Chapter-1 ➤ Introduction to Micro Economics

1. The main objective of a socialist economy is…….

Maximum production

Economic freedom

Earning profit

Maximum public welfare

2. Mention the name of the curve which shows economic problem:

Production Curve

Demand Curve

Indifference Curve

Production Possibility Curve

3. Who said economics is the ‘Science of wealth:

Prof. Robbins

Prof. J.K. Mehta

Prof. Marshall

Prof. Adam Smith

4. The point of optimum utilization of resources lies on which side of PPC curve:

Towards left

Towards right

Inside

Upwards

5. The slope of a production possibility curve falls:

From left to right

From right to left

From top to bottom

From bottom to top

6. The word ‘micro’ was firstly used by:

Marshall

Boulding

Keynes

Ragnar Frish

7. Micro Economics includes:

Individual unit

Small units

Individual price determination

All of these

8. An economy can be capitalist, socialist or opportunist.

True

False

9. Which of the following is studied under Macro Economics ?

National Income

Full. Employment

Total Production

All of these

10. Which of the following statement is true?

Human wants are infinite

Resources are limited

Scarcity problem gives birth to choice

All of these