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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.
| 4451. |
Howis marginalproduct calculated ? |
| Answer» <html><body><p></p><a href="https://interviewquestions.tuteehub.com/tag/solution-25781" style="font-weight:bold;" target="_blank" title="Click to know more about SOLUTION">SOLUTION</a> :`MP_(n)=TP_(n)-TP_(n-1)` <br/> `"or"MP_(n)=(Delta <a href="https://interviewquestions.tuteehub.com/tag/tp-1424360" style="font-weight:bold;" target="_blank" title="Click to know more about TP">TP</a>)/(<a href="https://interviewquestions.tuteehub.com/tag/deltaq-2053540" style="font-weight:bold;" target="_blank" title="Click to know more about DELTAQ">DELTAQ</a>)`</body></html> | |
| 4452. |
When total revenue is maximum, marginal revenue is also maximum. |
| Answer» <html><body><p></p><a href="https://interviewquestions.tuteehub.com/tag/solution-25781" style="font-weight:bold;" target="_blank" title="Click to know more about SOLUTION">SOLUTION</a> :<a href="https://interviewquestions.tuteehub.com/tag/false-459184" style="font-weight:bold;" target="_blank" title="Click to know more about FALSE">FALSE</a> : When total <a href="https://interviewquestions.tuteehub.com/tag/revenue-1188040" style="font-weight:bold;" target="_blank" title="Click to know more about REVENUE">REVENUE</a> is maximum, marginal revenue is <a href="https://interviewquestions.tuteehub.com/tag/zero-751093" style="font-weight:bold;" target="_blank" title="Click to know more about ZERO">ZERO</a>.</body></html> | |
| 4453. |
Define the following terms : (i) Increase in demand , (ii) Decrease in demand , (iii) Contraction in demand. |
| Answer» <html><body><p></p>Solution :<a href="https://interviewquestions.tuteehub.com/tag/increase-1040383" style="font-weight:bold;" target="_blank" title="Click to know more about INCREASE">INCREASE</a> in Demand is defined as a <a href="https://interviewquestions.tuteehub.com/tag/rise-1189674" style="font-weight:bold;" target="_blank" title="Click to know more about RISE">RISE</a> in the demand of a commodity due to a change in any other factor of the commodity other than the own price of the commodity. <br/>Decrease in Demand is defined as a fall in demand of the commodity due to a change in any other factor of the commodity other than the own price of the commodity. <br/>Contraction in Demand is definded as a fall in the qunatity <a href="https://interviewquestions.tuteehub.com/tag/demanded-7675308" style="font-weight:bold;" target="_blank" title="Click to know more about DEMANDED">DEMANDED</a> of a commodity caused by an increase in own price of the commodity, other factors remain <a href="https://interviewquestions.tuteehub.com/tag/constant-930172" style="font-weight:bold;" target="_blank" title="Click to know more about CONSTANT">CONSTANT</a>.</body></html> | |
| 4454. |
Distinguish between (i) sampling, and (ii) non-sampling errors. |
| Answer» <html><body><p></p>Solution :Sampling error arises because of the variation between the true <a href="https://interviewquestions.tuteehub.com/tag/mean-1091459" style="font-weight:bold;" target="_blank" title="Click to know more about MEAN">MEAN</a> <a href="https://interviewquestions.tuteehub.com/tag/value-1442530" style="font-weight:bold;" target="_blank" title="Click to know more about VALUE">VALUE</a> for the <a href="https://interviewquestions.tuteehub.com/tag/sample-1194587" style="font-weight:bold;" target="_blank" title="Click to know more about SAMPLE">SAMPLE</a> and the population. On the other hand, the non-sampling error arises because of deficiency and inappropriate <a href="https://interviewquestions.tuteehub.com/tag/analysis-25709" style="font-weight:bold;" target="_blank" title="Click to know more about ANALYSIS">ANALYSIS</a> of data. Non-sampling error can be <a href="https://interviewquestions.tuteehub.com/tag/random-11853" style="font-weight:bold;" target="_blank" title="Click to know more about RANDOM">RANDOM</a> or non-random whereas sampling error occurs in the random sample only.</body></html> | |
| 4455. |
What are the two methods for determination of producer's equilibrium? |
| Answer» <html><body><p><br/></p><a href="https://interviewquestions.tuteehub.com/tag/solution-25781" style="font-weight:bold;" target="_blank" title="Click to know more about SOLUTION">SOLUTION</a> :(i) TR- <a href="https://interviewquestions.tuteehub.com/tag/tc-664136" style="font-weight:bold;" target="_blank" title="Click to know more about TC">TC</a> <a href="https://interviewquestions.tuteehub.com/tag/approach-882321" style="font-weight:bold;" target="_blank" title="Click to know more about APPROACH">APPROACH</a> , (ii) <a href="https://interviewquestions.tuteehub.com/tag/mr-549185" style="font-weight:bold;" target="_blank" title="Click to know more about MR">MR</a> -MC Approach.</body></html> | |
| 4456. |
Differentiate between movement along demand curve and shift in demand curve. |
| Answer» <html><body><p></p>Solution :(i) Movement <a href="https://interviewquestions.tuteehub.com/tag/along-1974109" style="font-weight:bold;" target="_blank" title="Click to know more about ALONG">ALONG</a> a demand <a href="https://interviewquestions.tuteehub.com/tag/curve-941741" style="font-weight:bold;" target="_blank" title="Click to know more about CURVE">CURVE</a> is either upwards or <a href="https://interviewquestions.tuteehub.com/tag/downwards-959173" style="font-weight:bold;" target="_blank" title="Click to know more about DOWNWARDS">DOWNWARDS</a> whereas shift in demand curve is either rightwards or <a href="https://interviewquestions.tuteehub.com/tag/leftwards-1071055" style="font-weight:bold;" target="_blank" title="Click to know more about LEFTWARDS">LEFTWARDS</a>. <br/>(ii) Movement along a demand curve is caused due to a <a href="https://interviewquestions.tuteehub.com/tag/change-913808" style="font-weight:bold;" target="_blank" title="Click to know more about CHANGE">CHANGE</a> in own price of the commodity whereas shift in demand curve is caused due to a change in other factors affecting the demand of the commodity other than the price.</body></html> | |
