Top 150+ Solved Principles of Micro Economics MCQ Questions Answer
Q. The curve showing the possibilities of production of desired good is known as:
a. indifference curve
b. production possibility curve
c. revealed preference curve
d. none of these
Q. Which one of the following definition of Economics is associated with the nameof Lionel Robbins?
a. welfare definition
b. scarcity definition
c. growth definition
d. wealth definition
Q. A hypothesis is tested by:
a. the realism of its assumptions
b. the lack of realism of its assumptions
c. its ability to predict accurately an outcome that follows logically from the assumptions
d. none of these
Q. In a free enterprise economy, the problems of what, how and for whom toproduce are solved by :
a. a planning committee
b. the price mechanism
c. the planning commission
d. none of these.
Q. Who considered Political Economy as “an enquiry into the nature and causes ofthe wealth of nations”?
a. adam smith
b. j.b.say
c. marshall
d. keynes
Q. Which of the following definitions of Economics include the economic conceptof ‘scales of Preferences’?
a. wealth definition
b. welfare definition
c. scarcity definition
d. growth definition
Q. Which of the following embodies a more widely accepted definition ofeconomics?
a. science of material welfare
b. science of wealth
c. a study of mankind in the ordinary business of life
d. science of making choice.
Q. The fundamental problem faced by an economy is one of :
a. exchange
b. decision making by the government
c. economic welfare
d. scarcity of resources and multiplicity of wants.
Q. Production possibilities curve does not show:
a. what to produce
b. how to produce
c. for whom to produce
d. productive potential under conditions of underemployment
Q. State whether Economics is :
a. a positive science only
b. neither a positive science
c. a science but not art
d. a science or an art depending on who uses economics and for what purpose.
Q. Who of the following emphasized the normative aspect of Economics as ascience?
a. the english classical school
b. lionel robbins
c. the german historical school
d. none of these.
Q. Of the following economists who is considered as master of partial analysis?
a. alfred marshall
b. a.c.pigou
c. j.m.keynes
d. j.s.mill.
Q. Which of the following statements has been drawn by inductive method?
a. a consumer will buy from the cheapest market
b. all businessmen wish to buy at low price and sell at high price
c. a private firm will try to maximize its profits
d. the larger the stock of money with a person, the lower is the utility that he
Q. What is true for deductive method?
a. abstract
b. realistic
c. economic conditions assumed to be changing
d. supported by historical school.
Q. What is true for inductive method?
a. hypothetical
b. empirical
c. ignores experimentation
d. static