EconomicsOnline Test

Introduction To Micro Economics

Introduction To Micro Economics

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Question 1
Economics is a study of mankind in the ordinary business of life’ -It is the statement of
A
Adam Smith
B
Lionel Robbins
C
Alfred Marshall
D
Samuelson
Question 2
The basic problem studied in Economics is
A
Unlimited wants
B
unlimited means
C
Scarcity
D
Strategy to meet all our wants
Question 3
Microeconomics is concerned with
A
The economy as a whole
B
Different sectors of an economy
C
The study of individual economic units behaviour
D
The interactions within the entire economy
Question 4
Which of the following is a microeconomics statement?
A
The real domestic output increased by 2.5 percent last year.
B
Unemployment was 9.8 percent of the labour force last year.
C
The price of wheat ddetermines its demand
D
The general price level increased by 4 percent last year.
Question 5
Find the odd one out:
A
“An inquiry into the nature and the causes of the Wealth of Nations”
B
Principles of Economics
C
Nature and Significance of Economic Science”
D
Ceteris paribus”
Question 6
The equilibrium price is the price at which
A
Everything is sold
B
Buyers spend their money
C
Quantity demanded equals quantity supplied
D
Excess demand is zero
Question 7
Author of “An Inquiry into the Nature and Causes of Wealth of Nations”
A
Alfred Marshall
B
Adam Smith
C
Lionel Robbins
D
Paul A Samuelson
Question 8
Economics studies human behaviour as a relationship between ends and scarce means which have alternative uses” is the definition of economics of
A
Lionel Robbins
B
Adam Smith
C
Alfred Marshall
D
Paul A Samuelson
Question 9
Who is the Father of Economics?
A
Max Muller
B
Adam Smith
C
Karl Marx
D
Paul A Samuelson
Question 10
Economics is a science” The basis of this statement is—
A
Relation between cause and effect
B
Use of deductive method and inductive method for the formations of laws
C
Experiments
D
All of the above
Question 11
Utility means
A
Equilibrium point at which demand and supply are equal
B
Want-satisfying capacity of goods and services
C
Total value of commodity
D
Desire for goods and services
Question 12
A market is
A
Only a place to buy things
B
Only a place to sell things
C
Only a place where prices adjust
D
A system where persons buy and sell goods directly or indirectly
Question 13
Which one of the following is not a point in the Welfare Definition of Economics?
A
Study of and ordinary man
B
Economics does not focus on wealth alone
C
Economics is the study of material welfare
D
Economics deals with unlimited wants and limited means
Question 14
Growth definition takes into account
A
The problem of choice in the dynamic framework of Economics
B
The problem of unlimited means in relation to wants
C
The production and distribution of wealth
D
The material welfare of human beings
Question 15
Which theory is generally included under micro economics ?
A
Price Theory
B
Income Theory
C
Employment Theory
D
Trade Theory
Question 16
....................... have exchange value and their ownership rights can be established and exchanged
A
Goods
B
Services
C
Markets
D
Revenue
Question 17
Identify the correct characteristics of utility
A
It is equivalent to ‘usefulness
B
It has moral significance
C
It is same as pleasure
D
It depends upon consumer’s mental attitude
Question 18
Who has given scarcity definition of economics?
A
Adam Smith
B
Marshall
C
Robbins
D
Robertson
Question 19
The process of reasoning from particular to general is
A
Deductive method
B
Inductive method
C
Positive economics
D
Normative economics
Question 20
Total revenue is equal to total output sold multiplied by
A
Price
B
Total cost
C
Marginal revenue
D
Marginal cost
Question 21
Who is the father of ‘New Economics’?
A
Max Muller
B
Adam Smithe
C
J.M.Keynes
D
Karl Marx
Question 22
Macro Economics is concerned with
A
The theory as a whole
B
Different sectors of an economy
C
The study of individual economic behavior
D
The interactions within the entire economy
Question 23
‘Oikos’ Means ___________
A
Police
B
Management
C
Household
D
All the above
Question 24
‘Nomos’ Means ____________
A
Polite
B
Management
C
Household
D
None of these
Question 25
The term or word ‘Economics’ comes from ___________ language
A
Latin
B
Ancient Greek
C
Spanish
D
British
Question 26
“Economics as the science of wealth” – It is the statement of
A
Adam Smith
B
Lionel Robbins
C
Alfred Marshall
D
Samuelson
Question 27
Welfare means _______________
A
happiness
B
Comfortable living conditions of an individual
C
Comfortable living conditions of group of people
D
All of these
Question 28
Economics is a ______________ science
A
Social
B
Moral
C
Physical
D
Natural
Question 29
__________ science deals with “What it is’
A
Normative
B
Positive
C
Negative
D
None of these
Question 30
_________ are transferable
A
Goods
B
Products
C
Commodities
D
All of these
Question 31
Capital goods also called as __________ goods.
A
Consumer
B
Producer’s
C
Free goods
D
None of these
Question 32
___________ utility derived by having knowledge of a particular thing.
A
Place
B
Time
C
Knowledge
D
Service
Question 33
TR = _________________
A
P + Q
B
P – Q
C
P + Q
D
P x Q
Question 34
Deductive method is also called as
A
Analytical method
B
Abstract method
C
Both ‘a’ and ‘b’
D
None of these
Question 35
Inductive method is also called as __________
A
Empirical Method
B
Analytical Method
C
Abstract Method
D
All of these
Question 36
___________ Means using up of goods and services
A
Production
B
Consumption
C
Distribution
D
Exchange
Question 37
Creations of utility or wealth is ________
A
Production
B
Consumption
C
Distribution
D
Public finance
Question 38
_____________ Studies about the pricing of factors of production.
A
Production
B
Exchange
C
Distribtion
D
Consumption
Question 39
General theory of ‘Employment Interest and Money’ published in ____________
A
1930
B
1936
C
1988
D
1990
Question 40
‘The General theory of Employment, Interest and Money’ published by ___________
A
Alfred Marshall
B
Adam Smith
C
Robbins
D
J.M.Keynes
Question 41
Micro Economics covers __________
A
Value
B
Theory of economic welfare
C
Both ‘a’ and ‘b’
D
Income theory
Question 42
Micro means ________________
A
Small
B
Big
C
Large
D
Aggregate
Question 43
Macro means ____________
A
Tiny
B
Small
C
Large
D
None of these
Question 44
The scope of ____________ covers public expenditure, public revenue, public debt and financial administration.
A
Federal finance
B
Public finance
C
Government
D
None of these
Question 45
Environmental economics is a study of inter disciplinary tools for the problems of __________
A
Ecology
B
Economy
C
Environment
D
All of these
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There are 45 questions to complete.

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