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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.
| 3401. |
What is socialist and capitalist economy |
| Answer» Capitalism is the ancient political system, whose origin dates back to 1400 AD in Europe. On the contrary, Socialism, which is evolved from 1800 AD and its place of origin is France.<br>Capitalist economy relates with the firm | |
| 3402. |
Suppose you are a resident of a village suggest a few measure to tackle the problem of poverty |
| Answer» | |
| 3403. |
Statistics part is not availaible in economics |
| Answer» Why not | |
| 3404. |
What will a consumer do of MRSxy is smaller than px/py |
| Answer» Consume more of good Y<br>Consume more of U | |
| 3405. |
What is the meaning of equilibrium |
| Answer» An equilibrium is defiend as a situation where the plans of all consumers and firms in the market match and the market clears<br>A state of balance | |
| 3406. |
which factors leads to the shift of ppc |
| Answer» Factors that effects PPC shift is:economic growth or disasterincrease or decrease of resourcestechnological changesSome examples to understand :Economic growth:sources of economic growth is accumulation of capital and tehnological advances.PPC will shift outwards to the right.Disaster:a shift inwards and to the left.Increase in resources:PPC shift to the rightDecrease in resources @ loss:PPC shift to the left.Improvement in technology :New innovations or improved techniques.PPC shift outwards. | |
| 3407. |
Define base year. What is its importance? |
| Answer» The base year refers to the year in which an index number series begins to be calculated | |
| 3408. |
What do you mean by spearman\'s rank correlation |
| Answer» Spearman’s rank correlation coefficient is a non parametric variable that gives a relation between two variables . It basically gives the measure of monotonicity of the relation between two variables i.e. how well the relation between two variables could be represented using a monotonic function . The value of spearman constant varies from -1 to +1 , both inclusive . A value of +1 or -1 represents that the relationship between the two variables could be represented by perfectly monotonous functions . | |
| 3409. |
What is pilot survey? |
| Answer» Pilot survey refers to pre testing of the questionaire.<br>A pilot survey is a strategy used to test the questionnaire using a smaller sample compared to the planned sample size. | |
| 3410. |
What is perfect competition |
| Answer» It is a type of market where there is large number of buyer and seller dealing in homogenous product.And there is no restriction on entry and exit of firm.And price maker is the industry | |
| 3411. |
What is demand ? |
| Answer» Consumer willing to purchase qyt at a particular time ,place nd a given set of price<br>Willingness of a consumer to buy goods and services at different places over a given period of time..<br>Demand is the quantity of a commodity that a consumer is willing and able to buy , at each possible price during a given period of time.<br>Quantity of a commodity that is desire by consumer according to his willingness and pay for it. | |
| 3412. |
Difference between change in supply and change in quantity supplied |
| Answer» \tChange in-Quantity\xa0SuppIiedChange in supplyWhen the quantity\xa0supplied changes\xa0due to change in\xa0price, keeping other\xa0factors constant, it\xa0leads to a movement\xa0along the supply\xa0curve,when the supply\xa0changes due to any\xa0change in the other factors, at the same price, it leads to a shift\xa0in supply curve.The movement is\xa0along the same\xa0suppiy curve either\xa0upward .(known\xa0as contraction in\xa0supply).The shift in the\xa0supply curve is either\xa0rightward (known as\xa0increase in supply) or\xa0leftward (known as\xa0decrease in supply).Tt occurs due to\xa0change (increase\xa0or decrease) in the\xa0price of the given\xa0commodity.It occurs due to a\xa0change in other\xa0factors like change in\xa0the price of inputs,\xa0change in taxes,\xa0change in technology\xa0etc.\t\xa0 | |
| 3413. |
What are the areas of statistics |
| Answer» descriptive statistics is concerned only on presentation of data, inferential statistics comprises those methods concerned with the analysis of a subset of data leading to predictions or inferences about the entire set of data.J | |
| 3414. |
What is the meaning of MR and TR |
| Answer» * TOTAL REVENUE :- It refers to total receipts from the sale of a given quantity of a commodity. * MARGINAL REVENUE :- It refers to the additional revenue generated from the sale of an additional unit of a commodity. | |
