Economics Branches: Micro and Macro
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Questions and Answers

What is the origin of the term 'micro' in economics?

  • French word, 'Petit' meaning small
  • Greek word, 'Mikros' meaning small (correct)
  • Latin word, 'Micro' meaning tiny
  • Greek word, 'Makros' meaning large
  • Who is credited with popularizing the Neo-Classical approach to Micro Economics?

  • Prof. Alfred Marshall (correct)
  • Adam Smith
  • J.S. Mill
  • David Ricardo
  • What is the name of the article in which Ragnar Frisch first referred to the study of individual firms and producers as 'Microeconomics'?

  • Economic Data Modeling
  • Business Cycles (correct)
  • Economic Theories
  • Micro Macro Analysis
  • Who was the joint winner of the first Nobel Prize for Economics in 1969 with Jan Tinbergen?

    <p>Ragnar Frisch</p> Signup and view all the answers

    What is the focus of Micro Economic analysis?

    <p>Individual firm and producer</p> Signup and view all the answers

    Which economist is credited with the development of macro economics approach?

    <p>Lord John Maynard Keynes</p> Signup and view all the answers

    What does Micro economics deal with?

    <p>A small part of the national economy</p> Signup and view all the answers

    Who defined Micro economics as "in fact a microscopic study of the economy"?

    <p>Maurice Dobb</p> Signup and view all the answers

    What was the main reason for the development of Micro economics?

    <p>The Great Depression of 1930s</p> Signup and view all the answers

    Who are the Physiocrats?

    <p>French Thinkers</p> Signup and view all the answers

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