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Microeconomics

Micro Economi...

Question

Micro Economics Is Concerned With_____

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Solution

Microeconomics is a branch of economics, which is concerned with the studies about the behaviour of individuals and firms in making decisions regarding the allocation of limited resources.

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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. 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. Micro economics is concerned with ___________.

Q. ___________ said "Economics is a social science concerned with the administration of scarce resources".

Q. Who said "Economics is a social science concerned with the administration of scarce resources"?

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