Practice Test

Q1) The word 'micro' means a ________ part. Show Answer

Q2) Micro-economics is__________ in nature. Show Answer

Q3) ______ is mainly concerned with micro-economics. Show Answer

Q4) Micro-economics concentrates on the study of ______. Show Answer

Q5) Micro-economics believes in ________-intervention by the government. Show Answer

Q6) Micro-economics method is known as _______ method. Show Answer

Q7) Micro-economics adopts ______ approach. Show Answer

Q8) Micro-economics is a _________ equilibrium analysis. Show Answer

Q9) Micro-economics is concerned with wages_____. Show Answer

Q10) The term 'micro' and 'macro' for economics were introduced by ________. Show Answer

Q11) Micro-economics study is the _______ study of the whole economy. Show Answer

Q12) The most of Micro-economics theories are based on certain ______. Show Answer

Q13) Micro-economics helps to explain how taxes affects_______ welfare. Show Answer

Q14) Micro-economics assists to explain how ________ economy is working. Show Answer

Q15) Micro-economics theory is essentially a _______ theory. Show Answer

Q16) There are mainly _____ approaches to economic problems. Show Answer

Q17) There are ________ branches of modern economics. Show Answer

Q18) Micro economics is the study of _______ unit, rather than all the units combined. Show Answer

Q19) Micro economics is useful in achieving a _______ eye-view of some specific component of our economic system. Show Answer

Q20) Micro economics is referred to as _______ method. Show Answer

Q21) Micro economics is also known as _________. Show Answer

Q22) Micro economics is also known as _________ equilibrium analysis. Show Answer

Q23) Micro economics studies the ________ relation between the different markets in the price determination. Show Answer

Q24) Micro economics is also known as _______ analysis. Show Answer

Q25) ________ is the core of micro economics. Show Answer

Q26) ________economics is the microscopic study of the economy. Show Answer

Q27) ________ used the term of micro economics for the first time. Show Answer

Q28) Micro economics is also known as _______theory. Show Answer

Q29) _______ defines micro economics as microscopic study of the economy. Show Answer

Q30) A study of _______ is micro-economics. Show Answer

Q31) Micro economics concentrates on the study of _________. Show Answer

Q32) Micro economics study is the _______ study of the whole economy. Show Answer

Q33) Most of the _______ economics theories are based on certain assumptions. Show Answer

Q34) ________ economics belives in the 'non- intervention policy' by the government. Show Answer

Q35) Economics is a ________ science. Show Answer

Q36) Micro economics uses ________ method. Show Answer

Q37) Micro economics is the study of ________ economy. Show Answer

Q38) Micro economics is also known as _________ theory. Show Answer

Q39) _________ is an important tool in the micro economics. Show Answer

Q40) Micro economics make use of _________ equilibrium analysis. Show Answer

Q41) _________ economics provides explanation about the welfare. Show Answer

Q42) In _______ economics we study about National Income, General Price Level, etc. Show Answer

Q43) ________ economics is also known as marginal analysis. Show Answer

Q44) In micro economics, we study about pricing of a _______. Show Answer

Q45) Micro economics deals with _______. Show Answer

Q46) The study of National Income is included in _________. Show Answer

Q47) _______ used the term of micro economics for the first time. Show Answer

Q48) The word 'micro' means a ________ part. Show Answer

Q49) As a narrow subject matter, micro economics has an unlimited scope. Show Answer

Q50) In Greek, the word micro refers to small. Show Answer

Q51) The word 'micro economics' was originated and introduced by Frisch in 1933 Show Answer

Q52) Market mechanism plays an important role in micro economics. Show Answer

Q53) In micro economics, simple models are used to understand actual economic phenomenon. Show Answer

Q54) Micro economics is not useful for the government in formulating economic policies. Show Answer

Q55) Theory of value deals with factor pricing, while that of distribution with product pricing. Show Answer

Q56) The micro economic theories help the business community. Show Answer

Q57) Micro economic is not meaningful o useable for international trade. Show Answer

Q58) Micro economic is the study of aggregate economic units in great details. Show Answer

Q59) Micro economic does not provide solution to crisis of great depression of 1930's Show Answer

Q60) Micro economic theory is intimately concerned with the question of efficiency and welfare. Show Answer

Q61) In micro economics, scarcity of resource problem arises only in poor countries. Show Answer

Q62) Micro economic, always uses the slicing method. Show Answer

Q63) The branch of economics that deals with allocation of resources. a) Micro economics b) Macro economics c) Econometrics d) None of these Show Answer

Q64) Concepts studied under Micro economics. a) National income b) General price level c) Factor pricing d) Product pricing Show Answer

Q65) Method adopted in micro economic analysis. a) Lumping method b) Aggregate method c) Slicing method d) Inclusive method Show Answer

Q66) The term 'Micro' is derived from the Greek word. a) Makros b) Maikros c) Mikros d) Mikrosoft Show Answer

Q67) The term 'micro' and 'macro' economics were first coined and used by Norwegian Economist. a) Adam Smith b) Ragnar Frisch c) Dr. Marshall d) Prof. Ricardo Show Answer

Q68) Scope of micro economics. a) Theory of factor pricing b) Theory of general price level c) Theory of product pricing d) Theory of economic welfare Show Answer

Q69) Theory of Economic welfare. a) Efficiency in production b) Efficiency in consumption c) Overall economic efficiency d) Efficiency in social activities Show Answer

Q70) Importance of Micro Economics. a) Free market economy b) Functioning of an economy c) Basis of welfare economy d) Foreign trade Show Answer

Q71) Micro Economic based on certain assumption.a) Perfect competitionb) Pure capitalismc) Full employmentd) Fluctuations in the national income Show Answer

Q72) Factors of Production which make contribution in production process. a) Land b) Profit c) Labour d) Transport Show Answer

Q73) This is not a feature of Micro-economics.
i. Income theory
ii. Study of aggregates
iii. Lumping Method
iv. Policy oriented Show Answer

Q74) These points explain the importance of Micro-economics.
i. Price determination
ii. Economic model building
iii. Useful to government
iv. Performance of an economy Show Answer

Q75) Assertion (A): Micro-economics and Macro-economics are two branches of modern economics.
Reasoning (R): The terms ‘Micro-economics’ and ‘Macro-economics’ were coined by Prof. Alfred Marshall. Show Answer

Q76) Assertion (A): Micro-economics is known as price theory.
Reasoning (R): Micro-economics deals with the determination of prices of goods & services as well as prices of factors of production. Show Answer

Q77) Assertion (A): Micro-economics begins with certain assumptions like pure capitalism, full employment, perfect competition etc.
Reasoning (R): The assumptions make micro-economic analysis simpler. Show Answer

Q78) Assertion (A): Micro-economics uses lumping method.
Reasoning (R): Micro-economics splits or divides the whole economy into small individual units for study. Show Answer

Q79) Assertion (A): Marginal analysis helps to study a variable through the changes.
Reasoning (R): Producers and consumers take economic decisions using marginal principle. Show Answer

Q80) Assertion (A): Micro-economics helps in understanding the working of a free market economy.
Reasoning (R): There is limited intervention by the government in a free market economy. Show Answer

Q81) Assertion (A): Micro-economics helps us to analyse the performance of an economy.
Reasoning (R): National Income estimates are used to measure performance of an economy overtime. Show Answer

Q82) Micro-economics was popularized by Neo-Classical Economist, ___________ in his books ‘Principles of Economics’. Show Answer

Q83) The theory of factor pricing explains how ___________ are determined. Show Answer

Q84) Theory of ___________ deals with the efficiency in allocation of resources. Show Answer