Explore topic-wise InterviewSolutions in Current Affairs.

The full employment level of output (goods and services) is the maximum output that the economy is capable of producing by using all the available resources efficiently. 

Production and employment will decrease due to shortage of aggregate demand.

Investment is an addition to capital stock. It is also called capital formation. 

Investment multiplier measures the impact of change in investment on income. 

Yes when consumption is more than income.

Get ready viably for the test-taking the assistance of the Class 12 Macroeconomics MCQ Questions of Money and Banking with Answers liberated from cost from here. Students additionally can rehearse Multiple Choice Questions of Money and Banking. Each question has four alternatives followed by the right answer. MCQ Questions get ready to assist students with understanding the idea well overall. 

Banks are coordinated organizations that acknowledge stores from investors and advance credits to borrowers. Then again, cash is the mode of trade that permits the exchange of responsibility from one individual to the next. 

Students additionally can step through a free examination of the Multiple Choice Questions of Class 12 Economics. Each question has four alternatives followed by the right answer. This might help you to understand and check your insight about the chapters.

1. What is the defect of the barter system?

(A) Lack of double coincidence of wants
(B) Difficulty in the measurement of value
(C) Difficulty in store of value
(D) All of these

2. Which of the following is the credit money?

(A) Cheque and draft
(B) Promissory note
(C) Exchange note
(D) All of these

3. Which among the following is the near money?

(A) Bonds
(B) Insurance policy
(C) Securities
(D) All of these

4. Which of the following is the feature of money?

(A) General acceptability
(B) Homogeneous unit
(C) Liquid asset
(D) All of these

5. In order to encourage investment in the economy, the Central Bank may ________

(A) Reduce Cash Reserve Ratio
(B) Increase Cash Reserve Ratio
(C) Sell Government securities in the open market
(D) Increase Bank Rate

6. Institution that accepts deposits for lending purpose is known as __________

(A) Commercial Bank
(B) Central Bank
(C) Government
(D) Public

7. Which of the following makes a financial institution a bank?

a) Accepting borrowings
b) Lending
c) Accepting demand deposits
d) Accepting time deposits

8. Creation of money by commercial banks refers to:

a) Creation of bank deposits
b) Issuing currency
c) Both a) and b)
d) Neither a) nor b)

9. How much money are banks able to create is determined by:-

a) Initial deposits
b) SLR
c) CRR
d) All of these

10. The Value of Money Multiplier equal:-

a) 1/SLR
b) 1/CRR
c) 1/(SLR + CRR)
d) None of these

11. Given CRR = 4% and SLR = 16%, the value of money multiplier is:-

a) 25
b) 6.25
c) 5
d) 8.33

12. When the central bank sells securities in the market, the credit creation capacity of the commercial banks is likely to:-

a) Rise
b) Fall
c) May rise or may fall
d) No effect

13. Supply of money refers to ___________

(a) currency held by the public 
(b) currency held by Reserve Bank of India (RBI) 
(c) currency held by the public and demand deposits with commercial banks 
(d) currency held in the government 

14. _________ is the main source of money supply in an economy 

(a) Central Bank
(b) Commercial banks 
(c) Both (a) and (b)   
(d) Government 

15. Demand deposit include:

(a) saving account deposit and fixed deposit 
(b) saving account deposit and current account deposits 
(c) current account deposit and fixed deposits 
(d) all type of deposits

16. Who regulate money supply in India 

(a) Government of India 
(b) Reserve Bank of India 
(c) Commercial banks
(d) Planning Commission 

17. Which of the following statements is true 

(a) M1 is the most liquid measure of money supply 
(b) M2 is the most liquid measure of money supply 
(c) M3 is the most liquid measure of money supply 
(d) All the statement are true 

18. Which of the following statements is/are correct ?

(a) ₹1 note is issued by the RBI 
(b) Coins are issued by the government of India 
(c) Both statements are true 
(d) Both statements are false

