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Byju's Answer
Standard VI
Civics
Economy
Micro-Economi...
Question

Micro-Economics is also called ___________.

A
price theory
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B
income theory
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C
irrelevant theory
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D
development theory
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Solution

The correct option is A price theory
Microeconomics deals with the study of individual variables like firms, workers, consumers, and investors and how they react in order to influence the price of a particular commodity in the market. The main branch of micro economics deals with the change in price of a commodity due to various market forces like quantity demanded and quantity supplied of that commodity and this price also helps us to determine factor prices. Hence microeconomics is called "Price Theory".

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Q. Fill in the blanks with appropriate alternatives given in the brackets.

1) The terms Micro and Macro Economics were first used by _______________. (Adam Smith/ Robbins/ Ragner Frisch/ Marshall).

2) Micro Economics is a study of _________. (Whole economy/ general price level/ National output/ Individual economic unit).

3) Micro Economics is also called as ________________. (Income theory/ Price theory/ Growth theory/ Employment theory)

4) Micro Economic analysis adopts __________________ method. (lumping/ aggregative/ Slicing/ inclusive)

5) Micro Economics is a __________________________ equilibrium approach. (partial/ general/ total/ multi-variable).
Q. Give reasons or explain the following statements.

1) Micro Economics is also known as price theory.

2) Micro Economics studies individual economic unit.

3) Micro Economics analyses partial equilibrium.

4) Micro Economic theories are based on certain assumptions.

5) Marginalism principle is used as a tool of analysis in micro economics.
Q. Price theory in the economics is a principle of:
Q. Match the pairs.
Group "A"Group "B"
(1)Adam Smith(a)Principles of Economics
(2)Micro Economics(b)Aggregates
(3)Macro Economics(c)Prof. Boulding
(4)Dr. Marshall(d)Father of Economics
(5)Theory of Welfare(e)Individual Units
(f)Economic Efficiency
Q. Match the following :
Group "A"Group "B"
(1) Micro - Economics (a) Wealth of Nations
(2) Macro - Economics(b) Harrod and Domar
(3) Theory of Growth(c) Partial Equilibrium
(4) Lord Keynes(d) Principles of Economics
(5) Adam Smith(e) General Equilibrium
(f) General Theory of Employment Interest and. Money
(g) Business economics
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