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11th Economics Monthly Test - 1 (Introduction to Micro Economics)

MABS Institution

11th Economics Monthly Test - 1 (Introduction to Micro Economics)-Aug 2020

Time : 2.30 Hours

Part - A

Multiple Choice Question - Answer All Question

Author of "An inquiry into the Nature and causes of wealth of Nations"

Alfred Marshall
Adam Smith
Lionel Robbins
Paul A Samuelson

Macro means

Tiny
Small
Large
None of these

The Term means "Management of households".

Commerce
Business
Economics
All the above

Inductive Method is also called as

Empirical Method
Analytical Method
Abstract Method
All of these

Who coined Macro Economics?

Ragner Frisch
J.M. Keynes
Adam smith
Samuelson

Utility is a

Scientific concept
Ethical concept
Moral concept
Subjective and Psychological concept

The expenses incurred to produce or acquire a given quantum of a good is referred to________________.

income
expenditure
cost
utility

Who has given scarcity definition of economics?

Adam Smith
Marshall
Robbins
Robertson

Normative Science is concerned with_______________.

Wealth
human wants
what ought to be
how? and why

Micro Economics 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

Part - B

Generic 2 - Answer All Question

What is meant by price?

Give the meaning of inductive method?

What are capital goods?
What are the difference between public goods and private goods?

Name the four definition of Economics?

State Lionel Robbins definition of Economics?

What does the term 'Market' mean in Economics.

Classify the market based on the competitions?

What are 'economic goods'?

What are the basic economic problem of any society?

Part - C

Generic 3 - Answer All Question

What are the steps taken in Deductive Method?

What are the importance of micro economics?

Explain the nature' of economic laws.

Explain inductive method of economic analysis.

What are the methods adopted to derive economic generalization in Inductive Method?
What are the important features of utility?

Explain the different types of goods?

Compare positive economics and normative economics.

What are the fundamental problems faced by an economy?

Explain the types of utility.

Part - D

Generic 5 - Answer All Question

What do you mean by stable equilibrium, particular equilibrium and general equilibrium? Explain

Explain the wealth definition given by Adam Smith

Examine whether Economics is an Art or a Science.

Examine the nature of Economic laws.

State the various kinds of Goods.
Elaborate the nature and scope of Economics

Explain various divisions of Economics.

Explain basic problems of the economy with the help of production possibility curve.

Explain the different types of utility.

Explain the different types of utility.

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