| 3415. |
How to derive market demand from individual demand ? Explain with diagram |
| Answer» | |
| 3416. |
Importance of statistics and its function |
| Answer» Importance of StatisticsThe importance of statistics can be defined in different parts i.e. statistics in planning in economics, in business etc because statistical methods are used in every economic related areas.1. Statistics in planning : Modern age is the age of planning every objective plan depends upon the correct and sound statistical data. Planning is the pre-determined sets of program and policies, which is formulated in order to meet the targeted objectives,. To formulate the plan and details study of the existing situation is needed which is possible only thorough the statistical tools.2. Statistics in Economics : Statistics is very essential to develop and prove the principles and laws of economics. It has great importance to understand the economics problems like production, consumption, distribution etc. as they can be solved by using statistical data.3. Statistics in business : For the smooth operation of the business, statistical information is very useful. It simplifies the complex situation of business. It helps to study about the situation of market demand, supply, price etc. Without a very careful study of market it is difficult to success in business. Therefore the statistics is very essential in business sector also.Function of statisticsThe function of statistics can be defined on the following points:1. Statistics simplify’s complexes2. Statistics express facts in definite form3. It facilities comparison4. It helps in formulating policies5. Statistics helps in forecasting Read more on Brainly.in - https://brainly.in/question/2578987#readmore | |
| 3417. |
Why change in quantity supply is also called movement along supply curve? |
| Answer» | |
| 3418. |
Bleak growth of modern industry |
| Answer» bleak growth of modern industry<br>i don\'t know | |
| 3419. |
Difference between price discrimination and product differentiation |
| Answer» Price Discrimination: Price discrimination is a situation when a monopolist charges different price from different buyers of the same product. This is generally done to\xa0maximise profits.Product Differentiation: Product differentiation is a situation when different producers under monopolistic competition, try to differentiate their product in terms of its shape, size, packaging,\xa0trademark or brand name. This is done to attract buyers from the rival firms in the market. | |
| 3420. |
Sir measures of dispersion 6marks questions tel me |
| Answer» What is dispersion?what are the features, merits, demerits? | |
| 3421. |
Explain MR/MC approch |
| Answer» According to this approach, the firm is said to be in equilibrium if the following conditions are fulfilled:1.Marginal cost is equal to Marginal Revenue i.e. ( MC = MR )2.Marginal cost (MC) Cuts Marginal Revenue (MR) from Below.3.Marginal cost (MC) Cuts Average Cost (AC) from the Minimum point. | |
| 3422. |
If a consumer has monotonic preference,Can she be indifference between the bundles (10,8) and (8,6)? |
| Answer» No. the consumer can\'t be indifferent between the two.If the consumer\'s preferences are monotonic, she cannot be indifferent between the combinations (10, 8) and (8, 6). Because, the first combination (10, 8) allows more of both the goods as compared to the second combination (8, 6). Implying that first combination offers higher level of satisfaction, and the consumer must prefer it to the other. | |
| 3423. |
What is a production possibility frontier |
| Answer» \tProduction possibility frontier or production possibility curve\xa0shows all possible combinations of two set of goods that an economy can produce with available\xa0resources and given\xa0technology, assuming that all resources are fully and efficiently utilized.\tEconomizing of resources\xa0means utilisation\xa0of resources in best possible manner to maximize output.\tProduction Possibility Frontier or Curve\xa0Features(a) Slopes downward from left to right because if production of one commodity\xa0is to be increased then production of other commodity\xa0has to be sacrificed as there is scarcity of resources.(b) Concave to the origin because of increasing marginal opportunity cost or (MRT)\t\tThe Production possibility curve will shift under following two condition:(a) change in resources, (b) Change in technology of production for both the goods.\t\tRightward shift of PPF\xa0shows increase in resources or improvement in technology.Ex- Labour becoming more skilled, improvement in technology, increase in productivity of land.\tLeftward shift of PPF\xa0shows the decrease in resources or degradation of\xa0technology in the economy.\tThe Production possibility curve will rotate outward\xa0under following two condition: (a) Improvement in technology in favour of one commodity (b) Growth of resources for the production of one commodity\t | |
