Microeconomics and Macroeconomics Quiz

The branch of economics that deals with the allocation of resources is:

• Microeconomics

• Macroeconomics

• Econometrics

• None of these

Concepts studied under Microeconomics include:

• National income

• General price level

• Aggregate income

• Product pricing

The method adopted in Microeconomic analysis is:

• Lumping method

• Aggregative method

• Slicing method

• Inclusive method

Concepts not studied under Macroeconomics include:

• Whole economy

• Economic development

• Aggregate supply

• Product pricing

Microeconomics is also known as:

• Income theory

• Employment theory

• Price theory

• Growth theory

Macroeconomics is also known as:

• Employment theory

• Income theory

• Growth theory

• Both a and b

The word "Micro" is derived from the Greek word "Mikros," which means:

• Whole

• Large

• Small

• Economy

The word "Macro" is derived from the Greek word "Makros," which means:

• Short

• Large

• Small

• None of these

Microeconomics studies:

• Aggregate demand and supply

• Individual economic units

• National income

• General price level

Macroeconomics studies:

• Household behaviour

• Firm's decisions

• National income and employment

• Cost of production