19.The system, wherein trade can be carried out through the exchange of goods and services is called the: –

a) Barter system
b) Monetary system
c) Goods system
d) None of the above

20. Aman, a vegetable seller, exchanged 4 apples with Rahul, a cloth dealer for 1 meter of cloth. This is an example of: –

a) Barter system
b) Monetary system
c) Goods system
d) None of the above

21. Which of the following, solves the problem of “Double coincidence of wants”?

a) Goods
b) Banks
c) Money
d) All of the above

22. The problem of “Double coincidence of wants” is solved by which of the following: –

a) Goods
b) Money
c) Banks
d) All of the above

23. Double coincidence of wants refers to the ____ fulfillment of _____ wants of the buyer and seller: –

a) Simultaneous; Mutual –
b) Sequential; Mutual
c) Mutual; simultaneous
d) Mutual; Sequential

24. A owns a camel that he wants to trade for a goat. However, there are no sellers of goats in the market. This is an example of: –

a) Lack of Double coincidence of wants
b) Existence of Double coincidence of wants
c) Simultaneous coincidence of wants
d) Sequential coincidence of wants

25. Which of the following is a function of money?

a) Medium of exchange
b) Store of value
c) Measure of vale
d) All of the above

Answer:

1. Answer (D) All of these

2. Answer (D) All of these

3. Answer (D) All of these

4. Answer (D) All of these

5. Answer (A) Reduce Cash Reserve Ratio

6. Answer (A) Commercial Bank

7. Answer c) Accepting demand deposits

Explanation: It is only the bank which accepts the demand deposits. The Depositor is free to withdraw money out of it on demand through checque, ATM and online banking. The savings and current account are the examples of demand deposits.

8. Answer a) Creation of bank deposits

Explanation:  The commercial bank provides loan out of the bank deposits it receive from depositors. When bank releases a loan it does not give cash. A demand deposit account is opened with the name of borrower and the loan amount is deposited into it. The borrower is free to make payment from this demand deposits through cheque, ATM, and online Banking.

9. Answer d) All of these

Explanation:  How much money banks are able to create depends upon initial deposits and LRR. LRR consists of SLR and CRR.

10. Answer c) 1/(SLR + CRR)

Explanation:  The Value of Money Multiplier equal to 1/LRR. LRR consists of SLR + CRR.

11. Answer c) 5

Explanation: Money Multiplier equals to 1/LRR. LRR equalt to SLR + CRR. Hence Money Multiplier equals to 1/20%. After solving it comes to 5.

12. Answer b) Fall

Explanation: When central bank sells securities in the market. The general public purchase such securities because of trustworthy investment. They make payment through cheque from their bank account in commercial bank. The Amount in bank deposits fall. It further reduces the credit creation capacity of the commercial bank.

13. Answer (c) currency held by the public and demand deposits with commercial banks 

14. Answer (c) Both (a) and (b)   

15. Answer (b) saving account deposit and current account deposits 

Explanation: Demand deposits includes saving account deposits and current account deposits because these are the liquid and and be used immediately to purchase goods and services 

16. Answer (b) Reserve Bank of India 

Explanation: RBI is the top Monetary Authority in the country who print currency and regulations money supply through the monetary policy.

17. Answer (a) M1 is the most liquid measure of money supply

Explanation: M1 includes all forms of assets that are easily exchangeable as payment for goods and services. It consists of coin and currency in circulation and demand deposits as payment for goods and services.

18. Answer (b) Coins are issued by the government of India 

Explanation: Coins in India are issued by the government of India. It is the sole responsibility of the Government of India to mint coins of all denominations.

19. Answer (a) Barter system

20. Answer (a) Barter system

21. Answer (c) Money

22. Answer (b) Money

23. Answer (a) Simultaneous; Mutual –

24. Answer (a) Lack of Double coincidence of wants

25. Answer (d) All of the above

Check the beneath MCQ Questions for Class 12 Economics Determination of Income and Employment with Answers. We have given Determination of Income and Employment Class 12 Economics Multiple Choice Questions with Answers to assist understudies with understanding the idea well overall. MCQ Questions for Class 12 Economics with Answers were arranged dependent on the most recent exam pattern and syllabus endorsed by CBSE. 

