11 Economics-Introduction to Micro-Economics-part-2

The basic problem studied in Economics is------

• Unlimited wants

• Unlimited means

• Scarcity

• Strategy to meet all our wants

Micro Economics is concerned with--------

• The Economy as a whole

• Different sectors of an economy

• The study of Individual economic units behavior

• The interactions within the entire economy

'Economics is a a study of man kinds in the ordinary business of life'--It is the statement of.

• Adam smith

• Lionel Robbins

• Alfred Marshall

• Samuelson

Who is the Father if Economics?

• Max Muller

• Adam smith

• Karl marx

• Paul A samuelson

'Economics is a science ' the basis of this statement is------

• Relation between cause and effect

• Use of deductive method and inductive methods for the formations of laws

• Experiments

• All of the above

Adam Smith wrote “Wealth of Nations” in--------

• 1723

• 1890

• 1776

• 1932

Who wrote the book “Principles of Economics” in 1890?

• Adam smith

• Alfred marshall

• Lionel Robbins

• samuelson

Production refers to the creation of ……………………….

• Price

• Market

• cost

• Utilities

Perishable goods are ………………………..

• Long term lived

• Short term lived

• Medium term lived

• Longer life time lived

……………………… The economy is the other name for economics.

• Wealth

• welfare

• scarcity

• political