| 4457. |
What is the relationship between price and MR ? |
| Answer» <html><body><p></p><a href="https://interviewquestions.tuteehub.com/tag/solution-25781" style="font-weight:bold;" target="_blank" title="Click to know more about SOLUTION">SOLUTION</a> :(i) In perfect <a href="https://interviewquestions.tuteehub.com/tag/competion-2531872" style="font-weight:bold;" target="_blank" title="Click to know more about COMPETION">COMPETION</a>, <a href="https://interviewquestions.tuteehub.com/tag/price-1165141" style="font-weight:bold;" target="_blank" title="Click to know more about PRICE">PRICE</a> (AR)=MR <br/> (ii) In imparfect competion, MR `<a href="https://interviewquestions.tuteehub.com/tag/lt-537906" style="font-weight:bold;" target="_blank" title="Click to know more about LT">LT</a>` AR (Price).</body></html> | |
| 4458. |
Distinguish between 'change in demand' and change in quantity demanded of a commodity. |
| Answer» <html><body><p></p><a href="https://interviewquestions.tuteehub.com/tag/solution-25781" style="font-weight:bold;" target="_blank" title="Click to know more about SOLUTION">SOLUTION</a> :(i) Change in demand is caused due to a change in own price of the commodity whereas change in <a href="https://interviewquestions.tuteehub.com/tag/quantity-1174212" style="font-weight:bold;" target="_blank" title="Click to know more about QUANTITY">QUANTITY</a> demanded is caused due to a change in other factors affecting the demand for that commodity but the price remains constant. <br/>(ii) Change in demand leads to a movement along the same demand curve whereas Change in quantity demanded leads to a shift in the demand curve.<br/>(iii) Change in demand occurs due to an increase or decrease in price of the commodity whereas change in quantity demanded occurs due to change in other factors such as price of <a href="https://interviewquestions.tuteehub.com/tag/relatedbrbr-2983848" style="font-weight:bold;" target="_blank" title="Click to know more about RELATED">RELATED</a> goods, income of the <a href="https://interviewquestions.tuteehub.com/tag/consumer-25599" style="font-weight:bold;" target="_blank" title="Click to know more about CONSUMER">CONSUMER</a> etc.</body></html> | |
| 4459. |
A consumer consumes only two goods X and Y and is in equilibrium. Price of X falls. Explain the reaction of consumer through the Utility Analysis, OR Suppose a consumer spends his entire income on two goods. X and Y. If he has attained the point of equilibrium through utility analysis, then he will not change his allocation of expenditure on the two goods X and Y, even if price of good X falls. Defend or Refute. |
| Answer» <html><body><p></p>Solution :In case of two goods X and Y, a consumer will be at <a href="https://interviewquestions.tuteehub.com/tag/equilibrium-974342" style="font-weight:bold;" target="_blank" title="Click to know more about EQUILIBRIUM">EQUILIBRIUM</a> when `(MU_(X))/(P_(X)) = (MU_(Y))/(P_(Y))`. When price of X falls, then rupee worth of satisfaction from X will be more than Y, i.e, `(MU_(X))/(P_(X)) <a href="https://interviewquestions.tuteehub.com/tag/gt-1013864" style="font-weight:bold;" target="_blank" title="Click to know more about GT">GT</a> (MU_(Y))/(P_(Y))`. Therefore, he will buy more of X and less of Y. this will <a href="https://interviewquestions.tuteehub.com/tag/lead-540361" style="font-weight:bold;" target="_blank" title="Click to know more about LEAD">LEAD</a> to fall in `MU_(X)` and rise in `MU_(Y)`. The consumer will continue to buy more of X till `(MU_(X))/(P_(X)) = (MU_(Y))/(P_(Y))`</body></html> | |
| 4460. |
When AP is maximum, MP is equal to: |
| Answer» <html><body><p>AP<br/>TP<br/>Zero<br/>One</p>Answer :A</body></html> | |
| 4461. |
The following news item was printed in the Indian Express: "Centre increases number of work days under MGNREGA".As per the news, the Central Government will increase the number of work days under the rural job guarantee scheme from 100 to 150 in drought-affected areas. How would it affect the PPC of the economy. |
| Answer» <html><body><p></p>Solution :There will be no <a href="https://interviewquestions.tuteehub.com/tag/effect-966056" style="font-weight:bold;" target="_blank" title="Click to know more about EFFECT">EFFECT</a> on PPC as there is no increases in the productive capacity of the <a href="https://interviewquestions.tuteehub.com/tag/economy-21801" style="font-weight:bold;" target="_blank" title="Click to know more about ECONOMY">ECONOMY</a>. <a href="https://interviewquestions.tuteehub.com/tag/however-1032379" style="font-weight:bold;" target="_blank" title="Click to know more about HOWEVER">HOWEVER</a>, actual level of employment and <a href="https://interviewquestions.tuteehub.com/tag/output-1142821" style="font-weight:bold;" target="_blank" title="Click to know more about OUTPUT">OUTPUT</a> will increases <a href="https://interviewquestions.tuteehub.com/tag/due-433472" style="font-weight:bold;" target="_blank" title="Click to know more about DUE">DUE</a> to increase in workdays.</body></html> | |
| 4462. |
A consumer, Mr. Aman is in state of equilibrium consuming two goods X and Y, with given prices P_(x) " and " P_(y). Explain what will happen if: (a) MU_(x)//P_(x) is greater than MU_(y)//P_(y), (b) P_(y) falls. |
| Answer» <html><body><p></p><a href="https://interviewquestions.tuteehub.com/tag/solution-25781" style="font-weight:bold;" target="_blank" title="Click to know more about SOLUTION">SOLUTION</a> :If <a href="https://interviewquestions.tuteehub.com/tag/mu-566056" style="font-weight:bold;" target="_blank" title="Click to know more about MU">MU</a>(x)//P(x) is greater than MU(y)//P(y), then this would <a href="https://interviewquestions.tuteehub.com/tag/induce-499186" style="font-weight:bold;" target="_blank" title="Click to know more about INDUCE">INDUCE</a> Mr. Aman to buy more of X in place of Y.b) If P(y) falls then Mr. Aman will <a href="https://interviewquestions.tuteehub.com/tag/consume-409809" style="font-weight:bold;" target="_blank" title="Click to know more about CONSUME">CONSUME</a> more of <a href="https://interviewquestions.tuteehub.com/tag/good-1009017" style="font-weight:bold;" target="_blank" title="Click to know more about GOOD">GOOD</a> Y.</body></html> | |
