Introduction to Micro economics-Part-4

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

• price

• market

• cost

• utilities

__________is the unit of measurement of utility.

• price

• utils

• consumption

• human wants

Perishable goods are ………………………..

• long term lived

• short term lived

• medium term lived

• longer life term

“The proportion of total expenditure incurred on food items declines as total expenditure goes on increasing” is

• Marshall’s law

• Adam Smith’s law

• Engel’s law

• Samuelson’s law

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

• wealth

• welfare

• scarcity

• political

Utility can be measured indirectly using the ‘Measuring rod of money’ is the statement of

• Adam smith

• Samuelson

• Marshall

• Lionel robbins

……………………….. have exchange value and their ownership rights can be established and exchanged.

• Goods

• Services

• Markets

• Revenue

The process of reasoning from particular to general is

• Normative economics

• Positive economics

• Inductive method

• Deductive method

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

• Price

• Total cost

• Marginal revenue

• Marginal revenue

Utility can be measured indirectly using the ‘Measuring rod of money’ is the statement of

• Frisch

• Robbins

• Samuelson

• Marshall