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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.
| 3951. |
Features of perfect competition market |
| Answer» An essential aspect of perfect competition is the absence of any monopolistic\xa0element. 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\xa0demand\xa0or 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.<br>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\xa0demand\xa0or 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. | |
| 3952. |
Difference between desire and want in economics? |
| Answer» Desire means the will of a person to buy anything which may be is not for his need but only to satisfy his willingness. But want means the need of a person. A commodity that a consumer needs not for his satisfaction but it\'s a need in his life.<br>Desire refers to the wish a person has.Want is a strong feeling of possessing some things.Demand refers to the desire to have a commodity backed by willingness and ability to purchase that commodity at given price during a period of time. | |
| 3953. |
Formula of direct method |
| Answer» | |
| 3954. |
Mention four main merits and four demerits of census method..?? |
| Answer» Census arrangement applies to the whole inventory of a universe. creation may be an area, an assortment of individuals or a particular location through which we accumulate the data.The advantages of the census method are:\tIt is trustworthy and reputable.\tIt can give the correct estimation of some produce and yield, the population of particular age groups, their associations by ***, institutional knowledge, etc.Disadvantages\xa0of the census method are\tCensus can require a lot of time to provide reports and also huge capital\tEvery segment or article of the population has an identical probability of being chosen. | |
| 3955. |
The seminar on production possibility curve ppc? |
| Answer» Please give this answer | |
| 3956. |
Example of questionnaire |
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| 3957. |
What is types of question are easy to use score and to codify for analysis ???? |
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| 3958. |
find out elasticity if demand on the basis of given information |
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| 3959. |
Skill India make in India startsups |
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| 3960. |
What do you mean by questionnaire is what is difference between questionnaire and schedule |
| Answer» The\xa0questionnaire\xa0refers to a technique\xa0of\xa0data collection which consists\xa0of\xa0a series\xa0of\xa0written\xa0questions\xa0along with alternative answers. The\xa0schedule\xa0is a formalized set\xa0of questions, statements, and spaces\xa0for\xa0answers, provided to the enumerators who ask\xa0questions\xa0to the respondents and note down the answers.\xa0\tQuestionnaireScheduleThe questionnaire is one of the methods used for data collection. The questionnaire will have many questions, with each question having multiple choices.\xa0The schedule 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 respondent’s 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, the grouping is made on the basis of different categories like location, age, gender etc.In the schedule method of data collection, the grouping may exist or may not exist.\t | |
| 3961. |
What is mean by co sceneries what is difference between questionnaire and schedule |
| Answer» The\xa0questionnaire\xa0refers to a technique of data collection which consists of a series of written questions along with alternative answers. The\xa0schedule\xa0is a formalized set of questions, statements, and spaces for answers, provided to the enumerators who ask questions to the respondents and note down the answers. | |
| 3962. |
Is land a resource ? |
| Answer» Yes of course<br>Land is a natural resource. | |
| 3963. |
Can statistics be misused? Explain with two examples. |
| Answer» There is an interesting story which will justify this point:??Once a family?\u200d?\u200d?\u200d? of four persons (husband wife and 2 children)set out to cross a river?\u200d♀️. The father new the average depth of river. So, he calculated the average height of his family members . Since the average height of his family members was greater than the average depth of the river, he thought they could cross safely . Consequently some members of the family (children) drowned while crossing the river. In the given case the fault is not with the given statistical method of calculating averages , but with the misuse of average . The statistics has been be misused by the father as he has drawn wrong conclusions . So, it is rightly said "STATISTICAL METHODS "are no substitute for common sense<br>Statistics, when used in a misleading fashion, can trick the casual observer into believing something other than what the data shows. The false statistics trap can be quite damaging for the quest for knowledge. For example, in medical science, correcting a falsehood may take decades and cost lives. | |