| 4463. |
Explain the implication of large number of buyers in a perfectly competitive market. OR What difference does it make to a perfactly competitive market when we say that there are large number of buyers in it? Explain. |
| Answer» <html><body><p></p><a href="https://interviewquestions.tuteehub.com/tag/solution-25781" style="font-weight:bold;" target="_blank" title="Click to know more about SOLUTION">SOLUTION</a> :The large <a href="https://interviewquestions.tuteehub.com/tag/number-582134" style="font-weight:bold;" target="_blank" title="Click to know more about NUMBER">NUMBER</a> of buyers is assumed to be so large that sn individual buyer's share in total purchases is so negligible <a href="https://interviewquestions.tuteehub.com/tag/thet-3206469" style="font-weight:bold;" target="_blank" title="Click to know more about THET">THET</a> he cannot influence the market <a href="https://interviewquestions.tuteehub.com/tag/price-1165141" style="font-weight:bold;" target="_blank" title="Click to know more about PRICE">PRICE</a> on its own by purchasing more or less. The <a href="https://interviewquestions.tuteehub.com/tag/outcome-25532" style="font-weight:bold;" target="_blank" title="Click to know more about OUTCOME">OUTCOME</a> is that price remains unchanged.</body></html> | |
| 4464. |
Personal bias is possible under : |
| Answer» <html><body><p>random sampling <br/>purposive sampling <br/><a href="https://interviewquestions.tuteehub.com/tag/stratified-2282659" style="font-weight:bold;" target="_blank" title="Click to know more about STRATIFIED">STRATIFIED</a> sampling <br/>quota sampling </p><a href="https://interviewquestions.tuteehub.com/tag/solution-25781" style="font-weight:bold;" target="_blank" title="Click to know more about SOLUTION">SOLUTION</a> :B</body></html> | |
| 4465. |
A table showing TC and TRof a firm is given . Calculate MC and MR find out the equilibrium level of output. |
| Answer» <html><body><p><br/></p>Solution :<img src="https://d10lpgp6xz60nq.cloudfront.net/physics_images/SG_MIC_ECO_C08_E01_007_S01.png" width="80%"/> <br/> The producer achieves <a href="https://interviewquestions.tuteehub.com/tag/equilibrium-974342" style="font-weight:bold;" target="_blank" title="Click to know more about EQUILIBRIUM">EQUILIBRIUM</a> at <a href="https://interviewquestions.tuteehub.com/tag/6-327005" style="font-weight:bold;" target="_blank" title="Click to know more about 6">6</a> units of <a href="https://interviewquestions.tuteehub.com/tag/output-1142821" style="font-weight:bold;" target="_blank" title="Click to know more about OUTPUT">OUTPUT</a>. It is because this level of output satisfies both the condition of producer's equilibrium : <br/> (i) MC is equal to <a href="https://interviewquestions.tuteehub.com/tag/mr-549185" style="font-weight:bold;" target="_blank" title="Click to know more about MR">MR</a>, and <br/> (ii) MC becomes <a href="https://interviewquestions.tuteehub.com/tag/greater-476627" style="font-weight:bold;" target="_blank" title="Click to know more about GREATER">GREATER</a> than MR after this level of output.</body></html> | |
| 4466. |
A statement about demand of a good includes information about: |
| Answer» <html><body><p><a href="https://interviewquestions.tuteehub.com/tag/price-1165141" style="font-weight:bold;" target="_blank" title="Click to know more about PRICE">PRICE</a> <br/>Quantity<br/>Period of <a href="https://interviewquestions.tuteehub.com/tag/time-19467" style="font-weight:bold;" target="_blank" title="Click to know more about TIME">TIME</a> <br/>All the above </p><a href="https://interviewquestions.tuteehub.com/tag/answer-15557" style="font-weight:bold;" target="_blank" title="Click to know more about ANSWER">ANSWER</a> :D</body></html> | |
| 4467. |
What is a lorenz curve? |
| Answer» <html><body><p></p>Solution :<a href="https://interviewquestions.tuteehub.com/tag/lorenz-544702" style="font-weight:bold;" target="_blank" title="Click to know more about LORENZ">LORENZ</a> curve is curve that shows <a href="https://interviewquestions.tuteehub.com/tag/deviation-950382" style="font-weight:bold;" target="_blank" title="Click to know more about DEVIATION">DEVIATION</a> of actual <a href="https://interviewquestions.tuteehub.com/tag/distribution-440862" style="font-weight:bold;" target="_blank" title="Click to know more about DISTRIBUTION">DISTRIBUTION</a>(of <a href="https://interviewquestions.tuteehub.com/tag/income-25499" style="font-weight:bold;" target="_blank" title="Click to know more about INCOME">INCOME</a> or wealth) from the line showing <a href="https://interviewquestions.tuteehub.com/tag/equal-446400" style="font-weight:bold;" target="_blank" title="Click to know more about EQUAL">EQUAL</a> distribution.</body></html> | |
| 4468. |
Explain the relation between total utility and marginal utility |
| Answer» <html><body><p></p>Solution :<a href="https://interviewquestions.tuteehub.com/tag/total-711110" style="font-weight:bold;" target="_blank" title="Click to know more about TOTAL">TOTAL</a> Utility means total benefit obtained by a person from consumption of goods and <a href="https://interviewquestions.tuteehub.com/tag/services-1202745" style="font-weight:bold;" target="_blank" title="Click to know more about SERVICES">SERVICES</a>. Marginal Utility means the amount of utility a person gains from the consumption of each successive unit of a commodity. When we <a href="https://interviewquestions.tuteehub.com/tag/say-1195451" style="font-weight:bold;" target="_blank" title="Click to know more about SAY">SAY</a> that the total utility is increasing at a <a href="https://interviewquestions.tuteehub.com/tag/diminishing-2044202" style="font-weight:bold;" target="_blank" title="Click to know more about DIMINISHING">DIMINISHING</a> rate, we mean that amount of change in total utility is decreasing with the consumption of every extra unit which is nothing but marginal utility. So, if marginal utility is decreasing, that means that next unit adds <a href="https://interviewquestions.tuteehub.com/tag/less-1071906" style="font-weight:bold;" target="_blank" title="Click to know more about LESS">LESS</a> utility than the previous unit.</body></html> | |