MCQ Questions for class 12 Economics to assist you with overhauling the total Syllabus and score more marks in your assessments. MCQ Questions with Answers for CBSE Class 12 Economics which is laid out by master Economics instructors from the most recent form of CBSE books. We have given Important MCQ Questions for Class 12 Economics to get great imprints in board tests. We should Start Practice of given Multiple Choice Questions for scoring high in the exams.

1. What is the shape of the Keynesian Aggregate Supply before the level of full employment is attained?

(A) Perfectly inelastic
(B) Perfectly elastic
(C) Unitary elastic
(D) More elastic

2. According to classical economists, real wage rate is ______ to the Marginal Productivity of Labour.

(A) Equal
(B) More
(C) Less
(D) None of these

3. What is the cause of Keynesian perfectly elastic Aggregate Supply curve?

(A) Wage price rigidity
(B) Constant Marginal Product of Labour
(C) Both of these
(D) None of these

4. According to classical economists, there always exists ______ equilibrium in the economy.

(A) Full employment
(B) Underemployment
(C) Over full employment
(D) None of these

5. What will be APC when APS = 0?

(A) One
(B) Zero
(C) Two
(D) Infinite

6. If the income is ₹ 400 crores and consumption is ₹ 250 crores, what will be the APC?

(A) 0.67
(B) 0.63
(C) 0.60
(D) 0.58

7. What is a fiscal measure of correcting deficient demand?

(A) Increase in public expenditure and decrease in taxes
(B) Decrease in public debt
(C) Deficit financing
(D) All of these

8. Which is the measure of correcting excess demand?

(A) Deficit financing
(B) Reduction in taxes
(C) Increase in public expenditure
(D) Increase in public debt

9. Suppose in a hypothetical economy, the income rises from ₹ 5,000 crores to ₹ 6,000 crores. As a result, the consumption expenditure rises from ₹ 4,000 crores to ₹ 4,600 crores. Marginal propensity to consume in such a case would be ______

(A) 0.8
(B) 0.4
(C) 0.2
(D) 0.6

10. On the basis of government law, the compulsory payment made by the public is known as _________

(A) Expenditure
(B) Investment
(C) Tax
(D) Subsidy

11. Which of the following statements accurately describes the consumption function?

(A) The consumption function is a relation between income, savings, price and consumption

(B) The consumption function is a relation between income and consumption

(C) The consumption function is a relation between price, savings and consumption

(D) The consumption function is a relation between income, price and savings

12. Which of the following statements is an accurate description of propensity to consume?

(A) It is the additional income that gets spent on consumption

(B) It denotes the ratio of the consumption to income

(C) It defines the tendency of a consumer to consume more than usual

(D) It denotes the actual level of income at which is it equal to the consumption expenditure

13. Which of the following statements is the correct description of propensity to save?

(A) It is the additional income that does not get saved

(B) It denotes the ratio of the savings to income

(C) It denotes the actual level of income at which is it equal to the savings

(D) None of the above

14. Which of the following statements is true about the consumption function?

(A) The consumption function is a functional relationship between aggregate demand and aggregate supply

(B) The consumption function is a functional relationship between consumption and national income

(C) The consumption function is a functional relationship between national income and private income

(D) The consumption function is a functional relationship between consumption and aggregate demand

15. Which of the following statements is not true about average demand in a two-sector economy?

(A) The average demand is the total of consumption and savings

(B) The average demand curve commences from some point that is above the origin

(C) The average demand is the total of consumption and investment

(D) The average demand curve has a positive slope

16. Which of the following statements about the consumption curve is correct?

(A) The consumption curve lies above the forty-five degrees line at the break-even point

(B) The consumption curve lies below the forty-five degrees line at the break-even point

(C)  The consumption curve intersects the forty-five degrees line at the break-even point

(D) None of the above

17. Which of the following statements is accurate about the average propensity to consume?

(A)  The average propensity to consume can never be less than one

(B)  The average propensity to consume can never be more than one

(C) The average propensity to consume can never be zero

(D) The average propensity to consume can never be positive

18. Which of the statements is correct about the relationship between the average propensity to save (APS) and average propensity to consume (APC)?

