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