| 3424. |
Write down any 3 factors that defines the elasticity of demand |
| Answer» What are the factors that determine the price elasticity of demand?The durability of the product: Perishable goods have inelastic demand as their consumption cannot be postponed. On the other hand, durable goods have elastic demand as their consumption can be postponed (in case the price of that product rises).Availability of substitutes: Goods having substitutes have elastic demand and vice versa. For example, tea and coffee. They are close substitute. Suppose if there is an increase in price of coffee. In this situation, people can easily shift to tea. So demand of coffee will be quite price sensitive.Habitual Goods: These goods have inelastic demand. For example, cigarettes, alcohol, tobacco etc. If the price of such products increases, the consumers will not reduce the consumption significantly as they are habituated to consume such products.Income level: The products demanded by people with low incomes tend to have elastic demand. This is because a small increase in the price of any such product will create a significant impact on the monthlyNature of the goods: Elasticity of demand also depends on whether the commodity is a necessity or a luxury. Goods which are necessities tend to have inelastic demand whereas demand of luxury goods tend to be elastic. People generally prefer not to cut down consumption of necessities even in case of price increase. | |
| 3425. |
Give the following data estimate the coefficient of quatile division 15,20,23,23,25,27,25,40 |
| Answer» 0.157 i.e.0.16 | |
| 3426. |
Relatiin between AR and MR |
| Answer» The average revenue (AR) of a firm is defined as total revenue per unit of output. The marginal revenue (MR) of a firm is defined as the increase in total revenue for a unit increase in the firm’s output1. Both AC and MC are derived from total cost (TC). AC refers to TC per unit of output and MC refers to addition to TC when one more unit of output is produced.2. Both AC and MC curves are U-shaped due to the Law of Variable Proportions. The relationship between the two can be better illustrated through following schedule and diagram.Relationship between AC and MC:1. When MC is less than AC, AC falls with increase in the output, i.e. till 3 units of output.2. When MC is equal to AC, i.e. when MC and AC curves intersect each other at point A, AC is constant and at its minimum point.3. When MC is more than AC, AC rises with increase in output.4. Thereafter, both AC and MC rise, but MC increases at a faster rate as compared to AC.As a result, MC curve is steeper as compared to AC curve. | |
| 3427. |
What is demand |
| Answer» Demand is the quantity of a commodity that a consumer is willing and able to buy , at each possible price during a given period of time.?? | |
| 3428. |
Different between AC MC and TC |
| Answer» Average cost is the total cost divided by the number of goods produced.\tMarginal cost is the rise in cost as a result of a marginal (small) change in the production of goods or an additional unit of output.PurposePurpose of average cost is to assess the impact on total unit cost due to changes in the output level.\tPurpose of marginal cost is to evaluate whether it is beneficial to produce an additional unit/small number of additional units.FormulaAverage cost is calculated as (Average cost = Total cost/Number of units produced).\tMarginal cost is calculated as (Marginal cost = Change in total cost/Change in output). Comparison CriteriaAverage cost of two output levels are compared to calculate the change in total cost per unit.\tMarginal cost is compared with marginal revenue to calculate the impact of a decision. | |
| 3429. |
Comparison between any two big companies |
| Answer» | |
| 3430. |
Steps for finding mean deviation from median of frequency distribution |
| Answer» | |
| 3431. |
What will happen to the supply curve of cloth if new firms enter the market |