| 4469. |
According to the law of supply, in what direction will the supply of a commodity move with a change in its price? |
| Answer» <html><body><p></p><a href="https://interviewquestions.tuteehub.com/tag/solution-25781" style="font-weight:bold;" target="_blank" title="Click to know more about SOLUTION">SOLUTION</a> :<a href="https://interviewquestions.tuteehub.com/tag/supply-1235254" style="font-weight:bold;" target="_blank" title="Click to know more about SUPPLY">SUPPLY</a> of the cormmodity will <a href="https://interviewquestions.tuteehub.com/tag/move-548879" style="font-weight:bold;" target="_blank" title="Click to know more about MOVE">MOVE</a> in the same direction as its price as there exists a direct <a href="https://interviewquestions.tuteehub.com/tag/relation-1183220" style="font-weight:bold;" target="_blank" title="Click to know more about RELATION">RELATION</a> between the price of a commodity and its supply.</body></html> | |
| 4470. |
Explain why does need for government intervention arise when price mechanism can itself handle the market conditions ? |
| Answer» <html><body><p><br/></p><a href="https://interviewquestions.tuteehub.com/tag/solution-25781" style="font-weight:bold;" target="_blank" title="Click to know more about SOLUTION">SOLUTION</a> :N/a</body></html> | |
| 4471. |
What is meant by descriptive statistics ? |
| Answer» <html><body><p></p><a href="https://interviewquestions.tuteehub.com/tag/solution-25781" style="font-weight:bold;" target="_blank" title="Click to know more about SOLUTION">SOLUTION</a> :Descriptivestatistics refers to those <a href="https://interviewquestions.tuteehub.com/tag/methods-11862" style="font-weight:bold;" target="_blank" title="Click to know more about METHODS">METHODS</a> which are used for the collection presentation as well as analysis of data. These methods <a href="https://interviewquestions.tuteehub.com/tag/relate-1183023" style="font-weight:bold;" target="_blank" title="Click to know more about RELATE">RELATE</a> to such estimations as 'measurement of <a href="https://interviewquestions.tuteehub.com/tag/central-407816" style="font-weight:bold;" target="_blank" title="Click to know more about CENTRAL">CENTRAL</a> tendencies', 'measurement of dispersion', 'measurement of correlation', etc.</body></html> | |
| 4472. |
How does a cost saving technology affect the price and quantity exchanged? |
| Answer» <html><body><p></p>Solution :Equilibrium <a href="https://interviewquestions.tuteehub.com/tag/price-1165141" style="font-weight:bold;" target="_blank" title="Click to know more about PRICE">PRICE</a> will fall and equilibrium <a href="https://interviewquestions.tuteehub.com/tag/quantity-1174212" style="font-weight:bold;" target="_blank" title="Click to know more about QUANTITY">QUANTITY</a> will rise (<a href="https://interviewquestions.tuteehub.com/tag/due-433472" style="font-weight:bold;" target="_blank" title="Click to know more about DUE">DUE</a> to increase in <a href="https://interviewquestions.tuteehub.com/tag/supply-1235254" style="font-weight:bold;" target="_blank" title="Click to know more about SUPPLY">SUPPLY</a>).</body></html> | |
| 4473. |
On the basis of data in Example 2 of section 9.5 of Chapter 9 , calculate the value of coefficient of Quartile Deviation . |
| Answer» <html><body><p></p><a href="https://interviewquestions.tuteehub.com/tag/solution-25781" style="font-weight:bold;" target="_blank" title="Click to know more about SOLUTION">SOLUTION</a> :`V_(<a href="https://interviewquestions.tuteehub.com/tag/q-609558" style="font-weight:bold;" target="_blank" title="Click to know more about Q">Q</a>) = (Q_(<a href="https://interviewquestions.tuteehub.com/tag/3-301577" style="font-weight:bold;" target="_blank" title="Click to know more about 3">3</a>) - Q_(<a href="https://interviewquestions.tuteehub.com/tag/1-256655" style="font-weight:bold;" target="_blank" title="Click to know more about 1">1</a>))/(Q_(3)- Q_(1)) = (20-9)/(20+9) = (11)/(29) = 0.38` (or 38%)</body></html> | |
| 4474. |
Define simple index numbers. |
| Answer» <html><body><p></p><a href="https://interviewquestions.tuteehub.com/tag/solution-25781" style="font-weight:bold;" target="_blank" title="Click to know more about SOLUTION">SOLUTION</a> :Simple <a href="https://interviewquestions.tuteehub.com/tag/index-505893" style="font-weight:bold;" target="_blank" title="Click to know more about INDEX">INDEX</a> <a href="https://interviewquestions.tuteehub.com/tag/numbers-22758" style="font-weight:bold;" target="_blank" title="Click to know more about NUMBERS">NUMBERS</a> are the index numbers in which all items of the series are accorded equal weightage or <a href="https://interviewquestions.tuteehub.com/tag/importance-1038031" style="font-weight:bold;" target="_blank" title="Click to know more about IMPORTANCE">IMPORTANCE</a>.</body></html> | |
| 4475. |
Give an example each of substitute goods and complementary goods. |
| Answer» <html><body><p></p>Solution :<a href="https://interviewquestions.tuteehub.com/tag/substitute-1231629" style="font-weight:bold;" target="_blank" title="Click to know more about SUBSTITUTE">SUBSTITUTE</a> <a href="https://interviewquestions.tuteehub.com/tag/goods-1009877" style="font-weight:bold;" target="_blank" title="Click to know more about GOODS">GOODS</a> : <a href="https://interviewquestions.tuteehub.com/tag/tea-664165" style="font-weight:bold;" target="_blank" title="Click to know more about TEA">TEA</a> and coffee. Complementary goods : camera and film <a href="https://interviewquestions.tuteehub.com/tag/roll-1190697" style="font-weight:bold;" target="_blank" title="Click to know more about ROLL">ROLL</a>.</body></html> | |
| 4476. |
From the following data, compute the coefficient of correlation between X and Y series. Summation of product of deviations of X and Y series from their respective arithmetic mean =41 |
