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Questions and Answers
What is the main focus of micro-economics?
What is the main focus of micro-economics?
- Transportation of goods from one place to another
- Activities and services at a macro level
- Consumption, production, exchange, and distribution at an individual unit level (correct)
- Total production and total income
Which type of goods have value in exchange and value in use?
Which type of goods have value in exchange and value in use?
- Mono-period goods
- Economic goods (correct)
- Free goods
- Poly-period goods
What type of utility involves storage activity?
What type of utility involves storage activity?
- Time utility (correct)
- Place utility
- Form utility
- Possession utility
In consumer behavior, what distinguishes a 'demand' from a 'want'?
In consumer behavior, what distinguishes a 'demand' from a 'want'?
According to the Law of Demand, what happens when the price of a commodity decreases?
According to the Law of Demand, what happens when the price of a commodity decreases?
Who is considered the father of economics?
Who is considered the father of economics?
Which economist introduced the concept of law of diminishing marginal utility?
Which economist introduced the concept of law of diminishing marginal utility?
According to Lionner Rosbins, economics is the science which studies:
According to Lionner Rosbins, economics is the science which studies:
Who introduced the terms 'Microeconomics and Macroeconomics' in economics?
Who introduced the terms 'Microeconomics and Macroeconomics' in economics?
Which economist is associated with the study of individual and social action most closely connected with well-being?
Which economist is associated with the study of individual and social action most closely connected with well-being?
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