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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
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