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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.
| 3901. |
What is consumers equilibrium? |
| Answer» Do hi j<br>Equilibrium means a state of maximum satisfaction.Consumer’s equilibrium is a situation when he spends his given income on the purchase of one or more commodities in such a way that he gets maximum satisfaction and has no urge to change this level of consumption, given the prices of commodities. | |
| 3902. |
If rxy=-0.85 then ryx=? |
| Answer» -0.54 | |
| 3903. |
Write three sentences highlighting the importance of statistics in economics. |
| Answer» I will directly answer the above question without going here and there. Here are the five sentences( from which you can choose three points which you find good or average ) which highlights the importance of statistics in economics:-1.) It simplifies complex data into simple and easier way which helps us to understand the problems. Thus, it plays an important role in summarizing data.2.) It presents data in a definite form.3.) It helps in forecasting. We want to know if we invest 20000 rupees in mutual funds then what we will get in future as interest. Without statistics it is not possible to forecast.4.) It facilitates policy formulation.5.) It makes comparison of facts. Suppose we want to know if we earned better than the salary of previous month then we have to compare it and without statistics we can\'t do so.<br>According to YA-LUN-CHOU "Economics depends upon statistics to measure economic aggregates such as gross national product, consumption, savings, investments, expenditure and changes in the value of money. They also use statistical methods to verify economic theory and to test hypotheses.\xa0Statistics helps us in ascertaining their standard of living and taxable capacity. Statistics helps us in adjusting the supply according to demand. In the field of exchange we use statistics to study markets, laws of prices based on supply and demand. Statistics plays an important role in the measurement and distribution of national income. It is of a great help in the formulation of economic policies such as monetary policy etc. | |
| 3904. |
Absence of scarcity would means absence of economics. Ezplain 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. | |
| 3905. |
how many bills are there |
| Answer» | |
| 3906. |
They want to fly in first class... I want to own the dammmn plane |
| Answer» | |
| 3907. |
Difference between undp and world bank report |
| Answer» World bank prepares a report on the basis of per capita income only . It is a narrow concept as World bank takes into account only the income which does not tell every thing about a nation. On the other hand UNDP takes education health life expectancy etc as the base of its report. Hence it is a broad concept as it accounts for all the important components of human development. | |
| 3908. |
bumper production boon or bane for the farmers and economy |
| Answer» | |
| 3909. |
Effect on ppc due to various government policies |
| Answer» PPC has been removed from the syllabus .you can check on cbse website<br>It represents economic growth. Economic growth is an increase in what an economy can produce if it is using all its scarce resources. An increase in an economy\'s productive potential can be shown by an outward shift in the economy\'s production possibility frontier (PPF). | |
| 3910. |
have they deleted marginal opportunity cost and opportunity cost along with ppc curve in economics? |
| Answer» | |
| 3911. |
which of the following is a function of a stastics |
| Answer» Sala<br>\xa0Following are the functions of statistics :I. Presentation of facts in figures :Statistics presents the various facts and figures, in such a manner so that various complicated facts become easy, brief and concrete and they may be understood easily. In it, facts are presented through diagrams and graphs, which are useful to a common man also.2. Establishment of relationship : With the help of statistical methods (correlation), relationship between two or more facts may be established. It may be find out that these facts have any relationship or not, what is the direction and degree of relationship between them etc.3. Comparison : Two or more effects may be compared with the help of statistics. Various averages, rates, percentages and coefficients are used for this purpose.4. Interpretation of problems : With the help of statistical devices, interpretation of various problems may be done. For example by collecting the data of unemployment among educated persons, the nature of employment problems among them may be interpreted.5. Formation of laws and principles of other sciences : Statistics helps to other social and natural sciences in forming the laws and with its help the various rules and principles of those sciences may be tested.6. Helpful in deciding the policy : With the help of statistics various policy decisions may be taken logically and successfully. For example price policy, export-import policy etc. | |
| 3912. |
Think of two example of qualitative and quantitive data |
