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Economics Interview Questions & Answers - Learning Mode

Economics Interview Questions & Answers - Learning Mode

Economics is the scientific study of the ownership, use, and exchange of scarce resources - often shortened to the science of scarcity. Economics is regarded as a social science because it uses scientific methods to build theories that can help explain the behaviour of individuals, groups and organizations. It?s the study of scarcity, the study of how people use resources, or the study of decision-making. Economics often involves topics like wealth, finance, recessions, and banking, leading to the misconception that economics is all about money and the stock market. Actually, it?s a much broader discipline that helps us understand historical trends, interpret today?s headlines, and make predictions for coming decades.

Try Economics Interview Questions & Answers - Exam Mode

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Economics Interview Questions & Answers - Learning Mode
Try Economics Interview Questions & Answers - Exam Mode
Question: What is the difference between project proposal and project feasibility study?

Answer: Project feasibility study is required to make a decision whether the project proposal is technically and economically feasible. After finalization of the project feasibility report by the experts (technical & economical), the decision for going ahead for preparation of Detailed Project Report (DPR) for the project proposal. Source:
Question: What is Ramsay pricing?

Answer: It assigns costs based on the price elasticity of demand. Yet higher the elasticity (elastic), the lower the charge of fixed costs when allocated amongst products. Source:
Question: What is the impact on the economy if price ceiling or price floor were removed?

Answer: Price ceiling is government rules or laws setting price floors or ceilings that forbid the adjustment of price to clear markets. Price ceilings make it illegal for sellers to charge more than a specific maximum price. Ceilings may be introduced when a shortage of a commodity threatens to raise its price a lot. Source:
Question: What is Collateral management?

Answer: Collateral Management is a function to manage collateral effectively. It provides interface to enter collateral data, and it has a master data of collateral descriptions and types. It maintains customer, collateral, and credit account relationships so the amount of idle collateral can be determined. It is usually packaged in an application or part of the core-banking application. Source:
Question: Who are Canadas top three trading partners?

Answer: 1 U.S

2 Japan

3 United Kingdom Source:
Question: What are the advantages of capitalism?

Answer: The advantages of capitalism are that the governments have limited control over other business, which lets business compete. Source:
Question: What kind of market demand and supply information would be useful to you in deciding upon a business strategy?

Answer: Market Demand and Supply Information

A customer-filled form of the following fields will be of great use. 1) Do you need product urgently?

2) How many times have you visited our store?

3) Was the proper information provided to you?

4) Were you attended properly?

5) Can you afford to pay more for a quick delivery?

6) Have you ever used our product?

7) How do you know about our product? Source:
Question: What is the incidence of tax?

Answer: Well tax incidence refers to who actually pays the tax.

Tax incidence can be divided into-

1. Formal incidence: the party liable to the tax

2. Informal incidence: party, who actually pays the tax

The tax incidence is decided by the elasticity of demand and supply for a good or service. Source:
Question: Is there a difference between corporate profit maximization and maximization of shareholder wealth?

Answer: Sure, profit maximization relates to profits *only* while shareholder wealth also involves total company equity, debt ratios and any of 15 other financial performance measure ratios. Management could focus on profit maximization over a longer period of time, say, 40 years (Toyota), while the shareholder would rather see stock values and corporate total value increase immediately (get in and get out) (90% of American manufacturers). If management focused on short-term profit maximization, say at Source:
Question: What is meant by the term National Debt?

Answer: When a government spends more than it receives in taxes, it runs a budget deficit, which is usually covered by issuing debt obligations to domestic and/or international investors. In the US, these obligations are Treasury bills, Treasury notes, and Treasury bonds. The total outstanding amount of such obligations constitutes a National Debt. Source:
Question: What is inflation and how is it measured?

Answer: Inflation means an overall increase in the prices of goods and services. It is a decrease in the value of a currency. There are three types of measurement, Core Inflation, CPI, and WPI. Core Inflation is a measurement of non-volatile goods such as food and non-precious metals. It leaves out goods like oil because oil's price is subject to wild fluctuations. CPI is the most common measurement, using a market basket of goods and measuring their price from a point in the past (a CPI of 100 is a Source:
Question: Why do prices tend to up?

Answer: Because of the increasing inflation level Source:
Question: What is causing the rise in the price of oil?

Answer: The rise in the price of oil can be traced to a simple factor, but there are several other contributing factors.

The simplest explanation is that the demand for oil is greater than the current production. When demand exceeds supply, price will increase, as people are willing to pay more to ensure that they get their scarce resource (oil in this case).

Depending on your political views and knowledge of the situation, you may also believe that the production of oil is much lower than Source:
Question: What are the effects of globalization on Indian industry?

Answer: Indian industry has progressed a lot due to globalization. A lot of improvement has been seen in Indian industry. Source:
Question: What is the economy in Bulgaria like?

