21. Demand for factors of production is –

A. Derived demand

B. Joint demand

C. Composite demand

D. None of the Above

Click for Answer/Explanation

Correct Answer is A

22. Under conditions of perfect competition in the product market –

A. MRP=VMP

B. MRP > VMP

C. VMP > MRP

D. None of the Above

Click for Answer/Explanation

Correct Answer is A

23. One of the methods to find out Mode is –

A. Mode = 3 Median + 2 Mean

B. Mode=3 Median – 3 Mean

C. Mode = 2 Median – 3 Mean

D. Mode=3 Median – 2 Mean

Click for Answer/Explanation

Correct Answer is D

Read Also: Geographical Terms and Definitions

24. Mean Deviation can be calculated from –

A. Mean

b. Median

C. Mode

D. All of these

Click for Answer/Explanation

Correct Answer is D

25. Which statistical measure helps in measuring the purchasing power of money?

A. Arithmetic average

B. Index numbers

C. Harmonic mean

D. Time series

Click for Answer/Explanation

Correct Answer is B

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