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3097. Under Marginal utility analysis, utility is assumed to be a

Cardinal concept
Ordinal concept
Indeterminate concept
None of the above
✅ The correct answer is A.
Under Marginal utility analysis, utility is assumed to be a Cardinal concept. The Cardinal Utility approach is propounded by neo-classical economists, who believe that utility is measurable, and the customer can express his satisfaction in cardinal or quantitative numbers, such as 1,2,3, and so on.

3100. Method, which uses specific information on products as weights to allocate bundled revenues for each product in bundle is classified as

step down allocation method
stand-alone revenue allocation method
incremental revenue allocation method
revenue mix allocation method
✅ The correct answer is B.
Method, which uses specific information on products as weights to allocate bundled revenues for each product in bundle is classified as stand-alone revenue allocation method. Revenue Allocation Method uses product-specific information on the products in the bundle as weights for allocating the bundled revenues to the individual products.

3101. Which concept suggests that different applications and computer systems should be able to communicate with one another?

Integration
Web services
Scalability
Interoperability
✅ The correct answer is D.
Interoperability concept suggests that different applications and computer systems should be able to communicate with one another. Interoperability is the ability of different information systems, devices or applications to connect, in a coordinated manner, within and across organizational boundaries to access, exchange and cooperatively use data amongst stakeholders, with the goal of optimizing the health of individuals and populations.

3102. Interest is paid because

Capital is scarce
Capital is productive
Capital is attractive
Capital is surplus
✅ The correct answer is A.
Interest is paid because Capital is scarce. The borrower can get additional income from borrowed capital and in easily afford to pay interest. Hence it is scarcity.

3106. _________ method of underwriting is suitable while deciding a complex case, e.g. whether to give insurance to someone who has acute diabetes.

Instrumental
Panelling
Non-medical
Judgmental
✅ The correct answer is D.
Judgmental method of underwriting is suitable while deciding a complex case, e.g. whether to give insurance to someone who has acute diabetes. Under this method, subjective judgment is used, often relying on the expert opinion of a medical professional known as the medical referee, especially when the deciding case is complex.

3108. What are the 2 methods of underwriting?

Direct & indirect
Accept or decline
Judgement & Numerical
Openended & closeended methods
✅ The correct answer is C.
Judgement & Numerical are the 2 methods of underwriting.
Judgement Method: Under this methods, subjective judgement is used.
Numerical Method: Under this method underwriting assign positive rating points for all negative or adverse factors.
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