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