Agricultural Economics and Important Definitions of Economics
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Questions and Answers

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?

  • Mono-period goods
  • Economic goods (correct)
  • Free goods
  • Poly-period goods

    • 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'?

    <p>Fulfillment at a specific place and time</p> Signup and view all the answers

    According to the Law of Demand, what happens when the price of a commodity decreases?

    <p>Expansion in demand</p> Signup and view all the answers

    Who is considered the father of economics?

    <p>Adam Smith</p> Signup and view all the answers

    Which economist introduced the concept of law of diminishing marginal utility?

    <p>Alfred Marshall</p> Signup and view all the answers

    According to Lionner Rosbins, economics is the science which studies:

    <p>Human behavior as a relation between ends and scarce means</p> Signup and view all the answers

    Who introduced the terms 'Microeconomics and Macroeconomics' in economics?

    <p>J.M. Keynes</p> Signup and view all the answers

    Which economist is associated with the study of individual and social action most closely connected with well-being?

    <p>Alfred Marshall</p> Signup and view all the answers

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