| 3964. |
Ed formula |
| Answer» ED(ed)=PERCENTAGE CHANGE IN QUANTITY DEMANDED/PERCENTAGE CHANGE IN PRICE | |
| 3965. |
Defjne scarcity. |
| Answer» Scarcity arise when demand of commodity is high but supply of commodity is low<br>Scarcity is the limited availability of commodity,which may be in demand in the market or by the commons.Scarcity also includes an individual\'s lack of resources to buy commodities... | |
| 3966. |
Define marginal physical products |
| Answer» The law of diminishing\xa0marginal productivity\xa0is also known as the law of diminishing\xa0marginal\xa0returns.\xa0Marginal productivity\xa0or\xa0marginal product\xa0refers to the extra\xa0output, return, or profit yielded per unit by advantages from\xa0production\xa0inputs. Inputs can include things like labor and raw materials.\xa0Marginal physical product, usually abbreviated MPP, is found by dividing the change in total\xa0physical product\xa0by the change in the variable input. | |
| 3967. |
Indirect oral investigation suffers from |
| Answer» In Indirect Oral Investigation, data is collected through indirect sources. Persons who are likely to have information about the problems, are interrogated and on the basis of their answers, factual data have to be compiled. Most of the commissions of enquiry appointed by government collect primary data by this method. The accuracy of the method depends largely upon the type of persons interviewed and hence these persons have to be selected very carefully. | |
| 3968. |
In singular form statistics means |
| Answer» In the singular sense, statistics means science of statistics for statistical methods. It refers to the techniques or methods relating to collection, classification, presentation, analysis and interpretation of quantitative data. | |
| 3969. |
distinguish between random sampling and systematic sampling. With a suitable example[for 6 marks] |
| Answer» \tIn a simple random sample, each sample of size n has equal probability to be included. The clusters to be added are randomly selected and then the members of each selected cluster are added.\tOnly possible models, including each kth item from a random starting point, are possible.\tA simple random sample consists of random samples from each level.\xa0\tSystematic sampling each sample of size n is added equally. Only possible models, including each item from a random starting point, are possible.\tThe clusters to be added are randomly selected and then the members of each selected cluster are added.\tIn a systematic sampling , random samples from each level are included. | |
| 3970. |
Define data .what are the main resources of data |
| Answer» Tommory my note help me<br>Data are raw facts and figures (ie) Unorganised information .\xa0\xa0The two main sources of data are Primary and Secondary sources\xa0 | |
| 3971. |
How is telephonic interview better than personal interview |
| Answer» 1. It is time saving. 2. It is cheaper than personal interview. 3. Assistant is available to solve the doubts.4. Respondents are more comfortable as compared to personal interview.<br>Time saving<br>Cost effective (cheap) | |
| 3972. |
What are 3 importance of classification of data? |
| Answer» \tFollowing Are the Basis of Classification:(1) Geographical ClassificationWhen data are classified with reference to geographical locations such as countries, states, cities, districts, etc. it is known as Geographical Classification.It is also known as ‘Spatial Classification’.(2) Chronological ClassificationWhen data are grouped according to time, such a classification is known as a Chronological Classification.In such a classification, data are classified either in ascending or in descending order with reference to time such as years, quarters, months, weeks, etc.It is also called ‘Temporal Classification’.(3) Qualitative ClassificationUnder this classification, data are classified on the basis of some attributes or qualities like honesty, beauty, intelligence, literacy, marital status etc.For example, Population can be divided on the basis of marital status as married or unmarried etc.(4) Quantitative ClassificationThis type of classification is made on the basis some measurable characteristics like height, weight, age, income, marks of students, etc.\t | |
| 3973. |
Give an example where only secondary data can be used . |
| Answer» Published Sources<br>\xa0Published sources are the sources used for collection of secondary data. These sources are in the form of reports and newspapers which are provided by government publications, private publications and foreign publications. For instance, Reserve Bank of India Bulletin, Indian trade journals, reports on currency and finance and reports by private companies,\xa0the Address of a person taken from the Telephone Directory or Phone number of a company taken from ‘Just Dial’ are all examples of published sources of data.\xa0 | |
