Podcast
Questions and Answers
Microeconomics deals with a small part or a small unit of the ______.
Microeconomics deals with a small part or a small unit of the ______.
economy
The concept of ______ expresses the quantity of a commodity a person is willing to purchase at a particular price.
The concept of ______ expresses the quantity of a commodity a person is willing to purchase at a particular price.
demand
Microeconomics was popularized by Prof. ______ in the early 20th century.
Microeconomics was popularized by Prof. ______ in the early 20th century.
Alfred Marshall
Microeconomics examines individual units like households, firms, and ______.
Microeconomics examines individual units like households, firms, and ______.
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Microeconomics looks at the economy through a microscope to understand how ______ and firms function.
Microeconomics looks at the economy through a microscope to understand how ______ and firms function.
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Micro economics theory is primarily concerned with the determination of prices of goods and factors of ______.
Micro economics theory is primarily concerned with the determination of prices of goods and factors of ______.
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The theory of distribution determines rent for land, wages for labor, interest for capital, and ______ for entrepreneur.
The theory of distribution determines rent for land, wages for labor, interest for capital, and ______ for entrepreneur.
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The ______ of economic welfare explains how an individual consumer maximizes his satisfaction.
The ______ of economic welfare explains how an individual consumer maximizes his satisfaction.
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Efficiency in production, efficiency in distribution, and overall economic ______ are crucial aspects of economic welfare.
Efficiency in production, efficiency in distribution, and overall economic ______ are crucial aspects of economic welfare.
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The price of an individual commodity is determined by the market forces of demand and ______.
The price of an individual commodity is determined by the market forces of demand and ______.
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Microeconomics traces its origins to classical economists like ______, who discussed how prices are determined.
Microeconomics traces its origins to classical economists like ______, who discussed how prices are determined.
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Macroeconomics is derived from the Greek word ______, meaning 'large'.
Macroeconomics is derived from the Greek word ______, meaning 'large'.
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Alfred Marshall popularized microeconomics in his 1890 work titled ______ of Economics.
Alfred Marshall popularized microeconomics in his 1890 work titled ______ of Economics.
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Macroeconomics examines the entire economic system like a bird's-eye view of the ______.
Macroeconomics examines the entire economic system like a bird's-eye view of the ______.
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Aggregate Demand refers to the total sales proceeds entrepreneurs anticipate from sales of output at a given ______ level.
Aggregate Demand refers to the total sales proceeds entrepreneurs anticipate from sales of output at a given ______ level.
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Efficiency in production aims at producing the maximum possible amount of goods and services using the given amount of ______.
Efficiency in production aims at producing the maximum possible amount of goods and services using the given amount of ______.
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Efficiency in consumption maximizes overall ______ among the population.
Efficiency in consumption maximizes overall ______ among the population.
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Overall economic efficiency refers to the production of goods that are most ______ by the people.
Overall economic efficiency refers to the production of goods that are most ______ by the people.
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Microeconomic analysis is crucial in shaping government ______, including tax and public expenditure.
Microeconomic analysis is crucial in shaping government ______, including tax and public expenditure.
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Microeconomics helps in understanding international ______ and the determination of exchange rates.
Microeconomics helps in understanding international ______ and the determination of exchange rates.
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Micro economics analyzes how resources are allocated to the production of particular goods and services within a ______.
Micro economics analyzes how resources are allocated to the production of particular goods and services within a ______.
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Microeconomic theory provides insights into how a free market ______ functions.
Microeconomic theory provides insights into how a free market ______ functions.
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Microeconomics examines the conditions of economic ______ to explain effective resource allocation.
Microeconomics examines the conditions of economic ______ to explain effective resource allocation.
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Micro economics utilizes the ______ method to study economic units in-depth.
Micro economics utilizes the ______ method to study economic units in-depth.
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Microeconomics does not extensively analyze broad national economic issues such as unemployment, poverty, and income ______.
Microeconomics does not extensively analyze broad national economic issues such as unemployment, poverty, and income ______.
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Partial equilibrium analysis begins with the assumption of 'other things being ______' to understand relationships between variables.
Partial equilibrium analysis begins with the assumption of 'other things being ______' to understand relationships between variables.
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Microeconomics assumes no government intervention, full employment, and perfect ______.
Microeconomics assumes no government intervention, full employment, and perfect ______.
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Microeconomics examines various market ______, such as perfect competition and monopoly.
Microeconomics examines various market ______, such as perfect competition and monopoly.
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Microeconomics is a microscopic study of the ______.
Microeconomics is a microscopic study of the ______.
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Microeconomics uses ______ as an analytical tool to examine the change in total effect from an additional unit.
Microeconomics uses ______ as an analytical tool to examine the change in total effect from an additional unit.
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The theory often relies on the 'ceteris paribus' assumption, which means 'other things being ______'.
The theory often relies on the 'ceteris paribus' assumption, which means 'other things being ______'.
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