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