Top 350+ Solved Micro Economics 1 MCQ Questions Answer
Q. The validity of an economic theory is judged by its power to:
a. Explain an economic phenomenon
b. Predict the course of an economic phenomenon
c. Prove or disprove a hypothesis
d. Reveal the economic laws
Q. The subject matter of economics is the study of:
a. Wealth
b. Welfare
c. Scarcity
d. Scarcity and Choice
Q. To whom do you attribute the ‘growth’ definition of economics?
a. Paul Samuelson
b. Lionel Robbins
c. Milton Friedman
d. Alfred Marshall
Q. The first economist who coined the terms micro economics and macroeconomics
a. Ragnar Frisch
b. Keynes
c. Marshall
d. Friedman
Q. Microeconomics deals with:
a. The theory of factor pricing
b. The theory of product pricing
c. The theory of economic welfare
d. All the above
Q. Prof. Robbin’s definition of Economics is:
a. Scarcity definition
b. Growth definition
c. Welath definition
d. Welfare definition
Q. A theory is:
a. An assumption
b. A validated hypothesis
c. An ‘if then’ proposition
d. A hypothesis
Q. A hypothesis is a :
a. Statement of facts
b. Statement of observations made by a researcher
c. Statement of expected out of research
d. A proposition the validity of which is to be tested
Q. In the classical system, the basic economic problems are solved by:
a. Government
b. Price mechanism
c. Economists
d. Central bank
Q. Growth definition of economics was concerned with:
a. Scarcity
b. Welfare
c. Wealth
d. Economic growth
Q. A market:
a. Necessarily refers to a meeting place between buyers and sellers
b. Does not necessarily refer to a meeting place between buyers and sellers
c. Extends over the entire nation
d. Extends over a city.
Q. Average Revenue curve under monopoly is :
a. Upward slopping
b. Downward slopping
c. Horizontal straight line
d. None of these