| Answer» It also depends on \'price\'. Supply will be high If the price is high.. As stated in law of supply that there is an positive relationship between supply and price.. If price is high supply will shift rightward and viceversa<br>The supply curve will shift rightward as the entry of new firms is an other factor affecting the market supply<br>I think supply curve will increased, move upward | |
| 3432. |
For 12 preparation from starting guidance needed for all subject |
| Answer» It is a line which shows different sets of two goods which consumer can attain with his given income and prices of the commodity | |
| 3433. |
What is classification in simple words |
| Answer» It is arrangement of raw data on the basis of some information in an organized manner | |
| 3434. |
Ncert micro ch 4 all |
| Answer» | |
| 3435. |
Please explain what to produce,how to produce and for whom to produce |
| Answer» What to produce includes capital goods and consumer goods.Capital goods are needed for further production and future growth.Consumer goods are needed for present consumption.How to produce-It includes two techniques of production.Labour intensive and capital intensive. Labour intensive includes more and more labour and capital intensive requires more and more capital.For whom to produce-It includes two sections of society.The rich and the poor section.By producing goods for the poor,the profits of the producers would remain low.Low profit would mean low investment.implying low GDP growth. | |
| 3436. |
Define forms of market |
| Answer» Sir kitne types k hote h<br>It refers to all such system that bring the buyers and sellers in contact with each other to settle the sale and purchase of goods | |
| 3437. |
How is coefficient of mean deviation is computed |
| Answer» MDx/x | |
| 3438. |
why tvc start with zero |
| Answer» Because variable cost is influenced by no of input, if input is zero Tvc become 0. | |
| 3439. |
Why MC cuts MR from below |
| Answer» For producer\'s equilibrium MR should be equal to MC and MC should cut MR from below, i.e, the slope of MC must be positive at the point of intersection. Such a point indicates the level of output where the firms earns maximum possible profits. On the other hand, if the MC cuts the MR from above, i.e. MC is negatively sloped, then this indicates that profits can be further increased by increasing the level of production. Hence, it would not be the point of profit maximisation.<br>Mc curve always intersect at ac lowest point | |
| 3440. |
What is index number |
| Answer» Index number are devices for measuring difference in the magnitude of group of related variables. | |
| 3441. |
Explain karl pearson\'s coffecient of correlation in brief |
| Answer» | |
| 3442. |
Difference between microeconomics and macroeconomics? |
| Answer» \tMicroeconomicsMacroeconomicsIt is study of individual economic units of an economy.It is study of the economy as a whole and its aggregates.It deals with individual income, individual prices and individual outputs, etc.It deals with aggregates like national income, general price level and national output, etc.Its central problem is price determination and allocation of resources.Its central problem is determination of level of income and employment.Its main tools are demand and supply of particular commodity/factor.Its main tools are aggregate demand and aggregate supply of the economy as a whole.\t\xa0 | |
| 3443. |
Why is indifference curve strickly convex to the origin? |
| Answer» Indifference curve is convex to the origin because of diminishing MRS.MRS continuosly falls because of law of diminishing marginal utility. | |
| 3444. |
I have |
| Answer» What | |
| 3445. |
Alaborate the price disceimination feature of monopoly |
| Answer» in Monopoly market a single seller barrier intothe market. And example are Indian Railway post office. | |
| 3446. |
What happen in MU when TU is Maximus |
| Answer» The mu will become zero<br>MU becomes ZERO<br>Zero | |
| 3447. |
State the relationship between TC and MC |
| Answer» There exists a close relationship between the various types of costs. Let us understand the relationship between the following costs 1. Average Cost (AC) and Marginal Cost (MC)2. Average Variable Cost (AVC) and Marginal Cost (MC)3. Average Cost (AC) and Average Variable Cost (AVC) and Marginal Cost (MC)4. Average Cost (AC) and Average Variable Cost (AVC) 5. Total Cost (TC) and Marginal Cost (MC) | |
| 3448. |
What is marginal cost ?? |
| Answer» MC is the addition to total cost due to the addition of one unit of output. | |
| 3449. |
Market demand |
| Answer» When all the consumers in the market are willing to buy a commodity at a given price of the commodity | |
| 3450. |
Rltn between tr nd mr |
| Answer» | |