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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.
| 201. |
How to plot a graph with good Y ,good Y and MOC |
| Answer» Values needed | |
| 202. |
Average income of tty |
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| 203. |
Give one example each for positive and normative economics |
| Answer» \tBasis Positive Economics Normative EconomicsMeaningIt deals with laws, Principles, theories and facts of economics. It deals with opinions, policy evaluation and idealistic part of economics.Reality vs. IdealismIt deals with reality, i.e. \'what is\'. It deals with idealistic situation, i.e. \'What ought to be\'Value JudgmentsNo value judgments are associated with positive economics. value judgments are associated with normative economics.\xa0Example(a) There is inverse relation between price and quantity demanded, other things being equal. (b) In India, 34 % marginal farmers are living below poverty line. (c) MGNREGA was launched in 2005.\xa0(a) Globalization is widening the gap between the rich and the poor. (b) Poverty is worse than unemployment. (c) Price rise is disastrous for the economy. (d) We should not give subsidies on fertilizers.\t | |
| 204. |
Higher the price of a good, higher is likely to be its elasticity |
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| 205. |
Write three sentences highlighting the importance of statistics in economics |
| Answer» 2 ) economic equilibrium 3) formulation of policies<br>Quantitative expression of economic problems | |
| 206. |
What are the three central problems of economy |
| Answer» The three central problems of an economy are :-1. Allocation of resourcesa. What to produceb. How to producec. For whom to produce2. Growth of resources3. Fuller and efficient utilisation of resources | |
| 207. |
“There are three kinds of lies-lies, damned lies and statistics” Explain this statement |
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| 208. |
Explain the concept of economic |
| Answer» Economics is the social science that studies the production, distribution, and consumption of goods and services. Economics focuses on the behaviour and interactions of economic agents and how economies workHope it was useful?...<br>Economics is the study of how people and society choose to employ scarce resources that could have alternative usesin order to produce different commodities that satisfied human wants and to distribute them for consumption by various person and society.Hope it helps! | |
| 209. |
Explain the importance of statistics in farming policies by the govt. |
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| 210. |
Impact of ppc on sarv siksha abhiyan |
| Answer» PPC will shift to its right as education will increase the pool of human resources of our nation | |
| 211. |
Absence of scarcity would mean absence of economics. Explain with logical reasoning |
| Answer» Yes,economics in a very basic sense is optimization given the constraints. Scarcity is the biggest and real constraint of our lives.Lets understand with an example,suppose everybody has a lot of money,a lot to buy anything.What would the world look like?Nobody\'s going to work,no production,no costs,no profits,no exchange rates,no trade,simply there would be no need of any of the economic agents,economic concepts.So,no economics would exist.Whereas,in reality we as individuals have our income as constraint and we cannot spend more than that.Same goes for the economy as whole, a country makes policy and plans and talks about efficiency ,only because a country has geographical,social,economic and political constraints and it has to make the best out of what it has got.The central problem of economics deals with optimization given the constraints.So,the logic follows.\xa0 | |
| 212. |
What is mean , median and mode |
| Answer» Mean :\xa0The\xa0mean\xa0is the average of the numbers. It is easy to calculate: add up all the numbers, then divide by how many numbers there are. In other words it is the sum divided by the count.Median\xa0:\xa0The middle number; found by ordering all data points\xa0and\xa0picking out the one\xa0in the middle (or if there are two middle numbers, taking the mean of those two numbers).Mode : The number which appears most often in a set of numbers.<br>MeanThe mean is the average of all numbers and is sometimes called the arithmetic mean. To calculate mean, add together all of the numbers in a set and then divide the sum by the total count of numbers.MedianIn the data center, means and medians are often tracked over time to spot trends, which inform capacity planning or power cost predictions.The statistical median is the middle number in a sequence of numbers. To find the median, organize each number in order by size.ModeThe mode is the number that occurs most often within a set of numbers. Hope it was helpful...? | |