| 3974. |
Explain PPC curved with it\'s property? |
| Answer» Thanks<br>The curve which shows the combinations of two goods and services that can be produced with fuller utilisation of a given amount of resources in the most efficient way and with a given production technology is called Production Possibility Curve. It is also known as Production Possibility Frontier (or PPF) and Transformation Curve. The following are the properties of a PPC.i.\xa0Concave to Origin:\xa0PPC curve is concave to the origin.\xa0This is because of the increasing opportunity cost i.e. in accordance with the law of increasing opportunity cost.ii.\xa0Increasing Marginal Rate of Transformation:\xa0The slope of PPC (MRT) shows, for the production of every additional unit of one good, more and more units of other good has to be sacrificed.\xa0In other words,\xa0as we move down along the PPC, the slope of PPC (or MRT) increases.iii.\xa0Downward Sloping:\xa0PPC curve is downward sloping as more production of one good is associated with the decline in production of the other good.iv.\xa0Optimum utilisation of resources:\xa0The points that lie on the Production Possibility Frontier are associated with full employment of resources and efficient utilisation of the available technology.\xa0 | |
| 3975. |
Calculate the standard deviation of the following data |
| Answer» | |
| 3976. |
What do you mean by deprisetion |
| Answer» Depreciation\xa0refers to a reduction in the value of any asset over time, due in particular to wear and tear or getting old.In accounting terms, depreciation is outlined as the reduction or decreasing of the recorded value of a particular asset in a very systematic manner until the worth of the asset becomes zero or negligible.Examples of some fixed assets are buildings, furniture, office equipment, machinery, etc. The land is the only exception that cannot be depreciated as the value of land appreciates with time. | |
| 3977. |
Differentiate 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<br>I am Abhinab Sahu dhruv . | |
| 3978. |
Two characters of the definition of Adam smith |
| Answer» | |
| 3979. |
Explain types of economic and difference between them |
| Answer» Types of Economic System\tCapitalist Economy-\xa0In a capitalist system, the products manufactured are divided among people not according to what people want but on the foundation of Purchasing Power—which is the ability to buy products and services. Which means an individual needs to have the money with him to buy the goods and services. The Low-cost housing for the underprivileged is much required but will not include as demand in the market because the needy do not have the buying power to back the demand. Therefore, the commodity will not be manufactured and provided as per market forces.\tSocialist Economy-\xa0This economy system acknowledges the three inquiries in a different way. In a socialist society, the government determines what products are to be manufactured in accordance with the requirements of society. It is believed that the government understands what is appropriate for the citizen of the country, therefore, the passions of individual buyers are not given much attention. The government concludes how products are to be created and how the product should be disposed of. In principle, sharing under socialism is assumed to be based on what an individual need and not what they can buy. A socialist system does not have a separate estate because everything is controlled by the government.\tMixed Economic\xa0–\xa0Mixed systems have characteristics of both the command and market economic systems. For this purpose, the mixed economic systems are also called as dual economic systems. However, there is no sincere method to determine a mixed system. Sometimes, the word represents a market system beneath the strict administrative control in certain sections of the economy. | |
| 3980. |
What is the shape of PPC? |
| Answer» The shape of PPC is downward sloping and concave to the point of origin. | |
| 3981. |
Explain the process to select a sample of 5 students from the population of 25 by random method |
| Answer» In the process, paper slips are made for 25 students according to there names. The slip\'s are shuffled in a box. Then, impartially 5 slip\'s are drawn to form a sample of universe.\xa0<br>Random sampling method | |
| 3982. |
State briefly the concept of indifference curve. |
