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Introduction to Microeconomics Test 3

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Introduction to Microeconomics Test 3
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  • Question 1
    1 / -0
    Micro economics adopts _________ approach.
    Solution
    Where macro economics considers the society as a whole, on the other hand micro economics adopts the factors on individual basis. The approach of micro economics starts with the decisions of an individual about the allocation of time and revenue. The study of micro economics purely involves the study of factors on individual basis.
  • Question 2
    1 / -0
    A study of a ________ will be a part of micro economics.
    Solution
    Macroeconomics considers factors affecting the society as a whole and microeconomics consider the factors on an individual basis. It is a study of a  particular individual or firm.
  • Question 3
    1 / -0
    Macroeconomics is the study of _______.
    Solution
    Macro economics studies the economy as a whole and not in individual units.
    Concepts of inflation, economic growth, employment etc are all macro economic factors and these are studied under macro economics.
  • Question 4
    1 / -0
    The credit for the development of microeconomics approach goes to __________.
    Solution
    The credit for the development of the theory of microeconomics approach is none other than Alfred Marshall. He was one of the most influential economists of his time.
  • Question 5
    1 / -0
    Microeconomics concentrates on the study of ____________.
    Solution
    Microeconomics adopts the factors on an individual basis. The approach of microeconomics starts with the decisions of an individual about the allocation of time and revenue. The rest of the factors are covered under the study of macroeconomics as these cover large range studies the behaviour of individuals.
  • Question 6
    1 / -0
    Micro-economics is also called as ________.
    Solution
    Micro economics is also called as the Price theory. It studies the behavior of individual consumers, producers etc.
    It explains consumption, production, allocation and the pricing of goods.
  • Question 7
    1 / -0
    Micro economics is a _________ equilibrium approach.
    Solution
    Microeconomics is a study of demand and supply of particular commodity or service. 
    It studies micro variables.
    Partial equilibrium is a condition of economic equilibrium which takes into account only a part or small units of the market to attain equilibrium.
    Therefore it is right to state that microeconomics is a partial equilibrium analysis.
  • Question 8
    1 / -0
    Microeconomics is the ________ study of the whole economy.
    Solution
    Microeconomics adopts the factors on an individual basis. Microeconomics study is a narrower study and includes the microscopic study of the whole economy.Where macroeconomics considers the society as a whole.it gives  "bird's eye view".
  • Question 9
    1 / -0
    Professor _________ is mainly concerned with microeconomics.
    Solution
    Professor Boulding is mainly concerned with microeconomics. He was the co-founder of General Systems Theory and founder of various ongoing intellectual projects in Economics. 
    According to Professor Boulding "Microeconomics  is the study of particular firms, particular households, individual prices, wages, individual industries, particular commodities".
  • Question 10
    1 / -0
    Microeconomics analysis adopts ________ method.
    Solution
    Microeconomics adopts the factors on individual or slicing basis.
    While studying the micro-economics things taken into consideration are narrower in nature and taken on an individual basis. 
    Microeconomics uses slicing method for the in-depth study of economic units. It divides or slices the economy into smaller units such as individuals, household firms etc.


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