(A) Both APS and APC rise in case of an increase in the national income

(B) Both APS and APC fall in case of an increase in the national income

(C) APC rises, but APS falls in case of an increase in the national income

(D)  APS rises, but APC falls in case of an increase in the national income

19. Which of the statements is true about the relationship between planned savings and planned investment?

(A) When planned investment is more than planned savings, the national income may increase

(B) When planned investment is more than planned savings, the national income may decrease

(C) When planned investment is more than planned savings, there is no effect on the national income

(D) None of the above

20. Which of the statements is not true in the case of underemployment equilibrium?

(A) The aggregate supply is equal to the aggregate demand

(B) The resources are fully utilised in an efficient manner

(C) The resources are not fully utilised in an efficient manner

(D) There is an existence of an excessive production capacity in the economy

21. What is the shape of the Keynesian Aggregate Supply before the level of full employment is attained?

(A) Perfectly inelastic
(B) Perfectly elastic
(C) Unitary elastic
(D) More elastic

22. According to classical economists, real wage rate is ______ to the Marginal Productivity of Labour.

(A) Equal
(B) More
(C) Less
(D) None of these

23. What is the cause of Keynesian perfectly elastic Aggregate Supply curve?

(A) Wage price rigidity
(B) Constant Marginal Product of Labour
(C) Both of these
(D) None of these

24. According to classical economists, there always exists ______ equilibrium in the economy.

(A) Full employment
(B) Underemployment
(C) Over full employment
(D) None of these

25. What will be APC when APS = 0?

(A) One
(B) Zero
(C) Two
(D) Infinite

Answer:

1. Answer (B) Perfectly elastic

2. Answer (A) Equal

3. Answer (C) Both of these

4. Answer (A) Full employment

5. Answer  (A) One

6. Answer (B) 0.63

7. Answer (D) All of these

8. Answer (D) Increase in public debt

9. Answer (D) 0.6

10. Answer (C) Tax

11. Answer (B) The consumption function is a relation between income and consumption

12. Answer (B) It denotes the ratio of the consumption to income

13. Answer (B) It denotes the ratio of the savings to income

14. Answer (B) The consumption function is a functional relationship between consumption and national income

15. Answer (A) The average demand is the total of consumption and savings

16. Answer (C) The consumption curve intersects the forty-five degrees line at the break-even point

17. Answer (C) The average propensity to consume can never be zero

18. Answer (D) APS rises, but APC falls in case of an increase in the national income

19. Answer (A) When planned investment is more than planned savings, the national income may increase

20. Answer (B) The resources are fully utilized in an efficient manner

21. Answer (B) Perfectly elastic

22. Answer (A) Equal

23. Answer (C) Both of these

24. Answer (A) Full employment

25. Answer (A) One

Correct option is (a) Handicrafts

Alluri Sitaram Raju was an independence nationalist from Andhra Pradesh. 

1. He was an ardent follower of Mahatma Gandhi. 

2. When the hill people were forced to contribute begar, Sitaram Raju led them against the British. 

3. He was considered as an incarnation of God. 

4. His astrological predictions were correct, and he could heal many people. 

5. He was capable of surviving even bullet shots. 

6. He insisted people wear Khadi clothes and stop taking liquor. 

7. Even though he was attached to Gandhian principles, he believed in the use of force to achieve independence. 

8. He, with his followers, tried to kill British officers and attacked police stations. 

Alluri Sitaram Raju was trapped by the British and was executed in the year 1924.

