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Economics Fundamentals Quiz

Created by

@GutsyJustice4893

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Questions and Answers

What is the main focus of micro economics?

Study of modern economic theory

Analysis of aggregate units

Dealing with income theory

Analysis of individual economic unit or variable (correct)

Which Greek word does 'micro' derive from?

MAKROS, meaning large

MIKROS, meaning small (correct)

MICRO, meaning individual

MEGA, meaning huge

What method does micro economics use?

Slicing method (correct)

Lumping method

Grouping method

Aggregating method

Who first used the terms 'micro' and 'macro' in economics?

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

What does macro economics primarily deal with?

<p>Income theory</p> Signup and view all the answers

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