Introduction to Microeconomics Test 10

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Introduction to Microeconomics Test 10

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Weekly Quiz Competition

Question 1
1 / -0

In a . we study a phenomenon as it exists.

A
Normative science

B
Positive science

C
Biological science

D
All of above

Solution

Positive science refers to the statements that are based on proven facts and figures which are described elaborately so that it can be developed into various theories.
Question 2
1 / -0

Who of the following treated Economics as normative science?

A
Marshall

B
Robbins

C
Pigou

D
(A) and (C)

Solution

Normative science explains what should be base of the subject according to the belief through valued judgement that describes the fairness of the subject on public policy.
Both Alfred Marshall and Pigou described economics as a study where human and social welfare could be achieved by the means of various economic activities which were economically fair for the society and was based on economic judgement.
Question 3
1 / -0

Which of the following bundles of goods could not be produced with the resources the economy currently has?

A
a

B
b

C
c

D
d

Solution

An economy can not produce outside the PPC curve because current resources of the economy are constant, in the figure 'd' point is outside the PPC which is not possible to produce.
Question 4
1 / -0

Which of the following is normative statement?

A
Planned economies allocate resources via governments departments.

B
Most transitional economies have experienced problems of falling output and rising prices over the past decade.

C
There is a greater degree of consumer sovereignty in market economies than planned economies.

D
Reducing inequality should be a major priority for mixed economies.

Solution

A normative statement explains what should be base of the subject according to the belief through valued judgement that describes the fairness of the subject on public policy.
Therefore, reduction of inequality in the economy in a valued judgement on the belief that it will establish peace and equality in the economy
Question 5
1 / -0

Micro and Macro economics were coined by ______ during the twenties, and since then they are frequently used by economists for economic analysis.

A
Prof. Keynes

B
Prof. Robbins

C
Prof. Marshall

D
Prof. Ragner Frisch
Question 6
1 / -0

Which point on the PPF shows a "Productively efficient" level of output?

A
a

B
b

C
c

D
All of the above

Solution

All the points that fall on a production possibility curve shows all different attainable combinations of the production of two commodities that can be produced in an economy with the given resources and technology which are to be fully utilized. Any point beyond and below the curve indicates over-utilization and under-utilization of resources respectively. Therefore, points A, B and C represents productively efficient level of output.
Question 7
1 / -0

Which of the following clearly represents a movement toward greater productive efficiency?

A
A movement from point a to point b

B
A movement from point c to point d

C
A movement from point u to point c

D
A movement from point e to point b
Question 8
1 / -0

Micro and macro are not two independent approaches to economic analysis but they are complimentary to each other.

A
False

B
True

C
Partly true

D
Partly false
Question 9
1 / -0

Which of the following deals with things as they ought to be?

A
Normative science

B
Positive science

C
Biological science

D
All of above

Solution

Normative science deals with the general norms, i.e, how something ought to be. It is based on value judgments about the the fairness of the decisions taken by the policy makers.
Question 10
1 / -0

What is the opportunity cost of moving from point A to point B?

A
100 units of capital goods

B
8 units of consumer goods

C
90 units of capital goods

D
10 units of capital goods

Solution

The opportunity cost of moving from point A to point B is $$10$$ units of capital goods $$(100 - 90)$$.

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Re-Attempt Weekly Quiz Competition

Introduction to Microeconomics Test 10

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Introduction to Microeconomics Test 10

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Rank

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SHARING IS CARING

Question 1

Normative science

Positive science

Biological science

All of above

Solution

Question 2

Marshall

Robbins

Pigou

(A) and (C)

Solution

Question 3

a

b

c

d

Solution

Question 4

Planned economies allocate resources via governments departments.

Most transitional economies have experienced problems of falling output and rising prices over the past decade.

There is a greater degree of consumer sovereignty in market economies than planned economies.

Reducing inequality should be a major priority for mixed economies.

Solution

Question 5

Prof. Keynes

Prof. Robbins

Prof. Marshall

Prof. Ragner Frisch

Question 6

a

b

c

All of the above

Solution

Question 7

A movement from point a to point b

A movement from point c to point d

A movement from point u to point c

A movement from point e to point b

Question 8

False

True

Partly true

Partly false

Question 9

Normative science

Positive science

Biological science

All of above

Solution

Question 10

100 units of capital goods

8 units of consumer goods

90 units of capital goods

10 units of capital goods

Solution

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My Perfomance

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