(i) Alluri Sitaram Raju was a great follower of Gandhiji. When the colonial government began forcing the hill people to contribute begar for road building, they revolted. Here, came Alluri Sitaram Raju to lead them against the British. He was an interesting figure who claimed that he had a variety of special powers. 

(ii) He could make correct astrological predictions and heal people, and he could survive even bullet shots. captivated by him, the rebels proclaimed that he was an incarnation of God. 

(iii) Raju talked of the greatness of Mahatma Gandhi. He said that he was inspired by the Non-cooperation Movement and persuaded people to wear Khadi and give up drinking. But at the same time he asserted that India could be liberated only by the use of force, not non-violence. 

(iv) The rebels under his leadership, attacked police stations, attempted to kill British officials and carried on guerrilla warfare for achieving Swaraj. But unfortunately Raju was captured and executed in 1924.

Alluri Sitaram Raju was the individual who led the tribal people and supported them to fight for their traditional rights when the government imposed restrictions on them which affected their livelihoods. 

Alluri Sitaram Raju is well-known because- 

• He asserted that he possesses special powers through which he could make the right astrological predictions and has the power to heal people. 
• Also, he could also survive bullet shots. 

The People who found Alluri Sitaram Raju interesting declared him as an incarnation of God. He spoke about Mahatma Gandhi and his thoughts. Even though he convinced people that he is inspired by the Non-Cooperation movement and encouraged people to wear khadi and to quit drinking, but at the same time he argued that India would become free only through violence or force and not by ahimsa or peace.

The timeline of the Right to Information Act is:

(i) The movement began with MKSS in Rajasthan demanding information related to famine relief work and accounts of labourers.

(ii) The movement led to a change in the Rajasthan Panchayat Raj Act by the State government.

(iii) MKSS began stir in Delhi in 1996 for a Right to Information Act. (iv) The RTI Act was introduced in Parliament in 2002 but was not passed.

(v) The RTI act became a law in 2005 after the President’s assent.

1. Mineral resources, in the present scenario, are being rapidly consumed. However, it is important to conserve these resources because the geological processes of mineral formation are very slow and it takes millions of years for them to be created and concentrated.

2. The rates of replenishment are infinitely small in comparison to the present rates of consumption. The finite and non-renewable nature of these resources makes them our country’s most valuable possessions.

3. A continuous and concerned effort is required in order to use our mineral resources in a planned and sustainable manner so that the future of our future generations is secure.

4. Improvements in technology need to be constantly evolved in order to allow the use of low-grade ores at low costs.

5. Recycling of metals, using scrap metals and other substitutes are the important steps involved in the conservation of mineral resources.

Jack was an honest boy. When the yard gate broke down he told his friends that they should inform Mr. Twinkle. But, they refused, and decided to keep mum. When they were asked about the gate, they pretended ignorance. Jack was feeling guilty. He went near the gate to see if he could mend it. Old man Twinkle called him in and asked him if he had come for the job. Jack replied that he had not.

Mr. Twinkle asked him if he knew anything about the gate. Jack decided to take the responsibility and save his friends. He said he was swinging on the gate when it broke. But, he had to reveal the truth when Mr. Twinkle questioned him further. He requested the old man to choose one of his friends as his helper. Mr. Twinkle was very much impressed by Jack’s simplicity, humble nature, truthfulness and loyalty. He chose Jack as his helper.

Mr. Twinkle had seen the incident of the broken gate. The other boys did not own up their mistake. Jack tried his best to save his friends. He took the blame on himself and even requested the old man to choose one of his friends as the helper boy. Mr. Twinkle was greatly impressed by Jack’s truthful nature, loyalty to his friends and his courage to accept his mistake.

His statement implies that every human race was worth saving as all races were precious.

Otto Frank decided to migrate to Netherlands in the autumn of 1933, because Hitler began issuing anti-Jewish decrees one after another, and because Netherlands was hospitable enough for him to start a small firm.

Mr. Van Daan was a fellow refugee whom Otto Frank took in as a partner of his firm.

