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. 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 None 2. “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 None 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 None 4. The basic problem studied in Economics is a. Unlimited wants b. Unlimited means c. Scarcity d. Strategy to meet all our wants None 5. 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 determines its demand d. The general price level increased by 4 percent last year. None 6. “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 None 7. ‘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 None 8. 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 None 9. Who is the Father of Economics? a. Max Muller b. Adam Smith c. Karl Marx d. Paul A Samuelson None 10. 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” None 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 None 12. 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 None 13. Total revenue is equal to total output sold multiplied by a. Price b. Total cost c. Marginal revenue d. Marginal cost None 14. The process of reasoning from particular to general is a. Deductive method b. Inductive method c. Positive economics d. Normative economics None 15. Which theory is generally included under micro economics ? a. Price Theory b. Income Theory c. Employment Theory d. Trade Theory None 16. 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 17. Who has given scarcity definition of economics? a. Adam Smith b. Marshall c. Robbins d. Robertson None 18. Which one of the following is not a point in the Welfare Definition of Economics? a. Study of an 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 None 19. ....................... have exchange value and their ownership rights can be established and exchanged a. Goods b. Services c. Markets d. Revenue None 20. 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 None 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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