Chapter 1- Introduction to micro and macro economics

1.The branch of economics that deals with the allocation of resources

• a.micro economics

• b.macro economics

• c.econometrics

• d.none of these

2.The economist who used the terms micro and macro first time

• a.marshall                           

•   b.ragner Frisch

• c.adam smith                 

• d.kenes

3.Concepts studies under micro economics

• a. national income            

•  b. general price level

• c.factor pricing                   

  d.product pricing

• d.product pricing

4.Macro economic variable

• a.total income

• b.generel price level

• c.total employment

• d.aggregate output

5.Method adopted in micro economics analysis

• a.lumping method

• b.aggregative method

• c.slicing method

• d.inclusive method

6.Neo classical economist

• a.prof. pigou

• b.prof. Samuelsson

• c.keynes

• d.adam smith

7.Concepts studied under micro economics

• a.whole economy

• b.economic development

• c.aggregate supply

• d.product pricing

8.Famous book published by john maynard Keynes

• a.wealth of nation

• b.principles of economics

• c.general theory of employment interest and money

• d.theory of monopolistic competition

9. Goods means which types of good which we use to satisfy people’s wants and needs?

• (a). Physical

• (b). Tangible

• (c) . Intangible

• (d). Both (a) and (b)

10. Which of the following statement is correct.

• (a) Everyone can fulfill there all wants.

• (b) Resources are unlimited

• (c)Everyone faces scarcity of resources.

• (d)Wants are limited.