The hiding party had the link with the outside world only by the radio and the four courageous staff members of Otto Frank, two of whom were typists who brought them food, magazines, and books secretly.

The hiding party had the link with the outside world only by the radio and the four courageous staff members of Otto Frank, two of whom were typists who brought them food, magazines, and books secretly.

Otto Frank prepared to hide in his own business office with his family members. So he secretly prepared a few derelict rooms on the upper floors called the ‘Annexe’. His family and their friends the Van Daan family along with a Jewish dentist hid there.

Early in July 1942, Margot Frank was called up for deportation but she did not go. This forced Frank to go into hiding.

The lucky fact was that the Franks lived in a town surrounded by friends and the girls led a happy life. This was lucky because the Frank family could only rarely afford a holiday and they did not even own a car.

The family members of Mr.Otto Frank were his wife, Mrs. Frank, and his two daughters, Margot and Anne. His mother was alive but she had emigrated to Switzerland long before.

The care of his daughter’s diary became the passion and mission of Mr. Frank’s life.

It took Mr. Frank many weeks to finish reading the diary as he used to break down after every few pages overcome by emotion and pain.

Anne had written in a detailed manner about the help given by Miep and other people to her family at the risk of their own lives. If Miep had read the diary, she would have destroyed it for reasons of safety.

Miep found Anne’s diary when she returned to Annexe, a week after the Frank family had been arrested.

The people of Berlin chose her name for Anne Frank home because she symbolized the spirit of racial and social tolerance.

The German audiences responded to the tragic play of Anne Frank in silent remorse. People did not even go out during the interval and sat in their seats as if afraid of the lights outside and ashamed of facing each other.

1. Nazis were hateful towards Jews.

2. Jews had to follow many rules.

3. They were called up by the police without any reason and deported to concentration camps. 

4. They were made to starve and die in the concentration camps. Members of families were separated, and children died of typhoid. 

Paragraph: 

The Jews were transported in cattle trucks filled way beyond capacity. On arrival, the adults were usually taken directly to the gas chambers. Anne was 15 and escaped the gas chamber along with her mother and sister. But ‘ starvation, disease, and typhus killed them in the holocaust camps. Human dignity was stripped in these camps and every day was a struggle physically and emotionally. The Nazis had no compassion for women and children too. Women and children were kept in very pathetic conditions without proper food or attire. Thus the Nazis treated the Jews with utmost cruelty and barbarism.

Mr. Frank spent all the money he got from the publishers as royalties on humanitarian causes which, he felt, would have been approved by Anne.

1. When Anne’s diary was published, it became popular worldwide.

2. It was made into a play by Francis Godrich and Albert Hackett. Won the Pulitzer Prize, and was played in 20 countries to two million people.

3. audiences received Anne’s tragedy in a silence heavy with remorse. In Dusseldorf, people did not even go out during the interval.

Paragraph:

After the war, it was estimated, of the 107,000 Jews deported from the Netherlands between 1942 and 1944, only 5,000 survived. An estimated 30,000 Jews remained in the Netherlands, with many people aided by the Dutch underground. Approximately two- thirds of this group survived the war. Anne’s diary gave them an insight into a world of destruction from the viewpoint of a young person trapped in a vicious world. A word of hatred that should have worn out her spirit, but in fact, it did the opposite of Anne and she held on to her hope in mankind more strongly than ever. The Diary of Anne Frank succeeded in making Germans open their eyes to the vivaciousness of racial persecution.

a. These are the words of Anne Frank. 

b. It refers to the atrocities committed by the Nazis on the Jews.

c. It talks about the quality of comp

1. adolescence

2. indictment

3. anonymous

4. antisemitism

5. emigrate

6. decree.

7. Annex

8. deportation

9. Exhaustion 

10. foresee.