Answer: Bulgaria was somewhat hesitant in terms of embracing market reforms. The economy suffered greatly after the fall of communism with standard of living dropping drastically. In the mid 1990s, the economy improved and reforms were implemented. Economic growth has been steady and stable, ranging from 5% to 7% since the late 1990s. Currently its GDP per capita is considerably above that of most developing nations but still considerably lower than that of Eastern Europe's more developed economies, Source:
Question: What is the difference between service industry and industry in economy?

Answer: Industry is a generic term, but is most commonly used as a substitute term for a manufacturer of goods such as Pepsi or Ford. The term industry can also be used to refer to a very specific group of companies.

The service industry is essentially non-good producing industries such as retail trade, wholesale trade, and the service industries. According to the U.S. Census Bureau, these companies make up 70% of the total economic activity in the United States. Good examples of the service indu Source:
Question: Why do some people believe that a mixed economic system solves basic economic problems?

Answer: It is because both the private sector and public sector have a say in answering the basic economic questions, thus, there will be a degree of high efficiency (due to the private sector involvement) and social welfare too (due to the public sector involvement).

It allows the Government to intervene when the economy faces market failure. The mixed economic system allows markets to operate freely until it fails to allocate resources efficiently, after this, the government agencies, such as t Source:
Question: What is an interest sensitive good?

Answer: Things like housing and autos tend to be affected by changes in interest rates because financing is typically required to make such purchases. If financing becomes more expensive due to an increase in interest rates, sales in these goods tend to be effected in a negative way. On the other hand, when interest rates are low sales are usually positively impacted for interest rate sensitive goods. Source:
Question: What are the differences between absolute advantage and comparative advantage?

Answer: Absolute advantage and comparative advantage are two basic concepts to international trade. Under absolute advantage, one country can produce more output per unit of productive input than another can. With comparative advantage, if one country has an absolute (dis)advantage in every type of output, the other might benefit from specializing in and exporting those products, if any exist.

A country has an absolute advantage economically over another, in a particular good, when it can produce Source:
Question: What is BOP?

Answer: It is called as Balance of payments - an economic term. (BOP) measures the payments that flow between any individual country and all other countries. It is used to summarize all international economic transactions for that country during a specific time, usually a year. The BOP is determined by the country's exports and imports of goods, services, and financial capital, as well as financial transfers. It reflects all payments and liabilities to foreigners (debits) and all payments and obliga Source:

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Latest 20 Questions
Payment of time- barred debt is: (a) Valid (b) Void (c) Illegal (d) Voidable
Consideration is defined in the Indian Contract Act,1872 in: (a) Section 2(f) (b) Section 2(e) (c) Section 2(g) (d) Section 2(d)
Which of the following is not an exception to the rule, "No consideration, No contract": (a) Natural love and affection (b) Compensation for involuntary services (c) Completed gift (d) Agency
Consideration must move at the desire of: (a) The promisor (b) The promisee (c) The promisor or any other party (d) Both the promisor and the promisee
An offer which is open for acceptance over a period of time is: (a) Cross Offer (b) Counter Offer (c) Standing Offer (d) Implied Offer
Specific offer can be communicated to__________ (a) All the parties of contract (b) General public in universe (c) Specific person (d) None of the above
_________ amounts to rejection of the original offer. (a) Cross offer (b) Special offer (c) Standing offer (d) Counter offer
A advertises to sell his old car by advertising in a newspaper. This offer is caleed: (a) General Offer (b) Special Offer (c) Continuing Offer (d) None of the above
In case a counter offer is made, the original offer stands: (a) Rejected (b) Accepted automatically (c) Accepted subject to certain modifications and variations (d) None of the above
In case of unenforceable contract having some technical defect, parties (a) Can sue upon it (b) Cannot sue upon it (c) Should consider it to be illegal (d) None of the above
If entire specified goods is perished before entering into contract of sale, the contract is (a) Valid (b) Void (c) Voidable (d) Cancelled
______________ contracts are also caled contracts with executed consideration. (a) Unilateral (b) Completed (c) Bilateral (d) Executory
A offers B to supply books @ Rs 100 each but B accepts the same with condition of 10% discount. This is a case of (a) Counter Offer (b) Cross Offer (c) Specific Offer (d) General Offer
_____________ is a game of chance. (a) Conditional Contract (b) Contingent Contract (c) Wagering Contract (d) Quasi Contract
There is no binding contract in case of _______ as one's offer cannot be constructed as acceptance (a) Cross Offer (b) Standing Offer (c) Counter Offer (d) Special Offer
An offer is made with an intention to have negotiation from other party. This type of offer is: (a) Invitation to offer (b) Valid offer (c) Voidable (d) None of the above
When an offer is made to the world at large, it is ____________ offer. (a) Counter (b) Special (c) General (d) None of the above
Implied contract even if not in writing or express words is perfectly _______________ if all the conditions are satisfied:- (a) Void (b) Voidable (c) Valid (d) Illegal
A specific offer can be accepted by ___________. (a) Any person (b) Any friend to offeror (c) The person to whom it is made (d) Any friend of offeree
An agreement toput a fire on a person's car is a ______: (a) Legal (b) Voidable (c) Valid (d) Illegal
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