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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.
| 3601. |
Give me full syllabus of microeconomics |
| Answer» You can check syllabus here :\xa0https://mycbseguide.com/cbse-syllabus.html | |
| 3602. |
What is price line |
| Answer» The AR curve | |
| 3603. |
What is Microeconomics?define |
| Answer» Microeconomics deals with the economic issues of an individual not the country as a whole.<br>Microeconomics deals with economic issues related to small economic units the word has been write from the greek word is \'Micro\'s. an individual firm, an individual household, or an individual customer is known as microeconomics. | |
| 3604. |
Scarcity and choise go together explain. |
| Answer» Scarcity refers to the basic economic problem, the gap between limited – that is, scarce – resources and theoretically limitless wants. Resources are not only scarce but also have alternative uses i.e., land can be used for producing wheat or for constructing warehouses or factories. Hence, it leads to a problem of choice. However, if resources were not scarce one could have anything, anytime and then there would have been no problem of choice. | |
| 3605. |
What is elastricity of demand |
| Answer» | |
| 3606. |
Define classification describe briefly main objective |
| Answer» | |
| 3607. |
If demand curve is rectangular hyperbola.ED is greater than 1??? |
| Answer» When percentage change in the quantity demanded is equal to percentage change in price, then demand for such a commodity is said to be unitary elastic. In this case, Ed = 1 and the demand curve is a rectangular hyperbola. Rectangular hyperbola is a curve under which the total area at all points will be the same. | |
| 3608. |
Indian economy chapter is not ther |
| Answer» | |
| 3609. |
Explain the relationship between marginal product and average product |
| Answer» When MP>AP ap risesWhen MP=AP AP minimumWhen MP<br>The marginal product (MP) and average product (AP) initially increase and then decrease due to the operation of the Law of Diminishing Marginal Returns. As long as MP is higher than AP, AP increases. At the highest point of AP, i.e. when AP is at its maximum, MP is equal to AP. When MP becomes lesser than AP, AP also starts to fall. Thereafter, both AP and MP fall, but MP becomes negative and AP remains positive. Also, MP falls at a faster rate as compared to AP.\xa0 | |
| 3610. |
Difference Between sample and census method |
| Answer» \tSr.No.Census Method (survey)Sr.No.Sample Method(1)In census survey, information is collected from each and every unit of the population.(1)In sample survey, information is collected from a few selected unit of the population.(2)It is very expensive and time-consuming.(2)It is less expensive and less time-consuming.(3)It is suitable where the field of investigation is small.(3)It is suitable where the field of investigation is large.(4)It is more accurate and reliable.(4)It is less accurate and less reliable.(5)It rules out the possibility of any personal biases.(5)It holds the chance of personal biases in the selection of samples.\t | |
| 3611. |
Difference Between postive or normative |
| Answer» Positive economic related with past, present, future. It may be true or false . And in normative economic related with opinion economist economic problems. It involve only opinions does not true or false. It involves value judgements.<br>Positive Economics is the real description of the economics it shows what and how the economic problems are actually solved it is not based upon individuals opinion. For example India is facing poverty Normative economics shows that how the economic problem should be solved it did not give a real description it is based on individual opinions for example India should take some steps to poverty | |
| 3612. |
What is px |
| Answer» P(x) is the price of commodity x as in economics | |
| 3613. |
In series of 18 observation £(X-8)=-9 then determine the mean of the series -3 |
| Answer» | |
| 3614. |
Difference b/w quantitative data and qualitative data |
| Answer» \tQualitative ResearchQuantitative ResearchA method to developing a better understanding on human and social sciences, in understanding human behavior and personalities better.It is the method used to generating numerical data by using a lot of techniques such as logical, statistical and mathematical techniques.It employees a subjective approach.It employees an objective approachThe data taken in the Qualitative research method is pretty verbal.The data taken in this method is pretty measurable.The objective of this research method is to engage and discover various ideas.The main objective of Quantitative research is to examine the cause and effect between the variables.It is one of the exploratory research type methods.It is a conclusive research type method.\t | |
| 3615. |
DIFFERENCE BETWEEN MOC AND OC? |
| Answer» Opportunity cost is an economic or financial concept that expresses the relationship between scarcity and choice while marginal cost is an economic or financial concept that represents the cost of producing an additional unit.2.Marginal cost always has a monetary value while opportunity cost can have a monetary value or not.3.Opportunity cost includes the value of lost time, output, utility, and the benefits that might have been enjoyed if the other choice is made while marginal cost does not.4.Marginal costs are visible while opportunity costs are not.5.Marginal cost is the cost incurred during the production of a unit or item while opportunity cost is the cost incurred during the consumer’s choice of which product to buy or use.<br>1. OC ( Opportunity Cost) is the cost of next best alternative foregone.2. MOC (Marginal Opportunity Cost) is the number of units of a commodity sacrificed to gain one more unit of another commodity.\xa0 | |
| 3616. |
Economics is easy or not |
| Answer» Very much easy | |
| 3617. |
Diminishing habit of a person is |
| Answer» | |
| 3618. |