1. Anne was a gregarious girl a found imprisonment very cruel.

2. But she had a positive mind and could create a friendly world for herself.

3. She was very articulate and sensitive to everything around her.

4. Different from the other two teenagers in the same house.

Paragraph:

Anne continued to struggle with the thought as to how she could be a good person when there were so many obstacles in her world. She wrote eloquently about her confusion over her identity. Anne thought philosophically about the nature of war and humanity and about her role as a young Jewish girl in a challenging world. From her diary, it is clear that she had the potential to become an engaging, challenging, and sophisticated writer.

a. The speaker is the professor. 

b. The statement is an answer to the question – how the professor knew that the human race was worth saving – posed by a student.

c. The professor implies that revery race is precious and therefore is worth saving.

a. FORD

b. BLUE

c. FAST

d. NO

e. NO

f. WOMAN

Explanation: Out of the statements of 6 bystanders, the third statement becomes false as the policeman who saw the vehicle leave the scene of the accident reported it moving at very high speed. Then eliminating all false statements of bystanders, the above results can be extracted.

Once Anne Frank’s diary was published by her father, numerous people sent small presents, some exquisite dolls were made for him by Japanese girls. On the birthdays of Anne and Margot flowers arrived anonymously.

The professor said that he had read Anne Frank’s diary when an argumentative young student asked him how he knew that the human race was worth saving.

AI based recommendations: AI uses advanced machine learning algorithms to analyze browser history, page clicks, social interactions (likes, shares), past purchases, the duration for which a page was viewed, location, etc. to gauge customer interests and preferences. AI can help deliver product recommendations based on frequently bought items, or related products. It can even help customize web pages and elements to suit a customer’s needs. For instance, Netflix does intense behavior analysis based on behavior and demographic data to determine the content that will resonate with their customers.

Chatbots and Automated Messaging: AI-powered chatbots and messaging agents can enhance the customer experience across channels. They can answer simple queries, engage customers, efficiently handle multiple interactions.

Automated Service Interactions: AI-driven programs can send automated messages to customers regarding a pending service, a part replacement, or a regular order.

Curating Select Products: Amazon has come up with the concept of the Amazon 4-star retail store. Products that have received a multitude of 4-star ratings will be offered in this physical store. Amazon will use its product recommendation engine to identify trending products and customers’ favorites and bring them to a brick and mortar setting.

Data to a machine is similar to food for human being to function. The world of Artificial Intelligence revolves around Data. Every company whether small or big is collecting data from as many sources as possible. Data is called the New Gold today. It is through data collection that a business or management has the quality information they need to make informed decisions from further analysis, study, and research. Data collection allows them to stay on top of trends, provide answers to problems, and analyze new insights to great effect.

Data can be collected from various sources like:

• Surveys 
• Sensors 
• Observations 
• Web scrapping (Internet) 
• Interviews 
• Documents and records. 
• Oral histories

One of the major sources of data for many major companies is the device which all of us have in our hands all the time: Smartphones. Smartphones have nowadays become an integral part of our lives. Most of us use smartphones more than we interact with people around us. For the facilities that smartphones provide us, Apps need a lot of data which is collected from the user like details about your face, browsing history, or your geographic location, contact list etc. This data is collected with user’s consent which he/she gives at the time of installing an app by clicking on “yes” or “allow” options which clearly means that we ourselves are giving permissions to the Apps.

Permissions by themselves are harmless and even useful to provide users a good mobile experience.

This data is collected to provide us with a lot of facilities and features which have made our lives easier. Another reason to collect the data is to provide us with customized recommendations and notifications according to our choices.

One more reason to collect the data is to make their app more accurate and efficient.

Natural Language Processing, abbreviated as NLP, is a branch of artificial intelligence that deals with the interaction between machine/computers and humans using the natural language. Natural language refers to language that is spoken and written by people, and natural language processing (NLP) attempts to extract information from the spoken and written word using algorithms.

OR

Natural Language Processing, or NLP, is the sub-field of AI that is focused on enabling machine/computers to understand and process human languages. AI is a subfield of Linguistics, Computer Science, Information Engineering, and Artificial Intelligence concerned with the interactions between computers and human (natural) languages, in particular how to program computers to process and analyze large amounts of natural language data.