| Answer» Quantitative Data : We havequantitative data, if the variables can be measured in numerical terms. For example, daily temperature, height and weight of individuals, price and income, etc. are quantitative variables. Their values can be expressed numerically.Qualitative Data : Sometimes, it is not possible to measure variables numerically, in the same straight forward manner as heights and weights of individuals, or prices of\xa0commodities, or income of individuals. For example, attitudes of people to a political system, intelligence of individuals and their aptitudes towards music and art, beauty of individuals or some objects (like flowers, gardens etc.) cannot be numerically measured. However, we may rank them according to the quality of their attributes.<br>For qualitative =Amount of money you have Height Weight Number of people living in your town Number of students who take statistics. and for. quntative data Hair color Blood type Ethnic group The car a person drives The street a person lives on | |
| 3913. |
What are the different kinds of scarcity that you face in your daily life ?Identity their causes. |
| Answer» If you are producer then you will face scarcity of raw material, if you are consumer you are facing scarcity of finished goods. Causes are -•For producer - scarcity skilled labour, Scarcity of technology, scarcity of resources (raw materials) , market etc. •For consumer - not having enough money to buy finished good. •common for both - scarcity of water, electricity, etc<br>Scarcity of water , scarcity of food , scarcity of electricity,scarcity of education, scarcity of technology,scarcity of sanitation etc<br>Plz answer the question | |
| 3914. |
What is sole proprietorship?? |
| Answer» Sole ProprietorshipSole proprietorship means a business owned, financed and controlled by a single person who is recipient of all profit and bearer of all risks.It is SUITABLE IN AREAS OF PERSONALISED SERVICE like beauty parlour, hair cutting saloons & small scale activities like retail shops. | |
| 3915. |
What is economics all about |
| 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 work. | |
| 3916. |
What is the meaning of hetrogenous population |
| Answer» Consisting of different kind of people or thing. | |
| 3917. |
Assignment on demand |
| Answer» | |
| 3918. |
Data in the hands of an unqualified person is most dangerous.?explain |
| Answer» The results and outcomes of the statistical methods can only be interpreted in their true and correct sense only by its experts. An unqualified person will not be informed with all the technicalities involved in the real life application of that method and will not be able to consider all the aspects of the situation before giving his conclusive remarks. This may lead the organisation to wrong decisions regarding its operations, which is turn, may ultimately result in huge losses for the organisation. Therefore, it is always advised that statistical tools must only be used by the competent and qualified people who the the applicability and technicalities of the statistical methods to give correct conclusions.<br>The results and outcomes of the statistical methods can only be interpreted in their true and correct sense only by its experts. An unqualified person will not be informed with all the technicalities involved in the real life application of that method and will not be able to consider all the aspects of the situation before giving his conclusive remarks. This may lead the organisation to wrong decisions regarding its operations, which is turn, may ultimately result in huge losses for the organisation. Therefore, it is always advised that statistical tools must only be used by the competent and qualified people who the the applicability and technicalities of the statistical methods to give correct conclusions. | |
| 3919. |
Is the book change of economic for arts stream these year |
| Answer» No<br>No | |
| 3920. |
Draw a diagram showing increase in expenditure in response to increase in price , when Ed=0. |
| Answer» | |
| 3921. |
What are schedules |
| Answer» A\xa0schedule\xa0or a timetable, as a basic time-management tool, consists of a list of times at which possible tasks, events, or actions are intended to take place, or of a sequence of events in the chronological order in which such things are intended to take place.\xa0Schedules\xa0are basically tables which contains additional details not mentioned in the articles. Indian\xa0Constitution\xa0originally had eight\xa0schedules. Four more\xa0schedules\xa0were added by different amendments, now making a total tally of twelve. The post gives a brief idea about all the 12\xa0Schedules\xa0of Indian\xa0Constitution. | |
| 3922. |
Slope of production possibilith curve is? |
| Answer» concave to the point of originThe slope of production possibility curve is marginal opportunity cost which refers to the additional sacrifice that a firm makes when they shift resources and technology from production of one commodity to the other. Since resources are use specific, therefore every time when one more unit of a commodity is produced more units of the other commodity is sacrificed that results in increasing marginal opportunity cost which leads to the concave shape of PPC to the origin. | |