What are non economic activities |
| Answer» Activities which are not concerned with money are called non-economic activities, e.g., housewife cooks food for her family. In such activities, there is no expectation of any kind of monetary reward or benefit. They are inspired by sentimental reasons and performed out of love.<br>The activity which is done for personal,social, phycological satisfaction is known as economic activity. | |
| 3619. |
What is a mean by monotonic preference |
| Answer» Consumer\'s preference is called monotonic when between any two bundles, consumer give preference to that bundle, which contains more quantity of at least one commodity and not less quantity of other commodity. | |
| 3620. |
How to solve different centrally planned problems in different economics |
| Answer» Basic problems in Capitalist economies are solved through price mechanism, in Socialist economy through planning and in mixed economy through price mechanism and economic planning. In the same way, price of the factors of production is determined in the factor market. | |
| 3621. |
How to solve centrally planned problems in different economics |
| Answer» | |
| 3622. |
Difference between positive and normative economics? |
| Answer» \tBasis for DifferentiationPositive EconomicsNormative EconomicsMeaningA part of economics grounded on the information and certainty is positive economics.A part of economics grounded on values, perspectives and discernment is normative economics.NatureIllustrativeDictatorialOutlookObjectiveSubjectiveDeals with?What actually is?What has to be?Testing (Trial)Statements can be testedStatements cannot be testedEconomic problemsEvidently elucidates the economic concerns and issues.Provides a solution for the economic concerns, based on the value\t | |
| 3623. |
Equation of law of demand |
| Answer» Law of demand states that there is an inverse relationship between the price and quantity demanded of a commodity, keeping other factors constant i.e., price of substitutes goods, taste of the consumer, income of the consumer etc.<br>When the price of commdity decreases then the demand is increases, when the price of commodity increases then the demand is decreases, is commonly known as law of demand. | |
| 3624. |
What is differnce between demand and quantity demand |
| Answer» <th>Basis for Comparison</th> <th>Demand</th> <th>Quantity Demanded</th> \t\t\tMeaningDemand is defined as the willingness of buyer and his affordability to pay the price for the economic good or service.Quantity Demanded represents exact quantity (how much) of a good or service is demanded by consumers at a particular price.What is it?It lists out quantities that would be purchased at various prices.It is the actual amount of goods desired at a certain price.ChangeIncrease or decrease in demandExpansion or contraction in demand.ReasonsFactors other than pricePriceMeasurement of changeShift in demand curveMovement along demand curveConsequences of change in actual priceNo change in demand.Change in quantity demanded.\t | |
| 3625. |
Differnce between normative and positive economics |
| Answer» \tBasis for DifferentiationPositive EconomicsNormative EconomicsMeaningA part of economics grounded on the information and certainty is positive economics.A part of economics grounded on values, perspectives and discernment is normative economics.NatureIllustrativeDictatorialOutlookObjectiveSubjectiveDeals with?What actually is?What has to be?Testing (Trial)Statements can be testedStatements cannot be testedEconomic problemsEvidently elucidates the economic concerns and issues.Provides a solution for the economic concerns, based on the value\t | |
| 3626. |
Functions and purpose of average according tendecy |
| Answer» | |
| 3627. |
Find out weighted mean bu weighing each price by the quantity consumed |
| Answer» | |
| 3628. |
The notes are given here from which book introductory microeconomics or statistics...? |
| Answer» | |
| 3629. |
What is difference between sample method and census method ? |
| Answer» https://keydifferences.com/difference-between-census-and-sampling.html | |
| 3630. |
What are the limitations of statistics? |
| Answer» The word statistics is used both in plural as well as in singular sense. In plural sense, statistics means numeric facts which can be used to draw conclusions and in singular sense, it means the statistical methods with the help of which statistical information is used to treat and draw conclusions from them.There are following limitations of statistics :Sometimes, when data are not properly collected 1 then there is likelihood to draw wrong conclusions.Therefore, it is necessary to know the limitations of statistics.(i) Statistics does not study about individuals : Statistics are expressed in facts. It does not study individuals. For example, there are five students in a class. Statistics only tells the average marks obtained in class not how many marks are obtained by every student in the class.(ii) It does not study the qualitative aspect of problem : The most important condition of statistical study is that subject of investigation and inquiry should be capable of being qualitatively measured. For example, honesty, poverty, etc.(iii) Statistics can be misused: The result obtained can be manipulated accordingly to one’s own interest and such manipulated results can mislead the community.(iv) Statistical results lack mathematical accuracy: The results drawn from statistical analysis are normally in approximates. As the satistical analysis is based on observation of mass data, number of inaccuracies may be present and it is difficult to rectify them.(v) Uniformity and homogeneity of data : It is essential that data must have the quality of uniformity and homogeneity. Heterogeneous data are not comparable. For example, it would be meaningless to compare the heights of men with heights of trees because these figures are of heterogeneous character. | |
| 3631. |
Explain about the,......share market |
