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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.
| 3551. |
What do you mean by economizing the use of resources |
| Answer» Economizing of resources means that the resources are used in the best possible manner so\xa0that maximum output is achieved per unit of input. In other words, it refers to optimum and efficieint utilization of the scarce resources. | |
| 3552. |
What questions can be asked for collection of secondary data in an interview at school level? |
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| 3553. |
Where is ch cost in eci |
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| 3554. |
What are the main source of secondary data |
| Answer» Published & unpublished reports . | |
| 3555. |
What do you mean by primary and secondary data |
| Answer» If the answer is right than please tell me . My contact no is 7840812439.<br>(1) Primary Data = In which data originally collected in the process of investigation are known as primary data.(2) Secondary Data = In which data collected by other person they are called secondery data. OR Secondary data are those which are already in existence, and which have been collected, for some other purpose than the answering of the question in hand. | |
| 3556. |
1= Explain the scope of statistic |
| Answer» Scope and importance of Statistics:1.\xa0Statistics and planning:\xa0Statistics is\xa0indispensable into planning in the modern age which is termed as “the age of planning”. Almost all over the world the govt. are re-storing to planning for economic development.2.\xa0Statistics and economics:\xa0Statistical data and techniques of statistical analysis are\xa0immensely useful in solving economic\xa0problem\xa0such as determination of\xa0wages and\xa0price, time series analysis, demand analysis.3.\xa0Statistics and business:\xa0Statistics is an responsible tool of production control. Business executive are relying more and more on statistical techniques for studying the much and desire of the valued customers.<br>Thanks | |
| 3557. |
Differentiate between economy and economics in tabular form? |
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| 3558. |
What do you mean by Inter-Temporal comparison? |
| Answer» Understanding of change in the magnitude of the problem overtime<br>Can u brief in 3-5 lines please! | |
| 3559. |
Relationship b/w TC curve,TFC curve,TVC curve |
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| 3560. |
Write a short note Census of india |
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| 3561. |
Differences between microeconomics and macroeconomics |
| Answer» \tMicroeconomics studies economic problems at an individual level. It determines the output and price for an individual firm. \tMacroeconomics studies the economic problems at the level of an economy as a whole. It determines an aggregate output and general price level in the economy as a whole. | |
| 3562. |
Define demand? |
| Answer» Demand refers to no. of units an individual is willing to buy at given price and given time<br>Demand\xa0in terms of economics may be explained as the consumers’ willingness and ability to purchase or consume a given item/good. Furthermore, the determinants of demand go a long way in explaining the demand for a particular good. | |
| 3563. |
What do you mean by statistical average or central tendency of a series ?state its functions. |
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| 3564. |
Define market demand .explain the factors that affect it? |
| Answer» Factors affecting the market demand are price of the given commodity price of related goods income of consumer taste and preferences expectations of change in price in future size and composition of population season and weather distribution of income<br>market demand refers to the quantity of a commodity that all consumers are willing to and able to buy at each possible price during a given period of time<br>Market demand or market demand schedule is a table showing different quantities | |
| 3565. |
What are the qualities of good ayar |
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| 3566. |
Aggregate of facts means |
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| 3567. |
Approaches of utility |
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| 3568. |
What is marginal rate of transformation |
| Answer» marginal rate of transformation is the ratio of number of units of a commodity sacrifice to gain an additional unit of another commodity<br>It is the type in which good y has to sacrifice for the production of good x | |
| 3569. |
What is consumer equlibrium |
| Answer» consumer equilibrium refers to the situation when a consumer is having maximum satisfaction with limited income and as a no tendency to change his way of existing expenditure<br>Consumer’s Equilibrium :\xa0A consumer is said to be in equilibrium when he maximizes his satisfaction, given his money income and prices of two commodity. He attains equilibrium at that\xa0point where the slope of IC is equal to the slope of budget line. | |
| 3570. |
"There are three kinds of lies-lies, damned lies and statistics." Explane the statement. |
