( Best 300+ ) Micro Economics MCQ

by Mr. DJ

Micro Economics MCQ

Micro Economics MCQ Definition: Microeconomics is the study of individuals, households and firms’ behavior in decision making and allocation of resources. It generally applies to markets of goods and services and deals with individual and economic issues.

Micro Economics MCQ

11. Who of the following emphasized the normative aspect of Economics as a science?
(A) The English classical school
(B) Lionel Robbins
(C) The German historical school
(D) None of these.

Answer:C

12. Of the following economists who is considered as master of partial analysis?
(A) Alfred Marshall
(B) A.C.Pigou
(C) J.M.Keynes
(D) J.S.Mill.

Answer:A

13. Find out the correct statement:
(A) Deductive method descends from general to the particular
(B) Inductive method descends from general to the particular
(B) The classical economists stood for inductive method
(D) Deductive method depends on experimentation.

Answer:A

14. Which of the following statements has been drawn by inductive method?
(A) A consumer will buy from the cheapest market
(B) All businessmen wish to buy at low price and sell at high price
(C) A private firm will try to maximize its profits
(D) The larger the stock of money with a person, the lower is the utility that he
derives from it.

Answer:B

15. What is true for deductive method?
(A) Abstract
(B) Realistic
(C) Economic conditions assumed to be changing
(D) Supported by historical school.

Answer:A

16. What is true for inductive method?
(A) Hypothetical
(B) Empirical
(C) Ignores experimentation
(D) Static

Answer:B

17. Find out the correct statement:
(A) Prediction of economic models cannot be refuted by empirical evidence
(B) Models transform verbal expressions in to more scientific expressions
(C) Models make no assumptions
(D) Economic models are comprehensive and not partial

Answer:B

18. Micro economic theory studies how a free enterprise economy determines:
(A) The Price of goods
(B) The price of services
(C) The price of resources
(D) All of these.

Answer:A

19. Which aspect of taxation involves normative economics?
(A) The incidence of the tax
(B) The fairness of the tax
(C) The effect of the tax on incentives to work
(D) All of the above

Answer:B

20. Microeconomics deals primarily with:
(A) Comparative statics, general equilibrium and positive economics
(B) Comparative statics, partial equilibrium and normative economics
(C) Dynamics, partial equilibrium and positive economics
(D) Comparative statics, partial equilibrium and positive economics.

Answer:D

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