| 213. |
Mention the type of facts not studied by statistics. |
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| 214. |
Census of india is main source of secondary data .explain |
| Answer» As India has very large population .Demographic data of any country is estimated by census method,this mathod collects extensive form of data which composite birth , death ,employment , income ,etc.It is used when size of population is very large. | |
| 215. |
Name the stages of statistical study |
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| 216. |
Is study of cotton textile a macroeconomic study or mucroeconomic study |
| Answer» Macro economic study since micro economy studies behavior of a particular firm where as macro economy studies about the industry where industry means summation of all individual firms of the economy. | |
| 217. |
What are the main sources of sceandary data |
| Answer» Main sources of the secondary data can be classified into two groups :1. Published sources :a) Government Publications(b) Semi-government Publications(c) International Publications(d) Private Publications(e) Research Publications2. Unpublished sources : Secondary Data can be obtained from unpublished sources, because all statistical material is not always published. Studies made by research institutions, scholars etc. can be important sources of secondary data.<br>Government publication and non government publications | |
| 218. |
Project on measures of central tendency mean,median,mode |
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| 219. |
The heading of a column in a statistical table is known as |
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| 220. |
Project of exchange rate mechanism |
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| 221. |
Exchange rate mechanism |
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| 222. |
is private income is there in syllabus of 2019 |
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| 223. |
What do u mean by ppc |
| Answer» Ppc is a graphical presentation which is used to measure the increase in one commodity with the sacrifise ofanother commodity.<br>PPC stands for Production Possibility Curve.The Production Possibilities Curve (PPC) models a two-good economy by mapping production of one good on the x-axis and production of the other good on the y-axis. The combinations of outputs produced using the best technology and all available resources make up the PPC. | |
| 224. |
PPC curve and different b/w positive and normative economics |
| Answer» Thanks | |
| 225. |
What is sample ? |
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| 226. |
Explain MOC and MRT with examples |
| Answer» (a) Marginal Opportunity Cost. MOC of a particular good (say wheat) along a PP curve is the amount of the other good (say tanks) which is sacrificed to produce an additional unit of that particular good. The rate of this sacrifice is called marginal opportunity cost of the expanding good. Rate of sacrifice is technically termed as marginal rate of transformation (MRT).MRT is the ratio of units of one good (say, tanks) that needs to be sacrificed to produce one more unit of the other good (say, wheat). Symbolically :\xa0\tMARGINAL OPPORTUNITY COST / MRT SCHEDULEProduction Possibilities (or combinations)Wheat (W) (lakh tons)Tanks (T) (thousands)MOC of wheat (in thousand tanks)\xa0\xa0A015——\xa0B1141·(= 15 - 14)1W : 1T\xa0C2122·(= 14 - 12)1W : 2T\xa0D3093·(= 12 - 9)1W : 3T\xa0E4054·(= 9 - 5)1W : 4T\xa0F5005·(= 5 - 0)1W : 5T\xa0\t\xa0A close look at the above table reveals that as production of wheat is increased, its marginal opportunity cost (MOC) in terms of tanks goes on increasing, i.e., MRT is rising. For example, when society moves from combination A to B, it sacrifices 1 (= 15 - 14) thousand tanks to produce 1 (= 1 - 0) lakh ton of wheat. Thus MOC of 1 lakh ton of wheat is 1 thousand tanks in the beginning, i.e., MRT = 1 : 1. Likewise in combinations C, D, E and F, MOC of producing 1 lakh ton of additional wheat is 2 (= 14 -12) thousand, 3(= 12 - 9) thousand, 4(= 9 - 5) thousand and 5(= 5 - 0) thousand tanks respectively. In short for every unit increase in production of wheat, more and more tanks are to be sacrificed, i.e., marginal opportunity cost, i.e., MRT goes on increasing. But why does MOC increase? Following are its two main reasons.(b) Reasons for increasing marginal opportunity cost (or MRT)(i) Operation of law of diminishing returns (or increasing cost). According to this law, if more and more units of a good are to be produced, the additional units will require more and more of factors units, i.e., cost of production of additional units of the good will increase.(ii) Transferring resources from more productive to less productive uses. Various resources are specialised in production of different goods. When factors (resources) which are specialised for production of a particular good (say, workers manufacturing tanks) are transferred to the production of another good (say, production of wheat) for which they are less productive, some productivity is lost. Therefore, more of such resources (say workers) are needed to produce an additional unit of other good. This implies increase in marginal opportunity cost making the PP curve concave in shape. | |
