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Introduction to Microeconomics Test 15

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Introduction to Microeconomics Test 15
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  • Question 1
    1 / -0
    A _________ is the locus of all such combinations of two commodities which can be produced in a country with its given resources and technology.
    Solution
    Production possibility curve is an indicator that shows all the different attainable combinations of production of two commodities that can be achieved in an economy with the given resources and technology, when they are fully utilized.
  • Question 2
    1 / -0
    Micro and Macro Economics were coined by ________during the twenties, and since then they are frequently used by economists for economic analysis.
    Solution
    Prof. Ragnar Frisch was a Norwegian economist who was best known for founding the various disciplines of econometric and for coining the two common terms i.e. micro and macro economics which is the most widely used terms in modern economics.
  • Question 3
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    Microeconomics and macroeconomics are not independent approaches to economic analysis but they are complementary to each other.
    Solution
    Micro and macro approaches of economics are very dependent on each other. To know well about the working of an economy, on must have knowledge of both the branches of economics. It can be said that macroeconomics uses the principles of microeconomics as its foundation and the former is a magnified version of the latter.
  • Question 4
    1 / -0
    Based on PPF figure given below, the opportunity cost of producing 7th Carrot is _________.

    Solution
    Opportunity cost of production of a commodity refers to the resources that have to be sacrificed in terms of the next best alternative (other commodity) which could have been produced out of that cost in order to produce every unit of the given commodity. Therefore, the opportunity cost of producing 7 carrots from 6 is 2 tomatoes as the production of tomatoes is decreased by two units, from 10 units to 8 units.
  • Question 5
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    Which among the following describes the major difference between micro economics and macro economics?
    Solution
    Microeconomics deals with the study of individual variables like firms, workers, consumers, and investors and how they influence the market, whereas, macro economics deals in the study of a nation's aggregate demand, aggregate supply, national income, aggregate employment and unemployment , inflation etc. which leads to overall growth and development of the economy. 
  • Question 6
    1 / -0
    Ram: My corn harvest this year is poor.
    Lakshman: Don't worry. Price increases will compensate for the fall in quantity supplied.
    Krishna: Climate affects crop yields. Some years are bad, others are good.
    Balram: The Government ought to guarantee that our Income will not fall.
    In this conversation, the normative statement is made by ____________.
    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, if government ought to guarantee that our income will not fall it is on the belief that it will benefit every individual in the society.

  • Question 7
    1 / -0
    Which of these is correct, if economics is considered as a positive science?
    Solution
    Positive science define economics as the study of setting up an effective relationship between the human wants and scarce means to maximize the satisfaction of most of the unlimited wants in the economy. Therefore, it described economics as a neutrality between various wants in the economy as it studies and solves the problem of scarcity 
  • Question 8
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    ___________ economics explains economic phenomena according to their cause and effects.
    Solution

    Positive science describes the matter of the presence of the subject with proven facts and figures which is based on repeated observation. Therefore, they possess the feature of cause and effect where all variables yield the same result on experimenting them. 

  • Question 9
    1 / -0
    Which of these is false, if economics is considered as a normative science?
    Solution

    A normative statement explains what should be base of the subject according to the belief of humans through valued judgement that describes the fairness of the subject on public policy. It analyses human behaviour on various factors that prevails in the economy and derive a subject by that.

  • Question 10
    1 / -0
    State which of the following represents macro from the national point of view.
    Solution
    Macro economics studies economics as a whole and not from the view point of an individual. Capital output ratio is the ratio between the capital of all Indian industries to the output yielded by all these industries which is the point of national concern and thus it is included in the study of macro economics.
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