Skip to main content

Interview Question: Economics

Interview Questions (Continued...)

Economics

What do you mean by monopolistic competition?

Monopolistic competition characterizes an industry in which many firms offer products or services that are similar, but not perfect substitutes. Barriers to entry and exit in a monopolistic competitive industry are low, and the decisions of any one firm do not directly affect those of its competitors.

What is oligopoly in economics?

Oligopoly markets are markets dominated by a small number of suppliers. They can be found in all countries and across a broad range of sectors. Some oligopoly markets are competitive, while others are significantly less so, or can at least appear that way.

What is perfect competition in simple words?

perfect competition is a type of market form in which there are many companies that sell the same product or service and no one has enough market power to be able to set prices on the product or service without losing business.

 

Depletion method

Depletion is an accrual accounting technique used to allocate the cost of extracting natural resources such as timber, minerals, and oil from the earth. Like depreciation and amortization, depletion is a non-cash expense that lowers the cost value of an asset incrementally through scheduled charges to income.

Time liabilities & demand liabilities:

Time liabilities refer to the liabilities which the commercial banks are liable to repay to the customers after an agreed period, (FD) and demand liabilities are customer deposits which are repayable on demand (saving account)

 

Labels:

Comments

Post a Comment

Popular posts from this blog

Interview Question: Income Tax

 Interview Questions (Continued...) Income Tax What is deferred tax asset, its effect in financial statements and journal entry? Deferred tax assets are  items that may be used for tax relief purposes in the future . Usually, it means that your business has overpaid tax or has paid tax in advance, so it can expect to recoup that money later. This sometimes happens because of changes in tax rules that occur in the middle of the tax year. Journal Entries for Deferred Tax Assets. If a company has overpaid its tax or paid advance tax for a given financial period, then the excess tax paid is known as defer ed tax asset. Such taxes are recorded as an asset on the balance sheet and are eventually paid back to the Company or deducted from future taxes.   What is Commercial Tax? Commercial Tax, currently referred to as  Goods and Services Tax  (GST) in India, is a tax that is levied on locally manufactured and imported goods and services, and contributes to the GDP of the country. ...
Post a Comment
Read more

Unit I - Economic Development

1.1 Meaning and Definition of Underdevelopment Underdevelopment is a low level of development characterized by low real per capita income, widespread poverty, lower level of literacy, low life expectancy and underutilisation of resources etc. The state is the underdeveloped economy fails to provide acceptable levels of living to a large fraction of its population, thus resulting in misery and material deprivations. We need to note here that underdevelopment is a relative concept but it sustains absolute poverty. The original meaning of the term indicated that existing resources had not been exploited. The word is now close in meaning to ‘poverty’, although some oil-rich underdeveloped countries have high incomes which are enjoyed by the few. Indicators of underdevelopment include high birth rates, high infant mortality, undernourishment, a large agricultural and small industrial sector, low per capita GDP, high levels of illiteracy, and low life expectancy. 1.2 Economic develo
2 comments
Read more

PROSE 1 - Sundar Pichai

SUMMARY Personal life He is married to Anjali Pichai, a  chemical engineer  from  Kota, Rajasthan . They met as classmates at the  Indian Institute of Technology Kharagpur . The couple have two children. [46]  Pichai's interests include  football  and  cricket . Early life and education Pichai was born in  Madurai ,  Tamil Nadu , India. [12] [13]  His mother Lakshmi was a stenographer and his father, Regunatha Pichai was an electrical engineer at  GEC , the British conglomerate. His father also had a manufacturing plant that produced electrical components. [14] [15]  Pichai grew up in a two-room apartment in  Ashok Nagar ,  Chennai . [14] Pichai completed schooling in Jawahar Vidyalaya, a Central Board of Secondary Education school in Ashok Nagar, Chennai and completed the Class XII from  Vana Vani school  in the  Indian Institute of Technology Madras . He earned his degree from  Indian Institute of Technology Kharagpur  in  metallurgical engineering  and is a distingu
Post a Comment
Read more