Microeconomics Fundamentals Quiz
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Microeconomics Fundamentals Quiz

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Questions and Answers

What does Micro Economics explain?

  • Determination of aggregate volume of output
  • Determination of national income
  • Determination of price of a good and factors of production (correct)
  • Determination of general price level

    • What is the focus of Micro Economics?

  • Study of individual prices and wages (correct)
  • Study of general price level
  • Study of national income
  • Study of aggregate volume of output

    • What is the significance of Macro Economics?

  • Understanding the operations of economy
  • Understanding the working of an economy (correct)
  • Managerial economics
  • Economic welfare of people

    • What does Macro Economics deal with?

    <p>Aggregate volume of output and national income</p> Signup and view all the answers

    Which theory is Micro Economics also known as?

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

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