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Microeconomics

Micro economi...

Question

Micro economics theory deals with ___________.

A

economic behavior of individual economic decision making units

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B

fiscal decision of central bank

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C

trade relations of competitors

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D

economic growth of the society

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Solution

The correct option is B economic behavior of individual economic decision making units
Microeconomics
1. It is that part of economics which deals with the individual units of the economy.
2. It takes into account the demand and supply of individual units.
3. It aims to determine the price of a product using the factors of production.
4. Example: Individual income and Individual output.

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Similar questions

Q. Which economics deals with the study of behaviour of individual decision making units?

Q. Do you agree with the following statements? Give reasons.

1) The scope of Macro-Economics is wide.
2) Macro-Economics deals with the study of individual behavior.
3) Macro-Economics is individualistic
4) Macro-Economics is different from Micro-Economics.
5) Macro-Economics is a partial equilibrium analysis.

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. A system where private businesses make economic decisions regarding investment decisions, production decisions and distribution of output is:

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