| Answer» Some of the reasons for the above remark "there are three lies-lie, damn lie and statistics",may\xa0be enumerated as follows :\tFigures are innocent and believable, and the facts based on them are psychologically more convincing. But it is a pity that figures do not have the label of quality on their face.\xa0\tArguments are put forward to establish certain results which are not true by making use of inaccurate figures or by using incomplete data, thus distorting the truth.\xa0\tThough accurate, the figures might be moulded and manipulated by dishonest and unscrupulous persons to conceal the truth and present a working and distorted picture of the facts to the public for personal and selfish motives.Hence, if Statistics and its tools are misused, the fault does not lie with the science of Statistics. Rather, it is the people who misuse it, are to be blamed.<br>Statistics may be considered a lie due to following reasons:(i) Different kinds of Statistics are obtained in respect to a given problem.(ii) Statistics can be altered to match the predetermined conclusions.(iii) Authentic Statistics can also be presented in such a manner as to confuse the reader.(iv) When Statistics are collected in partial manner, the results are generally wrong. Consequently, people lose faith in them.In the words of Yule and Kendall, “Statistical methods sare most dangerous told in the hands of an inexpert.” | |
| 3571. |
What do you production possibility of an economy |
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| 3572. |
"There are three kind of lies-lies, damned lies and statistics". Explain. |
| Answer» Some of the reasons for the above remark "there are three lies-lie, damn lie and statistics",may\xa0be enumerated as follows :\tFigures are innocent and believable, and the facts based on them are psychologically more convincing. But it is a pity that figures do not have the label of quality on their face.\xa0\tArguments are put forward to establish certain results which are not true by making use of inaccurate figures or by using incomplete data, thus distorting the truth.\xa0\tThough accurate, the figures might be moulded and manipulated by dishonest and unscrupulous persons to conceal the truth and present a working and distorted picture of the facts to the public for personal and selfish motives.Hence, if Statistics and its tools are misused, the fault does not lie with the science of Statistics. Rather, it is the people who misuse it, are to be blamed. | |
| 3573. |
What do you understand by price elasticity of demand? How is it measured? Explain. |
| Answer» Price elasticity of demand is measured as the ratio between percentage change in quantity demand and precentage change in price<br>Price elasticity of demand refers to the extent by which qyantity demand of commodity changes due to change in price of a commodity | |
| 3574. |
Enumerate the limitations of statistics in detail? |
| Answer» Statistics is indispensable to almost all sciences - social, physical and natural. It is very often used in most of the spheres of human activity. In spite of the wide scope of the subject it has certain limitations. Some important limitations of statistics are the following:\tStatistics does not study qualitative phenomena: Statistics deals with facts and figures. So, the quality aspect of a variable or the subjective phenomenon falls out of the scope of statistics. For example, qualities like beauty, honesty, intelligence etc. cannot be numerically expressed. So, these characteristics cannot be examined statistically. This limits the scope of the subject.\tStatistical laws are not exact: Statistical laws are not as exact as in case of natural sciences. These laws are true only on average. They hold good under certain conditions. They cannot be universally applied. So, statistics has less practical utility.\tStatistics does not study individuals: Statistics deals with aggregate of facts. Single or isolated figures are not statistics. This is considered to be a major handicap of statistics.\tStatistics can be misused: Statistics is mostly a tool of analysis. Statistical techniques are used to analyze and interpret the collected information in an enquiry. As it is, statistics does not prove or disprove anything. It is just a means to an end. Statements supported by statistics are more appealing and are commonly believed. For this, statistics is often misused. Statistical methods rightly used are beneficial but if misused these become harmful. Statistical methods used by less expert hands will lead to inaccurate results. Here the fault does not lie with the subject of statistics but with the person who makes wrong use of it.\tUniformity and homogeneity of data: Statistics can deal with only homogeneous and uniform data. Heterogeneous data are not comparable and hence statistical tools can\'t be applied on them. It does not make sense to compare weight of human beings with weight of cows or buffaloes. Sometimes data are available in different units and are collected under different circumstances. It also makes their comparison illogical.\tOnly Experts can make proper use of Statistics: Statistics can be properly used only by experts. A layman can\'t derive right meaning from statistical statements. According to King, "The science of statistics is most useful servant but only of great value to those who understand its proper use. | |
| 3575. |
Please give me notes of Concept of Economics and significance of statistics in economics |