| 3923. |
Clarify the importance of economics |
| Answer» Economics\xa0is\xa0important\xa0for many areas of society. It can help improve living standards and make society a better place.\xa0Economics\xa0is like science in that it can be used to improve living standards and also to make things worse. It partly depends on the priorities of society and what we consider most\xa0important.\xa0Economics\xa0is the\xa0important\xa0you get to know how societies, governments, businesses, households, and individuals allocate their scarce resources. The\xa0economics\xa0can also provide valuable knowledge for making decisions in everyday life.\xa0Economics\xa0is concerned with the optimal distribution of resources in society. | |
| 3924. |
Directive principles of state policy |
| Answer» The Directive Principles constitute a very comprehensive social, economic and political programme for a modern and welfare state. These principles emphasises that the State shall try to promote welfare of people by providing them basic facilities like shelter, food and clothing. Unlike Fundamental Rights, the Directive Principles of State Policy (DPSP) are non- binding in nature which means they are not enforceable by the courts for their violation. However, the Constitution itself declares that ‘these principles are fundamental in the governance of the country and it shall be the duly of the state to apply these principles in making laws’. Hence, they impose a moral obligation on the state authorities for their implementation. | |
| 3925. |
What are fundamental rights and duties |
| Answer» ‘Fundamental Rights’ :A certain freedoms which are essential for personal and common hood, guaranteed under the India Constitution and have been incorporated in the Fundamental Law of the Land and can be enforced by the Courts are known as ‘Fundamental Right’.\xa0Fundamental duties:42nd Amendment Act of 1976 added 10 Fundamental Duties to the Indian Constitution. 86th Amendment Act 2002 later added 11th Fundamental Duty to the list. Swaran Singh Committee in 1976 recommended Fundamental Duties, the necessity of which was felt during the internal emergency of 1975-77.The Fundamental Duties are dealt with Article 51A under Part-IV A of the Indian Constitution.\xa0 | |
| 3926. |
The philosophy and making of the constitution |
| Answer» \xa0Mahatma Gandhi was not a part of the constituent assembly, but his ideas on an eliminating inequality were spelt out in his magazine – the Young Indian as early as 1931.A Preamble shows what the Constitution aims at and is the introductory part of the Constitution. The Constitution of India is a living document that undergoes amendments.\xa0The Preamble begins with ‘We, the People of India…… signifies power is vested in the hands of the people.The Preamble to the Indian Constitution lays emphasis on the ideals of Sovereignty, Socialism, Secularism and Democratic Republic.\tSovereign: A nation when it is free in its internal matters from any foreign interference and its external policies are guided by its own interests.\tSocialist: This emphasizes the equitable distribution of national income to all sections of people.\tSecular: This means all religions have equal respect.\tDemocratic: People have the right to elect their representatives.\tRepublic: The head of the state is an elected person with no hereditary right. | |
| 3927. |
Output. AVC 1. 60 2. 40 3. 30 4. 26.25 5. 28 6. 35 |
| Answer» | |
| 3928. |
Statistics presents facts in a dash and dash form? |
| Answer» | |
| 3929. |
Absence of scarcity would mean absence of economics Explain with logical reasoning |
| Answer» Economics is all about how to manage and utilise our limited natural resources in sustainable way. Here scarcity means the Unabundance of of needs and wants. Therefore the microeconomics is whole and sole based on the scarcity of resources and unlimited needs of our people. | |
| 3930. |
Chapter 3 census and sample methods of collection of data notes |
| Answer» Plz give d complete notes | |
| 3931. |
Explain what to produce with the help of an example |
| Answer» What to produceAs there is the problem of choice, the economy has to decide which goods and services are to be produced. For example, which of the consumer goods such as wheat, rice, cloth are to be produced and which of the capital goods such as machines and tools are to be produced.When an economy has taken a decision as to what goods or services to be produced, then it has to be about its quantity.\xa0How much of consumer goods and capital goods\xa0are to be produced.For example, if an economy decides to produce rice and wheat within a given period with limited resources then it will have to use less of machineries. | |
| 3932. |
production, consumption and distribution are economic activities. explain. |
