Chapter 1: Introduction to Micro EconomicsMarch 8, 2024 Maven Leave a Comment Welcome to the Chapter 1: Introduction to Micro Economics Quiz! This quiz is based on the book back questions. Name Email 1. Author of “An Inquiry into the Nature and Causes of Wealth of Nations” a. Alfred Marshall b. Adam Smith d. Paul A Samuelson c. Lionel Robbins None 2. The basic problem studied in Economics is c. Scarcity a. Unlimited wants d. Strategy to meet all our wants b. Unlimited means None 3. “Economics is a science” The basis of this statement is— d. All of the above c. Experiments b. Use of deductive method and inductive method for the formations of laws a. Relation between cause and effect None 4. “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 d. Paul A Samuelson c. Alfred Marshall None 5. The equilibrium price is the price at which d. Excess demand is zero c. Quantity demanded equals quantity supplied b. Buyers spend their money a. Everything is sold None 6. Find the odd one out: b. “Principles of Economics” d. “Ceteris paribus” a. “An inquiry into the nature and the causes of the Wealth of Nations” c. “Nature and Significance of Economic Science” None 7. Microeconomics is concerned with a. The economy as a whole b. Different sectors of an economy d. The interactions within the entire economy c. The study of individual economic units behaviour None 8. Who is the Father of Economics? c. Karl Marx d. Paul A Samuelson b. Adam Smith a. Max Muller None 9. Which of the following is a microeconomics statement? b. Unemployment was 9.8 percent of the labour force last year. c. The price of wheat determines its demand d. The general price level increased by 4 percent last year. a. The real domestic output increased by 2.5 percent last year. None 10. ‘Economics is a study of mankind in the ordinary business of life’ -It is the statement of c. Alfred Marshall b. Lionel Robbins a. Adam Smith d. Samuelson None 1 out of 2 11. Identify the correct characteristics of utility d. It depends upon consumer’s mental attitude a. It is equivalent to ‘usefulness’ c. It is same as pleasure b. It has moral significance None 12. Total revenue is equal to total output sold multiplied by a. Price c. Marginal revenue b. Total cost d. Marginal cost None 13. Growth definition takes into account a. The problem of choice in the dynamic framework of Economics c. The production and distribution of wealth d. The material welfare of human beings b. The problem of unlimited means in relation to wants None 14. Which one of the following is not a point in the Welfare Definition of Economics? b. Economics does not focus on wealth alone c. Economics is the study of material welfare a. Study of an ordinary man d. Economics deals with unlimited wants and limited means None 15. Which theory is generally included under micro economics ? d. Trade Theory a. Price Theory c. Employment Theory b. Income Theory None 16. The process of reasoning from particular to general is b. Inductive method a. Deductive method c. Positive economics d. Normative economics None 17. ....................... have exchange value and their ownership rights can be established and exchanged d. Revenue c. Markets a. Goods b. Services None 18. A market is a. Only a place to buy things c. Only a place where prices adjust b. Only a place to sell things d. A system where persons buy and sell goods directly or indirectly None 19. Who has given scarcity definition of economics? d. Robertson b. Marshall a. Adam Smith c. Robbins None 20. Utility means c. Total value of commodity a. Equilibrium point at which demand and supply are equal d. Desire for goods and services b. Want-satisfying capacity of goods and services None 2 out of 2 Time's upRelated Posts:Chapter 1: Introduction to Macro EconomicsChapter 12: Introduction to Statistical Methods and…Chapter 1: Introduction to AccountingChapter 4: Introduction To Financial Markets
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