Which of the following issues are related to micro-economics?

Impact of crude price hike on inflation

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Impact of change in bank rate on bank savings and investment

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Impact of information technology on economic growth

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Impact of shortage of wheat production on wheat price

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Solution

The correct option is D Impact of shortage of wheat production on wheat price
Impact of a shortage of wheat production on wheat price comes under the domain of Microeconomics. Microeconomics is that part of economics which deals with the individual units of the economy. It takes into account the demand and supply of individual units and helps in studying the prices of products according to it. All the other options are the concern of macroeconomics as they take into account the larger picture into consideration.

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Q. A drought in India leads to unusually low level of wheat production. This would lead to a rise in the price of wheat and fall in the quantity of wheat demanded due to ____________.

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Every year Aman consumes 250 kg wheat and 90 kg rice. The price of wheat is $20 %$ of the price of rice and he spends a total of Rs. 3500 on wheat and rice per year. If the price of rice is increased by $20 %$ then what is the percentage reduction of wheat consumption for the same expenditure of Rs. 3500? (Given that the price of wheat and consumption of rice is constant)

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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.

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