OR

In NLP, we teach machines how to understand and communicate in human language. Natural language refers to speech analysis in both audible speeches, as well as text of a language. NLP systems capture meaning from an input of words (sentences, paragraphs, pages, etc.)

For Example: Email filters, Smart assistants: - Apple’s Siri and Amazon’s Alexa

Computer Vision, abbreviated as CV, is a domain of AI that depicts the capability of a machine to get and analyze visual information and afterwards predict some decisions about it. The entire process involves image acquiring, screening, analyzing, identifying and extracting information.

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Computer vision is an interdisciplinary field that deals with how computers can be made to gain high-level understanding from digital images or videos.

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The Computer Vision domain of Artificial Intelligence, enables machines to see through images or visual data, process and analyze them on the basis of algorithms and methods in order to analyze actual phenomena with images.

For Example: - Self-Driving cars/ Automatic Cars, Face Lock in Smartphones.

Data sciences is a domain of AI related to data systems and processes, in which the system collects numerous data, maintains data sets and derives meaning/sense out of them. The information extracted through data science can be used to make a decision about it.

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Data science is the field of study that combines domain expertise, programming skills, and knowledge of mathematics and statistics to extract meaningful insights from data.

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Data Sciences, it is a concept to unify statistics, data analysis, machine learning and their related methods in order to understand and analyses actual phenomena with data.

For example: a company that has petabytes of user data may use data science to develop effective ways to store, manage, and analyze the data.

Yes, most of the times, the data collected by various applications is ethical in nature as the users agree to it by clicking on allow when the application asks for various permissions. They ask for our data for various facilities like - to show us personalized recommendations and advertisements and to make their app more accurate and efficient. 

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No, the data collected by various applications is not always ethical in nature. Sometimes, we just share our data to non – trusted third party applications without reading what happens to our data. This may lead to unethical use of our data. If one does not want to share his/her data with anyone, he/she can opt for alternative applications which are of similar usage and keep the data private. 

For example: an alternative to WhatsApp is the Telegram app which does not collect any data from us.

Note: This is an open-ended question, so both the answers yes/no will be considered right with correct justification.

The world of Artificial Intelligence revolves around Data. Proper and ethical handling of own data or user data is called data privacy. It is all about the rights of individuals with respect to their personal information.

Data privacy or information privacy is a branch of data security concerned with the proper handling of data – consent, notice, and regulatory obligations. More specifically, practical data privacy concerns often revolve around Whether or how data is shared with third parties

• ACCELEROMETER [ helps running AR applications and track steps] 
• GPS [ Location Data] 
• Gyroscope [Orientation Data] 
• Magnetometer [ Direction and Magnetic Field Data] 
• Biometric Sensors [Fingerprint ,Iris, Face data]

Data privacy, sometimes also referred to as information privacy, is an area of data protection that concerns the proper handling of sensitive data including, notably, personal data but also other confidential data, such as certain financial data and intellectual property data, to meet regulatory requirements as well as protecting the confidentiality and immutability of the data. It focuses on how to collect, process, share, archive, and delete the data in accordance with the law.

Privacy, in the broadest sense, is the right of individuals, groups, or organizations to control who can access, observe, or use something they own, such as their bodies, property, ideas, data, or information.

Control is established through physical, social, or informational boundaries that help prevent unwanted access, observation, or use. 

For example:

• A physical boundary, such as a locked front door, helps prevent others from entering a building without explicit permission in the form of a key to unlock the door or a person inside opening the door. 
• A social boundary, such as a members-only club, only allows members to access and use club resources. 
• An informational boundary, such as a non-disclosure agreement, restricts what information can be disclosed to others.

Privacy of information is extremely important in this digital age where everything is interconnected and can be accessed and used easily. The possibilities of our private information being extremely vulnerable are very real, which is why we require data privacy.