| Answer» Production,\xa0consumption and distribution are economic activities. ...\xa0Consumption\xa0is utilisation of goods and services by the individuals with the aim of satisfying their needs and wants.\xa0Distribution\xa0means allocating or distributing the final goods and services among the different segments of population.\xa0Production,\xa0distribution, and consumption\xa0are related to how goods and services are created and made available to the public. ... As people buy, sell, and make goods, they become interdependent upon one another to supply what they need or to purchase what they sell. | |
| 3933. |
What is price elasticity demand? |
| Answer» Price elasticity of demand of s the study of degree of change in demand in response to change in own price of the commodity.Therefore it is study of change and is denoted by Ed.<br>Price elasticity of demand, or elasticity, is the degree to which the effective desire for something changes as its price changes. In general, people desire things less as those things become more expensive<br>The degree of responsiveness of quantity demanded to changes in\xa0price\xa0of commodity is known as\xa0price elasticity\xa0of\xa0Demand.\xa0 | |
| 3934. |
What is written in the letter attached with the mailing method? |
| Answer» Survey Request. The first paragraph of a cover letter serves as an introduction and conveys the key point or purpose of the mailing, that is, requesting that the respondent complete and return the enclosed questionnaire and identifying what organization is conducting the survey and why. | |
| 3935. |
What is meant by Questionnaire? How is it different from sehedule |
| Answer» Questionnaire was first developed in London in 1838. This is a method of collecting data from respondents through a series of questions. It focuses more on obtaining standardized answers instead of specific answers. There are 7 different types of Questionnaires.Schedule is another data collection technique containing statements, questions, and blank spaces to fill up the answers given by the respondents to the enumerator or interviewer.\xa0\xa0\tQuestionnaireScheduleQuestionnaire is one of the methods used for data collection. Questionnaire will have many questions, with each question having multiple choices.\xa0Schedule is also one of the methods of data collection. It will have a set of statements, questions and space given to note down the answers.Questionnaire method of data collection is preferred when the respondents are willing to cooperate. In addition, to deploy this method the respondents need to be literate.The Schedule method of data collection can be utilised irrespective of the respondents literacy. It can be used when the respondents are literate and can be used even when the respondents are illiterate.The type of technique used in the Questionnaire method is Quantitative.The type of technique used in the Schedule method is Qualitative.In the Questionnaire method, grouping is made on the basis of different categories like location, age, gender etc.In the schedule method of data collection, grouping may exist or may not exist.Informants receive questionnaires through mails, posts and the answers will be given as per instructions given in the cover letter.Answers in the Schedule method of data collection are filled by research workers/enumerators.\t | |
| 3936. |
Difine scarcity,market economy |
| Answer» Scarcity means unlimited wants and limited resources. It states that peaple have many needs but we have limited resources and alternative source | |
| 3937. |
Define 3 basic economic activities? |
| Answer» What to produce How to produce And for whom to produce<br>Three basic economi activities are: BusinessProfessionEmployment<br>Economics activities:- 1.) Consumption, 2.) Production and 3.) Distribution. Elaborating these three points as follows:-1.). Consumption:- It is an economic activity where consumers buy goods and services and consume it in order to get satisfaction.2.) Production:- It is an economic activity where producers makes their artefacts in order to sell it to make profit.3.) Distribution:- lt is an economic activity where people are considered about the distribution of resources among different societies. For example:- GDP, national budget etc. | |
| 3938. |
Difference between individual and matket demand? |
| Answer» | |
| 3939. |
Explain ppc with the help of schedule and diagram |
| Answer» Production possibility curve shows all different attainable combinations of the production of two commodities that can be produced in an economy with given the resources and technology which are to be fully utilized.\tGuns (Units)Bread (Units)Marginal Opportunity Cost030−−128221=2224441=4318661=6410881=85010\t<section><div></div></section> | |
| 3940. |
Explain why ppc slopes downward |
| Answer» Because it is cureve<br>Production Possibility Curve refers to the graphical representation of possible combinations of two goods that can be produced with given resources and technology.\xa0PPC slopes downwards from left to the right. It is because, in a situation of fuller utilization of given resources, production of both the goods cannot be increased. More of Good X can be produced only with less of Good Y. | |
| 3941. |
What do you mean by assumed mean method |
