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.
31. The first economist who coined the terms micro economics and macroeconomics
(A) Ragnar Frisch
(B) Keynes
(C) Marshall
(D) Friedman
Answer:A
32. Microeconomics deals with:
(A) The theory of factor pricing
(B) The theory of product pricing
(C) The theory of economic welfare
(D) All the above
Answer:D
33. Prof. Robbin’s definition of Economics is:
(A) Scarcity definition
(B) Growth definition
(C) Welath definition
(D) Welfare definition
Answer:A
34. A theory is:
(A) An assumption
(B) A validated hypothesis
(C) An ‘if then’ proposition
(D) A hypothesis
Answer:B
35. The book ‘Principles of Economics’ was written by:
(A) Keynes
(B) Marshall
(C) Samuelson
(D) Pigou
Answer:B
36. Average revenue is :
(A) TR – T
(B) TR / No. of units sold
(C) TC / TR
(D) MC / AR
Answer:B
37. A hypothesis is a :
(A) Statement of facts
(B) Statement of observations made by a researcher
(C) Statement of expected out of research
(D) A proposition the validity of which is to be tested
Answer:D
38. In the classical system, the basic economic problems are solved by:
(A) Government
(B) Price mechansm
(C) Economists
(D) Central bank
Answer:D
39. Growth definition of economics was concerned with:
(A) Scarcity
(B) Welfare
(C) Wealth
(D) Economic growth
Answer:D
40. A market:
(A) Necessarily refers to a meeting place between buyers and sellers
(B) Does not necessarily refer to a meeting place between buyers and sellers
(C) Extends over the entire nation
(D) Extends over a city.
Answer:B
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