Introduction to Micro Economics & Macro Economics - 1

Micro economics: slicing method:: Macro economics:__________

• Partitioning method

• Lumping method

• Division method

Producers and consumers take economic decision by _________ principle.

• Principle of averages

• Principle of marginalism

• Principle of revenue

• Principle of profit

'Ceteris paribus' means _________

• Other things being changed

• Other things being affected

• Other things remaining constant

• Other remaining parallel

_______ is the balance between two factors.

• Equilibrium

• Disequilibrium

• Intersection

____________is the average of all prices of goods and services currently being produced in the economy.

• General price level

• Average price level

• Price theory

The credit of developing Macro economic approach goes to_____

• David Ricardo

• Adam Smith

• Lord Keynes

• Kenneth Boulding

Consumption function and investment function are the important aspect of which theory?

• Theory of distribution

• Theory of growth and development

• Theory of income and employment

• Theory of Overall Economic Efficiency

Micro economics helps in determining the factor rewards for land, labour, capital, and entrepreneur.

• Theory of Product Pricing

• Theory of Factor Pricing

• Theory of Economic Welfare

• Theory of Income & Employment

Price of a product is determined by two major forces.

• Demand

• Supply

• Price of input

• Level of stock

Find odd word out

• Theory of product pricing

• Theory of factor pricing

• Theory of economic growth & development

• Theory of economic welfare