| Answer» \xa0An\xa0indifference curve\xa0is a graph showing combination of two goods that give the consumer equal satisfaction and utility. Each point on an\xa0indifference curve\xa0indicates that a consumer is\xa0indifferent\xa0between the two and all points give him the same utility.\xa0The theory of\xa0indifference curves\xa0was developed by Francis Ysidro Edgeworth, who explained in his 1881 book the mathematics needed for their drawing; later on, Vilfredo Pareto was the first author to actually draw these\xa0curves, in his 1906 book.\xa0An\xa0indifference curve\xa0is a graphical representation of a combined products that gives similar kind of satisfaction to a consumer thereby making them\xa0indifferent. Every point on the\xa0indifference curve\xa0shows that an individual or a consumer is\xa0indifferent\xa0between the two products as it gives him the same kind of utility. | |
| 3983. |
Consuming two goods a consumer attain equilibrium when |
| Answer» When consumer consumes two commodities, then equilibrium is achieved when consumer equates the ratio of marginal utility derived from one commodity in comparison to it\'s price with the ratio of the marginal utility of another commodity in comparison to it\'s price which states that consumer is rational in consumption of both the commodities.<br>Answer | |
| 3984. |
How is law of demand related to law of diminishing marginal utility? |
| Answer» 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.Law of diminishing marginal utility states that as consumption increases, marginal utility tends to decline. It is known as fundamental psychological law. | |
| 3985. |
If direction of ppf is right wards then what does this indicate ? |
| Answer» Increase in demandAnd decrease in price | |
| 3986. |
Difference between normative economics and positive economics |
| Answer» | |
| 3987. |
Give an example where only sampling method can be used |
| Answer» | |
| 3988. |
What is meant by econimics |
| Answer» Economics\xa0is a science that studies human behavior which aims at allocation of scarce resources in such a way that consumer\xa0can\xa0maximise their satisfaction, producers\xa0can\xa0maximise their profits and society\xa0can\xa0maximise its social welfare. ... | |
| 3989. |
Digramatic presentation of the following data on indias export and import 2014-15 |
| Answer» Give Data | |
| 3990. |
Why is choice essential in the study of economics? |
| Answer» Economics\xa0is sometimes\xa0called\xa0the\xa0study of scarcity\xa0because\xa0economic\xa0activity would not exist if\xa0scarcity\xa0did not force people to make\xa0choices. When there is\xa0scarcity and choice, there are costs. The cost of any\xa0choice\xa0is the option or options that a person gives up.\xa0Choice\xa0refers to the ability of a consumer or producer to decide which good, service or resource to purchase or provide from a range of possible options. Being free to chose\xa0is\xa0regarded as a fundamental indicator of\xa0economic\xa0well being and development. | |
| 3991. |
Difference b/w Census and Sample method ? |
| Answer» Census vs SamplingCensus and Sampling are the two terms that are considered to be the opposite of each other by most of the people, which is not the case.Census and Sampling are the processes that are used to collect survey data of the people.One of the\xa0key differences between Census and Sampling\xa0is that census includes all the members of the population to extract data, whereas, in sampling, a large chunk of the population is considered as a single group to collect data. | |
| 3992. |
Qualities of good questionnaire....? |
| Answer» Qualities\xa0of a\xa0Good Questionnaire\tThe length of\xa0questionnaire\xa0should be proper one.\tThe language used should be easy and simple.\tThe term used are explained properly.\tThe questions should be arranged in a proper way.\tThe questions should be in logical manner.\tThe questions should be in analytical form. | |
| 3993. |
চাহিদা কি |
| Answer» | |
| 3994. |
What is the implication of concavity of PPC?Explain with suitable example. |
| Answer» Production Possibility Curve\xa0(PPC) is\xa0concave\xa0to the origin because of the increasing opportunity cost. As we move down along the\xa0PPC, to produce each additional unit of one\xa0good, more and more units of other\xa0good\xa0need to be sacrificed. That is, as we move down along the\xa0PPC, the opportunity cost increases.\xa0The\xa0curve\xa0measures the trade-off between producing one good versus another. For\xa0example, say an economy can\xa0produce\xa020,000 oranges and 120,000 apples. On the chart, that\'s point B. If it wants to\xa0produce\xa0more oranges, it must\xa0produce\xa0fewer apples. | |
| 3995. |
Objectives of demand |
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| 3996. |
You have been given the following table compute arithmetic mean by using shortcut method |
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| 3997. |
Statistics affected everybody and touches life at many points.Explain? |