| Answer» <html><body><p></p>Solution :We are given <br/> `N=6,bar(<a href="https://interviewquestions.tuteehub.com/tag/x-746616" style="font-weight:bold;" target="_blank" title="Click to know more about X">X</a>)=<a href="https://interviewquestions.tuteehub.com/tag/350-308849" style="font-weight:bold;" target="_blank" title="Click to know more about 350">350</a>,bar(Y)=138,sumx^(<a href="https://interviewquestions.tuteehub.com/tag/2-283658" style="font-weight:bold;" target="_blank" title="Click to know more about 2">2</a>)=19,sumy^(2)=94,sumxy=41` <br/> `<a href="https://interviewquestions.tuteehub.com/tag/r-611811" style="font-weight:bold;" target="_blank" title="Click to know more about R">R</a>=(sumxy)/(sqrt(sumx^(2)xxsumy^(2)))` <br/> Substituting the values, we get <br/> `r=(41)/(sqrt(19xx94))=(41)/(sqrt(1,786)=(41)/(sqrt(42.26)=0.97` <br/>Coefficient of <a href="https://interviewquestions.tuteehub.com/tag/correlation-935534" style="font-weight:bold;" target="_blank" title="Click to know more about CORRELATION">CORRELATION</a> (r)=+0.97</body></html> | |
| 4477. |
The Census of India provides data on: |
| Answer» <html><body><p>Number of <a href="https://interviewquestions.tuteehub.com/tag/persons-21809" style="font-weight:bold;" target="_blank" title="Click to know more about PERSONS">PERSONS</a> <br/>Culture of the people <br/><a href="https://interviewquestions.tuteehub.com/tag/economic-448435" style="font-weight:bold;" target="_blank" title="Click to know more about ECONOMIC">ECONOMIC</a> <a href="https://interviewquestions.tuteehub.com/tag/structure-1230280" style="font-weight:bold;" target="_blank" title="Click to know more about STRUCTURE">STRUCTURE</a> of the people <br/>All the above. </p><a href="https://interviewquestions.tuteehub.com/tag/solution-25781" style="font-weight:bold;" target="_blank" title="Click to know more about SOLUTION">SOLUTION</a> :D</body></html> | |
| 4478. |
What is meant by diminishing returns to a factor? Why does it occur ? |
| Answer» <html><body><p></p>Solution :<a href="https://interviewquestions.tuteehub.com/tag/diminishing-2044202" style="font-weight:bold;" target="_blank" title="Click to know more about DIMINISHING">DIMINISHING</a> returns to a factor is the <a href="https://interviewquestions.tuteehub.com/tag/phase-22748" style="font-weight:bold;" target="_blank" title="Click to know more about PHASE">PHASE</a> of production wherein as more and more units of avariable factor are employed the MP decreases with each additional unit of employment.<br/>(i) Over-utilisation of the <a href="https://interviewquestions.tuteehub.com/tag/fixed-457597" style="font-weight:bold;" target="_blank" title="Click to know more about FIXED">FIXED</a> factor.<br/>(<a href="https://interviewquestions.tuteehub.com/tag/ii-1036832" style="font-weight:bold;" target="_blank" title="Click to know more about II">II</a>) Imperfect Substitution of <a href="https://interviewquestions.tuteehub.com/tag/factors-458933" style="font-weight:bold;" target="_blank" title="Click to know more about FACTORS">FACTORS</a>.<br/>(iii) Poor Coordination.</body></html> | |
| 4479. |
Define an economy. |
| Answer» <html><body><p></p><a href="https://interviewquestions.tuteehub.com/tag/solution-25781" style="font-weight:bold;" target="_blank" title="Click to know more about SOLUTION">SOLUTION</a> :<a href="https://interviewquestions.tuteehub.com/tag/economy-21801" style="font-weight:bold;" target="_blank" title="Click to know more about ECONOMY">ECONOMY</a> is a <a href="https://interviewquestions.tuteehub.com/tag/system-1237255" style="font-weight:bold;" target="_blank" title="Click to know more about SYSTEM">SYSTEM</a> which provides prople with the means to woek and <a href="https://interviewquestions.tuteehub.com/tag/earn-444812" style="font-weight:bold;" target="_blank" title="Click to know more about EARN">EARN</a> a <a href="https://interviewquestions.tuteehub.com/tag/living-1076292" style="font-weight:bold;" target="_blank" title="Click to know more about LIVING">LIVING</a>.</body></html> | |
| 4480. |
The MU schedule for good X and Y are given. Price of both the goods is Rs 1 each and the income of Ramesh (an individual) is assumed to be Rs 5. Determine, how many units of both the commodities should be purchased by Ramesh to maximize his total utility. What is the total amount of utility received by Ramesh at the point of equilibrium ? |
| Answer» <html><body><p></p>Solution :Ramesh should <a href="https://interviewquestions.tuteehub.com/tag/purchase-1172709" style="font-weight:bold;" target="_blank" title="Click to know more about PURCHASE">PURCHASE</a> <a href="https://interviewquestions.tuteehub.com/tag/4-311707" style="font-weight:bold;" target="_blank" title="Click to know more about 4">4</a> units of good x and <a href="https://interviewquestions.tuteehub.com/tag/1-256655" style="font-weight:bold;" target="_blank" title="Click to know more about 1">1</a> <a href="https://interviewquestions.tuteehub.com/tag/unit-1438166" style="font-weight:bold;" target="_blank" title="Click to know more about UNIT">UNIT</a> of good Y; <a href="https://interviewquestions.tuteehub.com/tag/total-711110" style="font-weight:bold;" target="_blank" title="Click to know more about TOTAL">TOTAL</a> utility= 46 utils</body></html> | |
| 4481. |
What do you mean by complements? Give examples of two goods that are complements of each other. |
| Answer» <html><body><p></p>Solution :<a href="https://interviewquestions.tuteehub.com/tag/complements-13774" style="font-weight:bold;" target="_blank" title="Click to know more about COMPLEMENTS">COMPLEMENTS</a> are the <a href="https://interviewquestions.tuteehub.com/tag/goods-1009877" style="font-weight:bold;" target="_blank" title="Click to know more about GOODS">GOODS</a> which are used together or which <a href="https://interviewquestions.tuteehub.com/tag/complement-925776" style="font-weight:bold;" target="_blank" title="Click to know more about COMPLEMENT">COMPLEMENT</a> the use of one another. For <a href="https://interviewquestions.tuteehub.com/tag/example-978283" style="font-weight:bold;" target="_blank" title="Click to know more about EXAMPLE">EXAMPLE</a>, <a href="https://interviewquestions.tuteehub.com/tag/car-909011" style="font-weight:bold;" target="_blank" title="Click to know more about CAR">CAR</a> and petrol.</body></html> | |