| 227. |
Statistics is defined as the science which deals with the analysis of statistical data.Give examples |
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| 228. |
Design a questionnaire on veg atta noodles for children |
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| 229. |
show with diagram that Tu is maximum when Mu is zero |
| Answer» Saturated point | |
| 230. |
Difference between pie diagram and bar diagram |
| Answer» Pie charts show how much each category represents as a proportion of the whole, by using a circular format with different-sized “slices” for different percentages of the whole. Bar graphs use a series of rectangular bars to show absolute values or proportions for each of the categories. | |
| 231. |
Definition of goods market |
| Answer» The goods and services market is where households purchase consumable items and businesses sell their wares. The market includes stores, the Internet, and any other place where consumer goods and services are exchanged. | |
| 232. |
Calculate mode of the following series Size 10- |
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| 233. |
Different types of ppc curves? |
| Answer» Concave, convex and straight | |
| 234. |
Consumer equilibrium in one commundity case |
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| 235. |
Consumer equilibrium in one common case |
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| 236. |
Consumer equilibrium in one for cSe |
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| 237. |
Why does mrt rises |
| Answer» MRT shows that as more of Good X (represented on x-axis) is produced, the loss from Good Y( represented on y-axis) tends to increases on EVERY addition of Good X. MRT basically shows the loss occurred when resources are shifted from Good Y to Good X. This loss increases because resources are USE SPECIFIC. Meaning, that they are specifically suited to production of specific uses. | |
| 238. |
What is normative economics |
| Answer» It deals with what ought to be. It states suggestions to economic problems For example- what to do remove poverty from india It is based upon suggestions from economy | |
| 239. |
What will be the effect on ppc if exports of our country reduce due to economic slowdown? |
| Answer» Ppc turns leftward | |
| 240. |
What is economy and economics |
| Answer» Economy- It is a system where people live and find their livingEconomics - It is that part of social science which teaches the society how to use scarce resources having alternative uses so that producer may get maximum profit,consumer may get maximum satisfaction and society may get maximum social welfare | |
| 241. |
Discuss central problem of an economy |
| Answer» 1. WHAT TO PRODUCE- this problem refers to selection of goods and services that are to be produced in an economy2.HOW TO PRODUCE- it refers to selection of technique to be used in production of goods and services. It can be of two types•CIT(capital intensic technique) - more of capital less of labour•LIT( labour intensive technique)- more of labour less of machines3.WHAT TO PRODUCE- it refers to selection of people who will ultimately consume goods and services. This involves making a choics wheter to produce more for rich and less for poor or vice versa | |
| 242. |
What is economics problem explain with the help of example? |
| Answer» Answer provided in above asked questions | |
| 243. |
How can we calculate NFIA from net factor to abroad |
