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