| 4482. |
What are determinants of supply ? |
| Answer» <html><body><p></p>Solution :The <a href="https://interviewquestions.tuteehub.com/tag/determinants-949884" style="font-weight:bold;" target="_blank" title="Click to know more about DETERMINANTS">DETERMINANTS</a> of supply are as follows : <br/> (i) <a href="https://interviewquestions.tuteehub.com/tag/price-1165141" style="font-weight:bold;" target="_blank" title="Click to know more about PRICE">PRICE</a> of commodity<br/> (<a href="https://interviewquestions.tuteehub.com/tag/ii-1036832" style="font-weight:bold;" target="_blank" title="Click to know more about II">II</a>) Price of related <a href="https://interviewquestions.tuteehub.com/tag/goods-1009877" style="font-weight:bold;" target="_blank" title="Click to know more about GOODS">GOODS</a> <br/> (iii) Price of factors of production <br/> (iv) State of technology <br/> (v) Excise tax rate <br/> (iv) Number of firms.</body></html> | |
| 4483. |
Supply is aways unitary elastic for all supply curves starting form theorigin. |
| Answer» <html><body><p></p><a href="https://interviewquestions.tuteehub.com/tag/solution-25781" style="font-weight:bold;" target="_blank" title="Click to know more about SOLUTION">SOLUTION</a> :<a href="https://interviewquestions.tuteehub.com/tag/true-713260" style="font-weight:bold;" target="_blank" title="Click to know more about TRUE">TRUE</a>:Anysupplycurve, whichpassesthrough <a href="https://interviewquestions.tuteehub.com/tag/theorigin-3201683" style="font-weight:bold;" target="_blank" title="Click to know more about THEORIGIN">THEORIGIN</a>, hasunitaryelastic <a href="https://interviewquestions.tuteehub.com/tag/supply-1235254" style="font-weight:bold;" target="_blank" title="Click to know more about SUPPLY">SUPPLY</a> (irrespectiveof theangleit <a href="https://interviewquestions.tuteehub.com/tag/makes-2811811" style="font-weight:bold;" target="_blank" title="Click to know more about MAKES">MAKES</a> withtheorigin).</body></html> | |
| 4484. |
Give one example each of positive economics and normative economics. |
| Answer» <html><body><p></p>Solution :<a href="https://interviewquestions.tuteehub.com/tag/positive-1159908" style="font-weight:bold;" target="_blank" title="Click to know more about POSITIVE">POSITIVE</a> economics-the unemployment rate in <a href="https://interviewquestions.tuteehub.com/tag/india-54" style="font-weight:bold;" target="_blank" title="Click to know more about INDIA">INDIA</a> in 2017 was 7.1%Normative economics-globalization <a href="https://interviewquestions.tuteehub.com/tag/inflicts-7689064" style="font-weight:bold;" target="_blank" title="Click to know more about INFLICTS">INFLICTS</a> economic <a href="https://interviewquestions.tuteehub.com/tag/harm-1015918" style="font-weight:bold;" target="_blank" title="Click to know more about HARM">HARM</a> to a country is an opinion.</body></html> | |
| 4485. |
Give two examples of growth of resources. |
| Answer» <html><body><p></p>Solution :(i) <a href="https://interviewquestions.tuteehub.com/tag/discovery-955523" style="font-weight:bold;" target="_blank" title="Click to know more about DISCOVERY">DISCOVERY</a> of oil reserves in Gulf <a href="https://interviewquestions.tuteehub.com/tag/countries-936897" style="font-weight:bold;" target="_blank" title="Click to know more about COUNTRIES">COUNTRIES</a> causing s substantial rightward <a href="https://interviewquestions.tuteehub.com/tag/shift-1205367" style="font-weight:bold;" target="_blank" title="Click to know more about SHIFT">SHIFT</a> of PPC. <br/> (ii) <a href="https://interviewquestions.tuteehub.com/tag/supply-1235254" style="font-weight:bold;" target="_blank" title="Click to know more about SUPPLY">SUPPLY</a> of skilled IT professionals has increased causing rightward shift in production of IT software in India.</body></html> | |
| 4486. |
Which of the following is a method of secondary data collection? |
| Answer» <html><body><p>Direct <a href="https://interviewquestions.tuteehub.com/tag/personal-590834" style="font-weight:bold;" target="_blank" title="Click to know more about PERSONAL">PERSONAL</a> investigation <br/>Direct <a href="https://interviewquestions.tuteehub.com/tag/oral-583929" style="font-weight:bold;" target="_blank" title="Click to know more about ORAL">ORAL</a> investigation <br/><a href="https://interviewquestions.tuteehub.com/tag/collection-422059" style="font-weight:bold;" target="_blank" title="Click to know more about COLLECTION">COLLECTION</a> of informationthrough questionnaire<br/>none of the these </p>Solution :D</body></html> | |
| 4487. |
What is Rotation of PPC ? |
| Answer» <html><body><p></p><a href="https://interviewquestions.tuteehub.com/tag/solution-25781" style="font-weight:bold;" target="_blank" title="Click to know more about SOLUTION">SOLUTION</a> :It takes <a href="https://interviewquestions.tuteehub.com/tag/place-1155224" style="font-weight:bold;" target="_blank" title="Click to know more about PLACE">PLACE</a> when there is change in resources or technology for one <a href="https://interviewquestions.tuteehub.com/tag/commodity-923558" style="font-weight:bold;" target="_blank" title="Click to know more about COMMODITY">COMMODITY</a> only.</body></html> | |
| 4488. |
In case of ________ there is an infinite demand at a patticular price and demand becomes zero with a slight rise in price. |
| Answer» <html><body><p><a href="https://interviewquestions.tuteehub.com/tag/perfectly-7309466" style="font-weight:bold;" target="_blank" title="Click to know more about PERFECTLY">PERFECTLY</a> <a href="https://interviewquestions.tuteehub.com/tag/inelastic-7382420" style="font-weight:bold;" target="_blank" title="Click to know more about INELASTIC">INELASTIC</a> <a href="https://interviewquestions.tuteehub.com/tag/demand-436956" style="font-weight:bold;" target="_blank" title="Click to know more about DEMAND">DEMAND</a><br/>Highly <a href="https://interviewquestions.tuteehub.com/tag/elastic-967540" style="font-weight:bold;" target="_blank" title="Click to know more about ELASTIC">ELASTIC</a> demand<br/>less elastic demand <br/>Perfectly elastic demand.</p>Solution :N/a</body></html> | |
