-Suppose Mr. Kapoor wanted to buy a sofa and a refrigerator. Both the items cost about 78000 rupees. But, he had only 50,000 rupees due to which he was able to buy only one thing that he wanted the most. Thus, Mr. Kapoor faced a problem of choice. | |
| 1537. |
"Statistical methods are dangerous weapons in the hands of an ungualified person. "explain |
| Answer» The statistical methods are the dangerous weapons in the hands of unqualified person because the results related to the statistical methods can only be inferred in their true sense, which is possible only by the experts. The person with no sense of these things can’t give the concluding remarks because he will be unaware of all the technicalities involved. The organization can suffer a lot and lead to the wrong decisions and operations. So, we can say that the statistical tools can only be used by the qualified people.\xa0 | |
| 1538. |
As we consume more and more units of a commodity, it\'s utility |
| Answer» Please explain it again<br>Marginal utility refers to additional utility which a consumer gets on consuming one extra unit of a commodity. So, as consumer consumes more and more of a commodity, the satisfaction at each level will diminish.\xa0This is in accordance with the law of diminishing marginal utility. | |
| 1539. |
Explain the graphical measure of dispersion |
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| 1540. |
Where is the chapters of statistics book? |
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| 1541. |
Scarcity causes economic problems. How? |
| 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.\xa0 | |
| 1542. |
Give an example when income get decreased and price of both the goods also decrease |
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| 1543. |
impact on ppc due to jan dhan yojna |
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| 1544. |
Methods of computing correlation |
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| 1545. |
What is nation ??? |
| Answer» Ye bhoot kon h?<br>Hi<br>Hi<br>Hiii | |
| 1546. |
Census method needs less number of enumerators true or false |
| Answer» False<br>False<br>False. | |
| 1547. |
a situation when production remains same and producer does not want any change. |
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| 1548. |
Merits and demerits of Enumerator method. |
| Answer» Nothing imp<br>No chehak<br>Meritsa. As the enumerator himself fills up the questionnaire, it can be used even in those cases where the target population is not literate.b. Respondents can answer complex and difficult questions with the help of the enumerators.c. It leaves little scope for the questionnaire being left incomplete.Demeritsa. It involves huge time, effort and money.b. The success of this method depends on the availability of trained and competent enumerators.c. The bias of enumerators might influence the collection of data. | |
| 1549. |
Merits and demerits of telephonic interview |
| Answer» *Merits of telephonic interview:-1.) It is easy to reach/access people.2.) It is less costly.3.) Less chances of biasedness.4.) Requires less time as compared to direct personal interview.5.) It can be managed by less number of enumerators.*Demerits of telephonic interview:- 1.) Only those people can be reached who has telephone.2.) People may get angry if they are disturbed and may refuse to give answer.3.) Enumerators can\'t watch the respondents\' reactions.4.) Enumerators can influence respondents.5.) It has limited uses. | |
| 1550. |
What is distribution (economic activity) |
| Answer» distribution deals with the distribution of produce output of goods and services among the factor of production who have helped the production.for example owner of the land is going to get back vent and labour will going to get wages and those who have installed their capital get interest and entrepreneur will get profit so this is the whole concept of distribution | |