Micro econmics

The basic problem studied in Economics is

• Unlimited wants

• Unlimited means

• Scarcity

• Strategy to meet all our wants

Author of "an inquiry into the nature and causes of wealth of nations"

• Alfred marshall

• Adam smith

• Lionel robbins

• Paul A samuelson

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

• Goods

• Service

• Markets

• Revenue

The process of reasoning from particular to general is____

• Deductive method

• Inductive method

• Positive economics

• Normative economics

Total revenue is equal to total output sold multiplied by_____

• Price

• Total cost

• Marginal revenue

• Marginal cost

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

Who is the Father of Economics?

• Max Muller

• Adam smith

• Karl marx

• Paul A samuelson

Which theory is generally includes under micro economics?

• Price theory

• Income theory

• Employment theory

• Trade theory

Who has given scarcity definition of economics?

• Adam smith

• Marshall

• Robbins

• Robertson

Microeconomics is concerned with____

• The economy as a whole

• Different sectors of an economy

• The study of individual economic units behaviour

• The interactions within the entire economy