Economics-Introduction to Micro -Economics-PART-3

--------- have exchange value and their ownership rights can be established and exchanged

• Goods

• service

• Markets

• Revenue

Goods and services satisfies -------

• Human wants

• Demand and supply

• production and supply

• producer and consumer

A market is ------

• Only a place to buy things

• Only a place to sell things

• Only a place where prices adjust

• A system where persons buy and sell goods directly or indirectly

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

• Unlimited wants

• Unlimited means

• Scarcity

• Strategy to meet all our wants

Find the odd one out:

• Ceteris paribus

• Nature and Significance of Economic Science”

• “Principles of Economics”

• “An inquiry into the nature and the causes of the Wealth of Nations

Microeconomics is concerned with----------------

• The interactions within the entire economy

• The study of individual economic units behaviour

• Different sectors of an economy

• The economy as a whole

Which one of the following is not a point in the Welfare Definition of Economics?

• Economics deals with unlimited wants and limited means

• Economics is the study of material welfare

• Economics does not focus on wealth alone

• Study of an ordinary man

Identify the correct characteristics of utility

• It depends upon consumer’s mental attitude

• It is same as pleasure

• It has moral significance

• It is equivalent to ‘usefulness’

Who has given a scarcity definition of economics?

• Robertson

• Robbins

• Marshall

• Adam Smith

Total revenue is equal to total output sold multiplied by ………………………….

• Marginal cost

• Marginal revenue

• Total cost

• Price