| 4489. |
A company over utilising its resources is incurring losses as it is producing on rising part of average cost curve. The company needs suggestion as to how can it reduce lossess? Use diagram. |
| Answer» <html><body><p></p><a href="https://interviewquestions.tuteehub.com/tag/solution-25781" style="font-weight:bold;" target="_blank" title="Click to know more about SOLUTION">SOLUTION</a> :<img src="https://d10lpgp6xz60nq.cloudfront.net/physics_images/MIC_ECO_XI_U03_C06_E01_052_S01.png" width="80%"/> <br/> The compoany is producing along rising average cost <a href="https://interviewquestions.tuteehub.com/tag/curve-941741" style="font-weight:bold;" target="_blank" title="Click to know more about CURVE">CURVE</a> at `OQ_(1)`. Company is incurring losses as both marginal cost and average cost are rising. To reduce losses ot should cut down on costs by <a href="https://interviewquestions.tuteehub.com/tag/reducing-2981618" style="font-weight:bold;" target="_blank" title="Click to know more about REDUCING">REDUCING</a> production till <a href="https://interviewquestions.tuteehub.com/tag/oq-583888" style="font-weight:bold;" target="_blank" title="Click to know more about OQ">OQ</a>. The company should <a href="https://interviewquestions.tuteehub.com/tag/ensure-972238" style="font-weight:bold;" target="_blank" title="Click to know more about ENSURE">ENSURE</a> optium utilisation of scare resources at E where MC cuts AC at its minimum.</body></html> | |
| 4490. |
Comment on the shape of the MR curve in case the TR curve is a horizontal straight line. |
| Answer» <html><body><p></p><a href="https://interviewquestions.tuteehub.com/tag/solution-25781" style="font-weight:bold;" target="_blank" title="Click to know more about SOLUTION">SOLUTION</a> :When <a href="https://interviewquestions.tuteehub.com/tag/tr-661737" style="font-weight:bold;" target="_blank" title="Click to know more about TR">TR</a> is a <a href="https://interviewquestions.tuteehub.com/tag/horizontal-1029056" style="font-weight:bold;" target="_blank" title="Click to know more about HORIZONTAL">HORIZONTAL</a> straight line, MR is equal to <a href="https://interviewquestions.tuteehub.com/tag/zero-751093" style="font-weight:bold;" target="_blank" title="Click to know more about ZERO">ZERO</a>.</body></html> | |
| 4491. |
At the Point of Inflexion : |
| Answer» <html><body><p><a href="https://interviewquestions.tuteehub.com/tag/total-711110" style="font-weight:bold;" target="_blank" title="Click to know more about TOTAL">TOTAL</a> <a href="https://interviewquestions.tuteehub.com/tag/product-25523" style="font-weight:bold;" target="_blank" title="Click to know more about PRODUCT">PRODUCT</a> is maximum<br/>Average Product is maximum<br/>Marginal Product is maximum<br/>Marginal Product is zero</p>Answer :<a href="https://interviewquestions.tuteehub.com/tag/c-7168" style="font-weight:bold;" target="_blank" title="Click to know more about C">C</a></body></html> | |
| 4492. |
Explain the meaning of budget line. What can cause a change in it? Explain |
| Answer» <html><body><p></p>Solution :Budget line is a <a href="https://interviewquestions.tuteehub.com/tag/graphical-7683818" style="font-weight:bold;" target="_blank" title="Click to know more about GRAPHICAL">GRAPHICAL</a> representation of all possible <a href="https://interviewquestions.tuteehub.com/tag/combinations-922706" style="font-weight:bold;" target="_blank" title="Click to know more about COMBINATIONS">COMBINATIONS</a> of two goods which can be <a href="https://interviewquestions.tuteehub.com/tag/purchased-2962400" style="font-weight:bold;" target="_blank" title="Click to know more about PURCHASED">PURCHASED</a> with given income and prices, such that the cost of each of these combinations is equal to the money income of the consumer. An increase in income causes the budget line to shift outward, <a href="https://interviewquestions.tuteehub.com/tag/parallel-1146369" style="font-weight:bold;" target="_blank" title="Click to know more about PARALLEL">PARALLEL</a> to the original line (holding prices constant). A decrease in income causes the budget line to shift inward, parallel to the original line (holding prices constant) so a consumer can buy less of both goods with less income.</body></html> | |
| 4493. |
The main cause of economicproblem is _________. |
| Answer» <html><body><p></p><a href="https://interviewquestions.tuteehub.com/tag/solution-25781" style="font-weight:bold;" target="_blank" title="Click to know more about SOLUTION">SOLUTION</a> :<a href="https://interviewquestions.tuteehub.com/tag/scarcity-1195678" style="font-weight:bold;" target="_blank" title="Click to know more about SCARCITY">SCARCITY</a> of <a href="https://interviewquestions.tuteehub.com/tag/resources-11387" style="font-weight:bold;" target="_blank" title="Click to know more about RESOURCES">RESOURCES</a></body></html> | |
| 4494. |
AR and MR curves are downward sloping in |
| Answer» <html><body><p><a href="https://interviewquestions.tuteehub.com/tag/perfect-1150611" style="font-weight:bold;" target="_blank" title="Click to know more about PERFECT">PERFECT</a> <a href="https://interviewquestions.tuteehub.com/tag/competition-423521" style="font-weight:bold;" target="_blank" title="Click to know more about COMPETITION">COMPETITION</a> <br/>okigopoly <br/><a href="https://interviewquestions.tuteehub.com/tag/monopoly-1101092" style="font-weight:bold;" target="_blank" title="Click to know more about MONOPOLY">MONOPOLY</a> <br/><a href="https://interviewquestions.tuteehub.com/tag/none-580659" style="font-weight:bold;" target="_blank" title="Click to know more about NONE">NONE</a> of these.</p>Answer :<a href="https://interviewquestions.tuteehub.com/tag/c-7168" style="font-weight:bold;" target="_blank" title="Click to know more about C">C</a></body></html> | |
