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Question

The branch of economic theory that deals with the problem of allocation of resources is ________________.

A

Micro economic theory

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B

Macro economic theory

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C

Econometrics

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D

None of the above

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Solution

The correct option is A Micro economic theory
Micro economics deals with the individual problems of production which involves cost and production function. Therefore, allocation of resources is a part of this branch.

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Similar questions

Q. State whether the following statements are TRUE or FALSE.

1) Dr. Marshall is known as the Father of Economics.

2) Micro Economics studies theory of firm.

3) Micro Economics deals with allocation of resources.

4) Micro Economic theory assumes full employment.

5) Micro Economic theory suggests policies to solve problem of inflation.

Q. Micro economics deals with allocation of resources. Comment.

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. 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) Inflation and recession	(a) Father of Modern Economics
(2) Resource allocation	(b) Micro Economics
(3) Ragner Frisch	(c) Oslo University
(4) J.M. Keynes	(d) Macro economics
(5) Alfred Marshall	(e) Wealth of Nations
	(f) Factor - pricing

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