| Answer» Net Factor Income from Abroad (NFIA)Simply put, NFIA is the difference between factor income received from abroad and factor income paid abroad. Simply put it is the difference between the factor income earned from abroad by normal residents of a country (say India) and the factor income earned by non-residents (foreigners) in the domestic territory of that country (i.e. India). CSO defines it as "Income attributable to factor services rendered by the normal residents of the country to the rest of the world, less factor services rendered to them by the rest of the world." Symbolically :NFIA = Factors income earned from abroad by residents - Factor income of non-residents in domestic territoryThe normal residents of a country earn factor income not only within the domestic territory of a country but outside it also. Income from outside can be earned mainly in two ways, namely, (i) income from work, and (ii) income from property and entrepreneurship as shown below. Mind, it is a two-way affair since foreigners also earn similar income by working in domestic territory of other country.(i) Income from work (Compensation of employees). Income from work can be earned by working in the domestic territories of other countries earning thereby wages and salaries (or compensation of employees). For instance, suppose in 2006-2007, Indian resident scientists, engineers, doctors, dancers, masons, carpenters employed abroad earned factor income of र 10,000 crores whereas similar payments made to non-resident workers employed in domestic territory of India was to the tune of र 8,000 crores. Net compensation of employees from abroad to India would be र 2,000 (10,000 - 8,000) crores.(ii) Income from property and entrepreneurship (Rent, interest, profit). Factor income from abroad is also earned by owning property (like buildings, shops, factories, financial assets like bonds and shares in foreign countries) earning thereby rent and interest, Also profit is earned for undertaking entrepreneurial activities of producing goods and services. For instance suppose in 2006-2007, normal residents of India living temporarily abroad earned र 25,000 crores by way of rent, interest and profit and similar payments made to the rest of world were, say र 20,000 crores. Net income from property and entrepreneurship from abroad would be र 5,000 (25,000 - 20,000) crores.(iii) Net retained earning of resident companies abroad. This refers to the difference between retained earnings of foreign companies located in a country and the retained earnings of resident companies located abroad. Retained earning of a company is in fact its \'undistributed profit\'. For instance suppose in 2006-2007, Indian companies working abroad, after paying profit tax and distributing dividend out of their total profits, retained the balance profit (known as Reserve fund or Undistributed profit) of र 50,000 crores and foreign companies in India retained similar profit of र 65,000 crores. Net retained earning of resident companies abroad would be र (-) 15,000 (= 50,000 - 65,000) crores.From above-mentioned data, India\'s net factor income from abroad in 2006-2007 would be equal to र -8,000 [= 2,000 + 5,000 + (-15,000)] crores.Components of net factor income from abroad. These are as under :(i) Net compensation of employees.(ii) Net income from property and entrepreneurship (rent, interest, profit).(iii) Net retained earning of resident companies abroad.Significance. Net factor income from abroad is used to differentiate between National income and Domestic income. By adding NFIA to domestic income, we get national income. Symbolically:National income = Domestic income + NFIADomestic income = National income - NFIA | |
| 244. |
Explain the concept of economics. |
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| 245. |
What is economic problem? Why does it arise? |
| Answer» You are studying commerce stream....<br>Economic problems arises because of the scarcity of resources and resources have there alternative uses. An economic problem is basically the problem of choice which arises because of scarcity of resources. Human wants are unlimited but means to satisfy them are limited.<br>Please reply this question | |
| 246. |
Explanation about the basis of market classification |
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| 247. |
What are the different methos of measuring disperision..? |
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| 248. |
What are the characteristics of monopoly market structure? Explain. |
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| 249. |
Distinguish between explicit cost and implicit cost. |
| Answer» \tBASIS FOR COMPARISONEXPLICIT COSTIMPLICIT COSTMeaningThe costs which involve outflow of cash due to the use of factors of production is known as Explicit Cost.The costs in which there is no cash outlay, is known as Implicit Cost.Alternatively known asOut-of-pocket CostsImputed CostsOccurrenceActualImpliedRecording and ReportingYesNoEstimation of CostObjectiveSubjectiveWhich profit can be calculated with the help of cost?Accounting Profit and Economic ProfitEconomic ProfitExampleSalaries, rent, advertisement, wages, etc.Interest on owner\'s capital, Salary to owner, rent of owner\'s building, etc. which do not occur in reality.\t | |
| 250. |
minimum support price |
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