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Microeconomics

Micro Economi...

Question

Micro Economics is also known as ____________.

A

Income theory

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B

Price theory

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C

Expenditure theory

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D

Savings theory

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Solution

The correct option is B Price theory
Microeconomics 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.

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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. Do you agree with the following statements? Give reasons.
i) Micro Economics studies behaviour of individual unit.
ii) Micro Economics is known as income theory.

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. Give Reasons or explain the following statements.
Macro Economics is also known as income and employment theory.

Q. Give Reasons.
Macro Economics is known as Income Theory.

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