| Answer» share market\xa0is a place where shares of pubic listed companies are traded. The primary market is where companies float shares to the general public in an initial public offering (IPO) to raise capital.<br>Its a market where public invest their money for getting back profit. | |
| 3632. |
What is the difference between Subsitute goods and complimentary goods? |
| Answer» Complementary goods: meaning of complementary is ‘useful or attractive together’. These are the goods which used together. Increase/ decrease in demand for one good will increase/decrease demand for other good also.Ex: car and petrol, mobiles and mobile covers etcSubstitute goods: substitute goods have inverse relationship to each other i.e Increase in price of one good will decrease the consumption of that particular good and demand for another good increases.Ex: increase in price of coffee makes people to have tea instead of coffee.\xa0 | |
| 3633. |
What is the difference between normal goods and inferior goods? |
| Answer» Normal goods: Normal goods refer to those goods that share a positive relationship with income. That is, as the income increases, the demand for normal goods increases. On the other hand, as the income falls, the demand for normal goods falls. For example, clothing is a normal good. As income increases, the demand for clothing increases, and as income falls the demand for clothing falls.Inferior goods: Inferior goods refer to those goods that share an inverse relationship with income. That is, as against normal goods, as the income increases, the demand for inferior goods falls and vice-versa. For example, coarse cereals are inferior goods. As the income increases, the consumer reduces its demand for coarse cereals and instead shifts its demand towards superior quality cereals. On the other hand, as the income falls, the consumer increases the demand for coarse cereals.\xa0 | |
| 3634. |
Explain Quantity demand in simple way |
| Answer» \tMeaning: Quantity Demanded represents exact quantity (how much) of a good or service is demanded by consumers at a particular price.\tWhat is it? :\xa0It is the actual amount of goods desired at a certain price.\tChange:\xa0Expansion or contraction in demand.\tReasons:\xa0Price\tMeasurement of change:\xa0Movement along demand curve\tConsequences of change in actual price:\xa0Change in quantity demanded.\xa0Quantity Demanded refers to how much of an economic good or service is demanded by a consumer or a group of consumers at a given period at a certain price. There are two important points related to quantity demanded which are,\tIt is always expressed at a given price, in essence, different quantities are demanded at different prices.\tIt is a flow which means quantity demanded doesn’t indicate a single purchase rather a continuous flow of purchases.The given below figure represents the movement along demand curve due to changes in price, i.e. the upward movement of demand curve indicates the contraction of demand whereas a downward shift denotes the expansion of demand. | |
| 3635. |
Chapter 3 complete notes |
| Answer» | |
| 3636. |
Difference Between market price and normal price |
| Answer» | |
| 3637. |
Define giffen good the slope of demand curve thess two goods related |
| Answer» | |
| 3638. |
What are the merits of statistical average |
| Answer» Hlo<br>Hiibabvvcs | |
| 3639. |
Explain various forms of statistics. |
| Answer» | |
| 3640. |
Why ppc concave to the origin |
| Answer» Concave curve shows increasing slope.Since ppc=marginal opportunity cost, increasing slope implies increasing MRT.. | |
| 3641. |
Why ppc slope downward |
| Answer» PPC slopes down ward from left to right because their exist a negative relationship or inverse relationship between the production possibility of v1 and v2<br>Because with the given resources, increase in output of good-2 is only possible when there is decrease in output of good-1. So ppc slopes downward | |
| 3642. |
What is an economic activity? |
| Answer» Any activity whose end result is monetary gain | |
| 3643. |
Define PRODUCTION POSSIBILITY CURVE (PPC), with the help of the schedule and diagram? |
| Answer» It is refers to the curve which shows the produce possibility of two alternative commodities | |
| 3644. |
What cause a downward movement along a demand curve? |
| Answer» Fall in price of the commodity. | |
| 3645. |
Define cost of production? |
| Answer» It refers to the expenditure incurred on input used in the production process. | |
| 3646. |
What is the small sampling? |
| Answer» I dont know aur apko mil jye to plz mujhe bhi btana<br>N is small sampling for 30 items<br>Yo i tell you what is small sampling<br>Hi | |
| 3647. |
What do you mean by classification of data |
| Answer» An important method of organization of data is to distribute data into different classes on the basis of their characteristics. This process is known as Classification of Data. Classification is the grouping of related facts into classes or groups. Unorganized or shapeless data can neither be easily compared nor interpreted. The technique of arranging the data in different homogeneous groups is known as Classification.According to Horace Secrist, "Classification is the process of arranging data into sequence and groups according to their common characteristics or separating them into different but related parts. | |
| 3648. |
Explain 5 factors that affect price elasticity of demand |
| Answer» 1.nature of commodity :luxuries have more elastic demand as compared to comforts, whereas, necessities have less elastic demand. 2.availability of substitutes :demand is more elastic in case of more substitutes. 3.income level :demand is more elastic in case of lower income groups. 4.level of price :expensive goods are more elastic. 5.time period :demand tends to be more inelastic in short term than in long term. | |
| 3649. |
Write 3 advantages of tabulation |
| Answer» | |
| 3650. |
What is classification explain in hindi |
| Answer» | |