| Answer» Some recent definitions have been called growth definitions.\tAccording to Professor Henry Smith, "Economics is the study of how in a civilized society one obtains the share of what other people have produced and of how the total product of society changes and is determined."\tAccording to Jacob Viner, "Economics is what economists do."\tAccording to Paul A Samuelson, "Economics is the study of how men and society choose, with or without the use of money, to employ scarce productive resources which could have alternative uses, to produce various commodities over time and distribute them for consumption now and in future amongst various people and groups of society."Importance of statistics:\tFormulation of economic laws:\xa0it helps in formulation of laws and models e.g. law of\xa0demand has been developed by the inductive method of genralisation which is based on statistical principles.\tUnderstanding economic problems:\xa0it plays\xa0a vital role in understanding and solving economic problems such as poverty, unemployment, etc.\tStudy of market structures:\xa0study of monopoly, monopolistic competition, oligopoly, and monopolistic competition requires statistical comparison of market prices, cost, and profits of individual firms.\tIntersectoral anf intertemporal comparison: statistics helps in the comparision of different sectors of the economy and also helps in comparison of variables in two different time periods\tEconomic forcasting:\xa0by using statistical tools , methods, and techniques one can forcast e.g growth of the country in the coming fiscal year or rate of inflation in the coming month.\xa0 | |
| 3576. |
What is Direct Personal Investigation? |
| Answer» The direct personal investigation is the method by which data are personally collected by the investigator from the informants.Direct contact with the workers of an industry to obtain information about their economic conditions is an example of direct personal investigation<br>Direct personal investigation: The investigator, in this case, makes personal observation of the subject of enquiry and does so with his own discretionary powers to undertake work according to his own choice. The data collected through Direct Personal Interview is original, real, pure and without use. This method can be used when area of enquiry is limited or when a maximum degree of accuracy is needed. Thus, this method ensures high degree of accuracy of investigation. | |
| 3577. |
What is meant by graph |
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| 3578. |
Features of budget line |
| Answer» In which school u r<br>Thanks mansi<br>Budget line is downward sloping and budget line is a straight line | |
| 3579. |
Distribution definition |
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| 3580. |
Statistics for economics unit 1 |
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| 3581. |
Is attending a marriage party a economic or non-economic activity? |
| Answer» Non economic<br>Non economic<br>Non economic | |
| 3582. |
Please give me economic R.K.Singla books ( micro and statistics). |
| Answer» In mobile phone in free of cost , please | |
| 3583. |
Distinguish between quantitative and qualitative data |
| Answer» \tBasisQuantitative DataQualitative dataMeaningThe variables which can be expressed in numerical terms are known as quantitative variables, and data collected on quantitative variables is known as quantitative data. Variables which cannot be expressed in quantitative terms are called qualitative variables and data on qualitative variables is called qualitative data.Example Marks of students, number of employees in a factory, prices of vegetables, number of vehicles on roads, Infact mortality rate etc.Honesty, beauty, intelligence, quality of employment etc.FeatureIt deals with numbers only.It deals with descriptions\t\xa0 | |
| 3584. |
What is error what are the types of error |
| Answer» Error takes place in measurements: constant error,random error,systematic error and gross error | |
| 3585. |
Define planning |
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| 3586. |
Why the economic problem arises |
| Answer» Economic problem arises because of scarcity of resources and unlimited human wants.(i) Wants are unlimited:(a) This is a basic fact of human life. Human wants are unlimited.(b) They are not only unlimited but also grow and multiply very fast.\xa0(ii) Resources are limited:(a) The resources to produce goods and services to satisfy human wants are available in limited quantities. Land, labour, capital and entrepreneurship are the basic scare resources.(b) These resources are available in limited quantities in every economy, big or small, developed or underdeveloped, rich or poor. Some economies may have more of one or two resources but not all the resources. Moreover the resources have alternate uses.(c) For example, Indian economy has relatively more labour but less capital and land. The U.S. economy has relatively more land but less labour. No economy in the world has all the\xa0resources in abundance. (iii) Resources have alternative uses:(iii)\xa0Generally a resource has many alternative uses.(b) A worker can be employed in a factory, in a school, in a government office, self employed and so on.(c) Like this, nearly all resources have alternative uses. But the problem is that which resource should be put to which use.So, the economy has to decide as to how to utilise theser resources and which will be the best alternative for utilising the resources so that wants are satisfied to the maximum and the economy moves towards solving their central problems. | |
