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