1868 + Interview Questions in Economics Page 38 InterviewSolution

1851.	What happens to total expenditure on a commodity when its price falls and its demand is price elastic ?
Answer» What happens to total expenditure on a commodity when its price falls and its demand is price elastic ?

Discussion

1852.	Substitution effect takes place when price of the commodity becomes:
Answer» Substitution effect takes place when price of the commodity becomes:

Discussion

1853.	Explain the effects of 'maximum price ceiling' on the market for a good.
Answer» Explain the effects of 'maximum price ceiling' on the market for a good.

Discussion

1854.	Labour is hirable but you cannot hire:
Answer» Labour is hirable but you cannot hire:

Discussion

1855.	In which stage of the demographic transition model is the birth rate and the death rate are low?
Answer» In which stage of the demographic transition model is the birth rate and the death rate are low?

Discussion

1856.	A producer supplies 100 units of a good at a price of Rs. 20 per unit. Price elasticity of supply is 2. At what price will he supply 50 units? Calculate.
Answer» A producer supplies 100 units of a good at a price of Rs. 20 per unit. Price elasticity of supply is 2. At what price will he supply 50 units? Calculate.

Discussion

1857.	A team of 7 players is to be formed out of 5 under 19 players and 6 senior players. In how many ways, the team can be chosen when at least 4 senior players are included?
Answer» A team of 7 players is to be formed out of 5 under 19 players and 6 senior players. In how many ways, the team can be chosen when at least 4 senior players are included?

Discussion

1858.	When the government enforces a price ceiling on a good, which is lower than the current market price, _________.
Answer» When the government enforces a price ceiling on a good, which is lower than the current market price, _________.

Discussion

1859.	On the basis of the information given below, determine the level of output at which the producer will be in equilibrium. Use the marginal cost - marginal revenue approach. Give reasons for your answer. Output (Units)Average Revenue (Rs)Total Cost (Rs.)17827153721472657336741
Answer» On the basis of the information given below, determine the level of output at which the producer will be in equilibrium. Use the marginal cost - marginal revenue approach. Give reasons for your answer. $\begin{matrix} Output (Units) & Average Revenue (Rs) & Total Cost (Rs.) 1 & 7 & 8 2 & 7 & 15 3 & 7 & 21 4 & 7 & 26 5 & 7 & 33 6 & 7 & 41 \end{matrix}$

1859.

On the basis of the information given below, determine the level of output at which the producer will be in equilibrium. Use the marginal cost - marginal revenue approach. Give reasons for your answer. Output (Units)Average Revenue (Rs)Total Cost (Rs.)17827153721472657336741

Answer»

On the basis of the information given below, determine the level of output at which the producer will be in equilibrium. Use the marginal cost - marginal revenue approach. Give reasons for your answer.

$\begin{matrix} Output (Units) & Average Revenue (Rs) & Total Cost (Rs.) 1 & 7 & 8 2 & 7 & 15 3 & 7 & 21 4 & 7 & 26 5 & 7 & 33 6 & 7 & 41 \end{matrix}$

Discussion

1860.	Explain the relation between marginal revenue and average revenue when a firm is able to sell more quantity of output : (i) at the same price. (ii) only by lowering the price. OR Explain the effect of the following on the supply of a commodity : (a) Fall in the prices of factor inputs. (b) Rise in the prices of other commodities.
Answer» Explain the relation between marginal revenue and average revenue when a firm is able to sell more quantity of output : (i) at the same price. (ii) only by lowering the price. OR Explain the effect of the following on the supply of a commodity : (a) Fall in the prices of factor inputs. (b) Rise in the prices of other commodities.

1860.

Explain the relation between marginal revenue and average revenue when a firm is able to sell more quantity of output : (i) at the same price. (ii) only by lowering the price. OR Explain the effect of the following on the supply of a commodity : (a) Fall in the prices of factor inputs. (b) Rise in the prices of other commodities.

Answer»

Explain the relation between marginal revenue and average revenue when a firm is able to sell more quantity of output :

(i) at the same price.

(ii) only by lowering the price.

OR

Explain the effect of the following on the supply of a commodity :

(a) Fall in the prices of factor inputs.

(b) Rise in the prices of other commodities.

Discussion

1861.	Why did the wheat-growing areas fare better in the Green Revolution?
Answer» Why did the wheat-growing areas fare better in the Green Revolution?

Discussion

1862.	Which of the following is/are the basic premises of Malthus' theory?
Answer» Which of the following is/are the basic premises of Malthus' theory?

Discussion

1863.	Money given to a worker for the work done during a month.
Answer» Money given to a worker for the work done during a month.

Discussion

1864.	Unionised workers may be able to negotiate with management for higher wages during periods of economic prosperity. Suppose that workers at automobile assembly plants successfully negotiate a significant increase in their wage package. How would the new wage contract be likely to affect the market supply of new cars?
Answer» Unionised workers may be able to negotiate with management for higher wages during periods of economic prosperity. Suppose that workers at automobile assembly plants successfully negotiate a significant increase in their wage package. How would the new wage contract be likely to affect the market supply of new cars?

Discussion

1865.	Differentiate between internal trade and external trade.
Answer» Differentiate between internal trade and external trade.

Discussion

1866.	What is the reason for the long run equilibrium of a firm under monopolistic competition to be associated with zero profit?
Answer» What is the reason for the long run equilibrium of a firm under monopolistic competition to be associated with zero profit?

Discussion

1867.	In the development model of USA and Britain, one the biggest innovations was in the sector of:
Answer» In the development model of USA and Britain, one the biggest innovations was in the sector of:

Discussion

1868.	What do the long run marginal cost and the average cost curves look like?
Answer» What do the long run marginal cost and the average cost curves look like?

Discussion

Explore topic-wise InterviewSolutions in .

What happens to total expenditure on a commodity when its price falls and its demand is price elastic ?

Substitution effect takes place when price of the commodity becomes:

Explain the effects of 'maximum price ceiling' on the market for a good.

Labour is hirable but you cannot hire:

In which stage of the demographic transition model is the birth rate and the death rate are low?

A producer supplies 100 units of a good at a price of Rs. 20 per unit. Price elasticity of supply is 2. At what price will he supply 50 units? Calculate.

A team of 7 players is to be formed out of 5 under 19 players and 6 senior players. In how many ways, the team can be chosen when at least 4 senior players are included?

When the government enforces a price ceiling on a good, which is lower than the current market price, _________.

On the basis of the information given below, determine the level of output at which the producer will be in equilibrium. Use the marginal cost - marginal revenue approach. Give reasons for your answer. Output (Units)Average Revenue (Rs)Total Cost (Rs.)17827153721472657336741

Why did the wheat-growing areas fare better in the Green Revolution?

Which of the following is/are the basic premises of Malthus' theory?

Money given to a worker for the work done during a month.

Differentiate between internal trade and external trade.

What is the reason for the long run equilibrium of a firm under monopolistic competition to be associated with zero profit?

In the development model of USA and Britain, one the biggest innovations was in the sector of:

What do the long run marginal cost and the average cost curves look like?