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Economy

Positive Econ...

Question

Positive Economic Theory Deals With_____.

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Solution

The positive economic theory deals with what are or how the economic problems faced by society are solved. Positive economics is based on data and facts and provides solutions to issues faced by the economy.

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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. Give reasons or explain the following statements

1) Macro-Economics is the study of aggregates.
2) Macro-Economics is also known as income and employment theory.
3) The scope of Macro-Economics is wide.
4) Macro-Economics deals with whole economy.
5) Macro-Economics is different from 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. Positive economic theory deals with ____________.

Q. Normative economic theory deals with ___________.

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