Top 350+ Solved Micro Economics 1 MCQ Questions Answer
Q. Scientific attempts to describe economic relationships are :
a. Factual and can never be wrong
b. Accurate ways to predict political viewpoints
c. Known as positive economics
d. Directed at the fairness of social programs
Q. The ________ method consists in deriving conclusions from general truths, takes few general principles and applies them draw conclusions.
a. Inductive
b. Deductive
c. Empirical
d. Scientific
Q. ________is a term referring to an intellectual controversy over epistemology, research methodology between Carl Menger, and Gustav von Schmoller.
a. Methodenstreit
b. Laissez-faire
c. Cetris Paribus
d. Quid Proquo
Q. Inductive method which also called empirical method was adopted by the:
a. Marginalist school
b. Mercantilists
c. Physiocrats
d. Historical School of Economists
Q. Decisions made in households, firms, and government are the focus of:
a. Positive economic
b. Microeconomics
c. Normative economics
d. Macroeconomics
Q. Knowledge used to combine resources productively is called:
a. Comparative advantage
b. Capitalism
c. Entrepreneurship
d. Technology
Q. Economic efficiency for the entire economy requires that :
a. Potential gains to anyone necessitate losses to another
b. All goods be produced at their lowest possible opportunity costs
c. Maximum-valued output is obtained from given resource
d. All of the above
Q. Theories are:
a. Much more complicated than common sense
b. Scientific only if based on normative value judgments
c. Proven if only a few unimportant exceptions exist
d. Developed when we collect data, try to explain how things work, and then
Q. Milton Friedman restated the :
a. Labour Theory
b. Profit Theory
c. Quantity Theory of Money
d. Wage theory
Q. If the value of a variable varies as a consequence of the variation in the value of some other variable, it is called:
a. Exogenous variable
b. Endogenours v ariable
c. Stock
d. Flow
Q. In the classical theory the equlity between saving and investment is brought about by:
a. Income
b. Rate Interest
c. Consumption
d. None of these
Q. Which of the following concepts are most closely associated with J.M. Keynes?
a. Control of the money supply
b. Marginal utility theory
c. Indifference curve analysis
d. Marginal efficiency of capital