| 4495. |
In the context of Indifference Curve Analysis, MRS stands for: |
| Answer» <html><body><p><a href="https://interviewquestions.tuteehub.com/tag/marginal-555038" style="font-weight:bold;" target="_blank" title="Click to know more about MARGINAL">MARGINAL</a> <a href="https://interviewquestions.tuteehub.com/tag/rate-1177476" style="font-weight:bold;" target="_blank" title="Click to know more about RATE">RATE</a> of Substitution<br/>Marginal Rate of Satisfaction<br/>Marginal <a href="https://interviewquestions.tuteehub.com/tag/return-1187910" style="font-weight:bold;" target="_blank" title="Click to know more about RETURN">RETURN</a> of Substitution<br/>Marginal Return of Satisfaction</p>Answer :A</body></html> | |
| 4496. |
(i) The sum whether the following statements are true or false :(ii)An average alone is not enough to compare series.(iii) Arithmetic mean is a positional value.(iv) Upper quartile is the lowest valueof top 25% of items.(v) Median is unduly affected by extreme observations. |
| Answer» <html><body><p><br/></p><a href="https://interviewquestions.tuteehub.com/tag/answer-15557" style="font-weight:bold;" target="_blank" title="Click to know more about ANSWER">ANSWER</a> :[(i) False,(<a href="https://interviewquestions.tuteehub.com/tag/ii-1036832" style="font-weight:bold;" target="_blank" title="Click to know more about II">II</a>) True,(<a href="https://interviewquestions.tuteehub.com/tag/iii-497983" style="font-weight:bold;" target="_blank" title="Click to know more about III">III</a>) False, (<a href="https://interviewquestions.tuteehub.com/tag/iv-501699" style="font-weight:bold;" target="_blank" title="Click to know more about IV">IV</a>) True , (v) False]</body></html> | |
| 4497. |
Scarcity refers to lumitation of ____ in relation to ____ for a commodity. |
| Answer» <html><body><p>Demand, <a href="https://interviewquestions.tuteehub.com/tag/sale-1193496" style="font-weight:bold;" target="_blank" title="Click to know more about SALE">SALE</a> <br/>Demand, <a href="https://interviewquestions.tuteehub.com/tag/supply-1235254" style="font-weight:bold;" target="_blank" title="Click to know more about SUPPLY">SUPPLY</a> <br/>Supply, Demand<br/>None of these.</p>Solution :C. Scarcity refers to limitation of Supplyin relation to <a href="https://interviewquestions.tuteehub.com/tag/demandfor-2053596" style="font-weight:bold;" target="_blank" title="Click to know more about DEMANDFOR">DEMANDFOR</a> a commodity. Resources are scarce in relation to our wants and economy cannot produce all what people want. It is the principal reason for existence of <a href="https://interviewquestions.tuteehub.com/tag/economic-448435" style="font-weight:bold;" target="_blank" title="Click to know more about ECONOMIC">ECONOMIC</a> problems in all <a href="https://interviewquestions.tuteehub.com/tag/economies-965541" style="font-weight:bold;" target="_blank" title="Click to know more about ECONOMIES">ECONOMIES</a>.</body></html> | |
| 4498. |
"Price floor is a system to protect the interest of producer". Defend or refute. |
| Answer» <html><body><p><br/></p>Solution :The government imposes lower limit on the price that may be <a href="https://interviewquestions.tuteehub.com/tag/charged-7263949" style="font-weight:bold;" target="_blank" title="Click to know more about CHARGED">CHARGED</a> for a particular good or service is called price floor. When equilibrium price determined by market forces of demand and supply is considered to be <a href="https://interviewquestions.tuteehub.com/tag/unremunerative-7721301" style="font-weight:bold;" target="_blank" title="Click to know more about UNREMUNERATIVE">UNREMUNERATIVE</a> for the <a href="https://interviewquestions.tuteehub.com/tag/producer-1167788" style="font-weight:bold;" target="_blank" title="Click to know more about PRODUCER">PRODUCER</a>, the government intervenes to protect the interest of producers.</body></html> | |
| 4499. |
(a) What is a budget line ? What does the point on it indicate in terms of prices? (b) A consumer consumes x and y. Her money income is Rs.24 and the prices of x and y are Rs.4 and Rs.2 respectively. Answer the following questions: (i) Can the consumer afford a bundle 4x and 5y? (ii) What will be MES_(xy),when the consumer is in equilibrium ? Explain. |
| Answer» <html><body><p><br/></p>Answer :(i)No, 26 > <a href="https://interviewquestions.tuteehub.com/tag/24-295400" style="font-weight:bold;" target="_blank" title="Click to know more about 24">24</a> (<a href="https://interviewquestions.tuteehub.com/tag/ii-1036832" style="font-weight:bold;" target="_blank" title="Click to know more about II">II</a>) 2 <a href="https://interviewquestions.tuteehub.com/tag/units-1438468" style="font-weight:bold;" target="_blank" title="Click to know more about UNITS">UNITS</a></body></html> | |
| 4500. |
Under what condition will the demand curve be parallel to Y-axis ? |
| Answer» <html><body><p></p>Solution :When the <a href="https://interviewquestions.tuteehub.com/tag/demand-436956" style="font-weight:bold;" target="_blank" title="Click to know more about DEMAND">DEMAND</a> curve is parallel to the vertical <a href="https://interviewquestions.tuteehub.com/tag/axis-889931" style="font-weight:bold;" target="_blank" title="Click to know more about AXIS">AXIS</a>, it means, that the same <a href="https://interviewquestions.tuteehub.com/tag/amount-374803" style="font-weight:bold;" target="_blank" title="Click to know more about AMOUNT">AMOUNT</a> of goods are demanded at any price level. Which further means that there is no effect of <a href="https://interviewquestions.tuteehub.com/tag/change-913808" style="font-weight:bold;" target="_blank" title="Click to know more about CHANGE">CHANGE</a> in price on the quantity demanded. Hence, the product is <a href="https://interviewquestions.tuteehub.com/tag/perfectly-7309466" style="font-weight:bold;" target="_blank" title="Click to know more about PERFECTLY">PERFECTLY</a> Inelastic and quantitatively, elasticity of demand is 0</body></html> | |