11 Economics-Introduction to Micro Economics

------------- is the amount of goods

that can be purchased with money as income

• Real income

• Capital income

• Income cost

• Cost incurred

Nominal income refers to income,

expressed in terms of money. It is termed

as the ----------

• Real income

• Revenue

• Money income

• Price

Consumer’s equilibrium occurs

when he gets

• maximum income

• maximum satisfaction

• maximum Profit

• maximum loss

-------- is income obtained from the sale

of goods and services

• income

• Revenue

• Loss

• Deposit

---------------------- refers to the expenses incurred to

produce or acquire a given quantum of a

good.

• Loss

• Revenue

• Cost

• Price

Price of a good is fixed by the forces of -------

• Demand and supply

• Demand and price

• Price and supply

• Demand and money

Utility means-----------

• Equilibrium point at which

  demand and supply are equal

• Want-satisfying capacity of goods

  and services

• Total value of commodity

• Desire for goods and services

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

Which one of the following is not

a point in the Welfare Definition of

Economics

• Study of and ordinary man

• Economics does not focus on

  wealth alone

• Economics is the study of material

  welfare

• Economics deals with unlimited

  wants and limited means

“Economics is a science” The basis of

this statement is—

• Experiments

• Relation between cause and effect

• Use of deductive method and

  inductive method for the

  formations of laws

• All of the above