| Answer» Statistics is widely used in modern times. Initially it was employed by the state to collect information in public affairs but it was not used in different spheres of man’s life. Now a days, statistics is used by workers, labour unions, traders, insurance companies, auditors, business men, politicians etc. This is clear from following facts:(i) Useful to politicians : The politicians and their supporters are immensely interested in knowing their prospects of winning election by sampling few voters prior to elections, the percentage of vote the candidate will receive in the election and results can be worked out.(ii) Useful to economists: Statistics serves as a raw material to the economists in making certain economic laws.(iii) Useful to finance minister: For making sound and balanced annual budget of the country, statistics plays a very important role. He too takes the help of accurate and reliable data regarding the state of affairs which is provided by statistics.(iv) Useful to bankers : Statistics is very useful for bankers and banking industry. Every bank has a statistical department that helps to make its own policy.(v) Useful to an individual : Statistics is very useful for an individual. It provides him factual knowledge of prices of commodities in different markets. He also comes to know about the national products of social, political and economic conditions.(vi) Useful to businessmen : It is necessary for an efficient businessmen to have the full knowledge of the factors which influence hisbusiness decisions. | |
| 3998. |
Arithmetic Mean formula |
| Answer» The\xa0arithmetic mean\xa0is calculated by adding up all the values and dividing the sum by the total number of values. For example, the\xa0mean\xa0of 7, 4, 5 and 8 is 7+4+5+84=6.\xa0Sum of all of the numbers of a group, when divided by the number of items in that list is known as the Arithmetic Mean or Mean of the group.\xa0For example, the mean of the numbers 5, 7, 9\xa0is 4 since 5 + 7 + 9 = 21 and 21 divided by 3 [there are three numbers] is 7. | |
| 3999. |
What is meant by Pie diagram?Explain the method of its Construction. |
| Answer» In a\xa0pie chart, the various observations or components are represented by the sectors of a circle and the whole circle represents the sum of the value of all the components . Clearly, the total angle of 360° at the center of the circle is divided according to the values of the components.\xa0A\xa0bar graph\xa0is a chart that uses\xa0bars\xa0to show comparisons between categories of data. The\xa0bars\xa0can be either horizontal or vertical.\xa0Bar graphs\xa0with vertical\xa0bars\xa0are sometimes called vertical\xa0bar graphs.\xa0Pie charts\xa0are generally used to show percentage or proportional\xa0data\xa0and usually the percentage represented by each category is provided next to the corresponding slice of\xa0pie.\xa0 | |
| 4000. |
Q1. What is meant by census method? Give its merits and demerits. |
| Answer» How can uh write this much as it\'s too long....? But great job....<br>Census method refers to the complete enumeration of a universe. A universe may be a place, a group of people or a specific locality through which we collect the data. Census method is necessary in some cases like population census, Agriculture Census, animal census etc for gaining vast knowledge. But in contrary this & method is not applicable as well as needed to some social problems because it is costly and time consuming. It is difficult to study the whole universe because financially aid requires for it to complete the study. For this purpose we use sampling method to pick up a simple from the whole universe. Census method is perplex and take more time in data collection.\xa0Advantages & Disadvantages of Census MethodFollowing are the advantages and disadvantages of census method of data collection\xa0Advantages of Census Method of Data CollectionIntensive StudyData collection through census method gives opportunity to the investigator to have an intensive study about a problem study about a problem. The investigator gathers a lot of knowledge through this method.Higher Degree of AccuracyIn this method there would be higher degree of accuracy in data. No other method is accurate like census method when the universe is small.Suitable for Heterogeneous UnitsThis method is also applicable for units having heterogeneity or difference.Indispensable in Some CasesIn certain cases this method is very important and suitable to be used for data collection. Without this method the study of a universe remains uncompleted.Disadvantages of Census Method of Data CollectionInconvenientThis method is inconvenient because it take much time, money and set of industrial organizations.Possible in Few CasesThis method is possible only in few cases of data collection.Possible in Limited CircumstancesThis method is possible only in limited universe it requires not vast area to study.Time & Labour ConsumingIt is much time and labour consuming. It requires a lot of people to involve in data collection.More Statistical ErrorsData collected through this method would have more statistical errors.Census method of data collection is helpful only in an area where inquiry is limited, more time and finance available and data have high degree of accuracy otherwise not. | |