| Answer» Assumed Mean Method FormulaLet x1, x2, x3,…,xn\xa0are mid-points or class marks of n class intervals and f1, f2, f3, …, fn\xa0are the respective frequencies. The formula of the assumed mean method is:Here,a = assumed meanfi\xa0= frequency of ith classdi\xa0= xi\xa0– a = deviation of ith classΣfi\xa0= n = Total number of observationsxi\xa0= class mark = (upper class limit + lower class limit)/2 | |
| 3942. |
Class interval frequency 30-40 2 40-50 10 50-60 7 60-70 8 70-80 12 80-90 6 90-100 9 |
| Answer» | |
| 3943. |
Rationale behind condition of equilibrium ch 4 according to tr jain |
| Answer» | |
| 3944. |
Explain producer consumer and service holder. |
| Answer» Producers\xa0and\xa0consumers\xa0depend on each other. For example, farmers in Tennessee sell their crops to\xa0consumers. The farmers depend on\xa0consumers\xa0to earn money. ... When\xa0producers\xa0specialize, they do a better job of providing goods or services that people want. In summary,\xa0producers\xa0are organisms that make their own food.\xa0Producers\xa0create food for themselves and also provide energy for the rest of the ecosystem. ...\xa0Consumers\xa0are organisms that need to eat to obtain energy. Primary\xa0consumers, such as deer and rabbits, eat only\xa0producers. | |
| 3945. |
Define the utility and marginal utility? |
| Answer» Utility Definition – It is a measure of satisfaction an individual gets from the consumption of the commodities. In other words, it is a measurement of usefulness that a consumer obtains from any good. A utility is a measure of how much one enjoys a movie, favourite food, or other goods. It varies with the amount of desire.Marginal utility refers to additional utility obtained from the consumption of an additional unit of a commodity. To illustrate, if 10th unit yields satisfaction of 100 utils, while 11th unit yields satisfaction of 105 utils, then marginal utility derived from the 11 th unit is 5 utils. | |
| 3946. |
. Merits of personal interview method. |
| Answer» Merits of direct investigation system are:-1)great accuracy as the information is collected personally.2)additional information as the data is connected personally therefore additional information is also collected.3)Uniformity this type of data provides uniformity 4) accurate and reliable as the data is collected personally therefore it is more accurate and reliable.5)Economic this method is economic if used for small area. | |
| 3947. |
Explain the \'nature of commodity & availability of substitutes\' effect ped |
| Answer» Availability of Substitutes: In general, the more good\xa0substitutes\xa0there are, the more\xa0elastic\xa0the\xa0demand\xa0will be. ... This means that coffee is an\xa0elastic\xa0good because a small increase in price will cause a large decrease in\xa0demand\xa0as consumers start buying more tea instead of coffee.\xa0It is so because these products are very sensitive to\xa0price. For example, if a product has many substitutes, the buyers will shift to one of them as the\xa0price\xa0of this poduct increases. Thus, the\xa0nature\xa0of the\xa0commodity influences\xa0the\xa0price elasticity of demand. | |
| 3948. |
How scarcity and choice go together ? |
| Answer» Micro economics deals with the study of how resources are allocated in the production of various goods and services in the economy for the satisfaction of human wants because these resources are scarce and have alternative uses and human wants are unlimited. Since these resources are scarce and have alternative uses, their allocation in the production of different commodities is a choice factor which needs to be done efficiently. | |
| 3949. |
What is utility schedule ?? |
| Answer» Given below is the utility schedule of a consumer for commodity-X. The price of the commodity is Rs. 6 per unit. How many units should the consumer purchase to maximise satisfaction? (Assume that utility is expressed in units and 1 util = Rs. 1). Give reasons for your answer.\tConsumption\xa0 (Units)Total Utility (Utils)Marginal Utility (Utils)1101021883257431653436340\t | |
| 3950. |
Advantages of census of samples survey |
| Answer» SAMPLE SURVEYSIn a sample survey, only part of the total population is approached for information on the topic under study. These data are then \'expanded\' or \'weighted\' to make inferences about the whole population. We define the sample as the set of observations taken from the population for the purpose of obtaining information about the population.Advantages of Sample Surveys compared with Censuses:\tReduces cost - both in monetary terms and staffing requirements.\tReduces time needed to collect and process the data and produce results as it requires a smaller scale of operation.\t(Because of the above reasons) enables more detailed questions to be asked.\tEnables characteristics to be tested which could not otherwise be assessed. An example is life span of light bulbs, strength of spring, etc. To test all light bulbs of a particular brand is not possible as the test needs to destroy the product so only a sample of bulbs can be tested.\tImportantly, surveys lead to less respondent burden, as fewer people are needed to provide the required data.\tResults can be made available quickly. | |