| 3587. |
Why should \'-\'sign be prefixed in the equation estimating elasticity of demand |
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| 3588. |
Frequency data |
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| 3589. |
What is different between microeconomics and macroeconomics? |
| Answer» Differences between microeconomics and macroeconomics are given below\tBasisMicroeconomicsMacroeconomicsMeaningMicroeconomics studies economic issues and problems at the level of an individual\xa0firm, an individual household etc.Macroeconomics studies economic issues and problems at the level of the economy as a whole.Tools\xa0Demand and supplyAggregate demand and aggregate supplyConcernIt is basically concerned with the determination of output and price for an individual firm or industry.It is basically concerned with the determination of aggregate output and general price level in the economy as a whole.FocusIts focus is on the maximization of individual\'s gain.Its focus is on the maximization of social welfare.ScopeIt has a narrow scope, i.e. an individual person, an individual market etc.It has a very wide scope, i.e. a country.Other nameIt is also known as Price TheoryIt is also known as Income and Employment Theory.ExamplesIndividual income, individual output.National income, national output.\t<br>In simple words micro is the study of individuals where as macro is the study of whole | |
| 3590. |
What is elasticity of demand please explain it with examples graphically |
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| 3591. |
X 0-200 0-400/f 45 95 |
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| 3592. |
Mention any 3 factors factors that affect price elasticity of demand for a commodity |
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| 3593. |
Find out mean deviation and its coefficient of the following data |
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| 3594. |
Perfect competition and ita features |
| Answer» A perfect competition is the market situation where there are a large number of sellers competing to sell a homogenous product at a price fixed by the market. In such a case, a uniform price prevails in the market. This is decided by the industry itself (market forces of demand and supply).Features of Perfect CompetitionAn essential aspect of perfect competition is the absence of any monopolistic element. These are the three essential features of perfect competition:\tThe number of buyers and sellers in the market is very large. These buyers and sellers compete among themselves. Due to the large number, no buyer or seller influences the demand or supply in the market.\tThe commodity sold or bought is homogeneous. In other words, goods produced by different firms are identical in nature.\tFirms can enter or exit the market freely. | |
| 3595. |
Petfect competition and ita features |
| Answer» Perfect competition is a form of the market where there is a large number of buyers and sellers of a commodity. Homogeneous product is sold and its price is determined by the forces of market supply and market demand. An individual buyer or seller has no control over the price. Features of perfect competition:\t\xa0Large number of small buyers and sellers of a commodity: under perfect competition there is a large number of buyers and sellers. The number of buyers are so large that the demand of an individual buyer is only a small fraction of market demand for a commodity. Likewise the number of sellers are so large that the supply of an individual seller is only a fraction of the market supply.\tHomogeneous product: The product under perfect competition is homogeneous. A product is said to be homogeneous when each unit of it identical in size, shape, color and weight. So that, the buyer do not find any difference in product as sold by different firms in the market.\tFreedom of entry and exit: Under perfect competition a new firm is free to enter the industry and an existing firm is free to leave it. | |
| 3596. |
What is meant by economic |
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| 3597. |
Difference between Sampling and non sampling errors |
| Answer» \tBASIS FOR COMPARISONSAMPLING ERRORNON-SAMPLING ERRORMeaningSampling error is a type of error, occurs due to the sample selected does not perfectly represents the population of interest.An error occurs due to sources other than sampling, while conducting survey activities is known as non sampling error.CauseDeviation between sample mean and population meanDeficiency and analysis of dataTypeRandomRandom or Non-randomOccursOnly when sample is selected.Both in sample and census.Sample sizePossibility of error reduced with the increase in sample size.It has nothing to do with the sample size.\t | |
| 3598. |
Why should consumer\'s equilibrium point be located on the budget line? |
| Answer» Because the consumer spent only that money which he has in his hands .It is shown in budget line that how much money he can spent to consume goods.<br>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. | |
| 3599. |
Returns to a factor |
| Answer» Return to a factor | |
| 3600. |
Statics ka ch ka short ka 11 |
| Answer» Your quesstion are not celiar | |