Tag: microeconomics and macroeconomics : introduction

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Questions Related to microeconomics and macroeconomics : introduction

Multiple choice business economics and quantitative methods introduction to micro economics microeconomics and macroeconomics : introduction economic ideas of j k mehta micro and macro economics

We mainly study the following in macroeconomics:

  1. External value of money

  2. Product pricing

  3. National income and output

  4. Both (A) and (C)
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

Macroeconomics studies all the aggregate units in the economy which include the value and dimensions of money, national income and output, employment, inflation, etc.

Product Pricing is a subject matter of Microeconomics.

Multiple choice business economics and quantitative methods introduction to micro economics microeconomics and macroeconomics : introduction economic ideas of j k mehta micro and macro economics

We mainly study the following in Micro-Economics ____________________.

  1. Economic conditions of a section of the people

  2. General price level

  3. Balance payments

  4. Employment and economic growth
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

Micro economics deals in the study of individual variables that influence the market. Therefore, study of consumer and producer behaviour for different commodities is the main aspect of microeconomics as it focuses on how different sections affect the market. 

Multiple choice business economics and quantitative methods introduction to micro economics microeconomics and macroeconomics : introduction economic ideas of j k mehta micro and macro economics

Macro economics is the study of behaviour of __________.

  1. multiple units

  2. individual units

  3. large aggregates

  4. none of the above
Reveal answer Fill a bubble to check yourself
C Correct answer
Explanation

Macro economics deals in the study of a nation's aggregate demand, aggregate supply, national income, aggregate employment and unemployment, inflation etc. Therefore, it studies group variables and not individual variables. 

Multiple choice business economics and quantitative methods introduction to micro economics microeconomics and macroeconomics : introduction economic ideas of j k mehta micro and macro economics

Micro-Economics is the study of behaviour of ____________.

  1. multiple units

  2. individual units

  3. large aggregates

  4. none of the above
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

Microeconomics deals with the study of individual variables like firms, workers, consumers, and investors on how they interact with each other and influence various factors in the market like price of a commodity. 

Multiple choice business economics and quantitative methods introduction to micro economics microeconomics and macroeconomics : introduction economic ideas of j k mehta micro and macro economics

Which of the following is not a micro economic subject matter?

  1. The price of mangoes

  2. The cost of producing a fire truck for the fire department of Delhi, India.

  3. The quantity of mangoes produced for the mangoes market.

  4. The national economy's annual rate of growth.
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

Microeconomics deals with the individual or a small unit's influence in the economic problems that prevails in the nation it is not bothered about the macro units that is the nation as a whole. Therefore at the time of estimation of micro variables of the economics, macro is assumed to be constant.

Multiple choice business economics and quantitative methods introduction to micro economics microeconomics and macroeconomics : introduction economic ideas of j k mehta micro and macro economics

Which of the following is covered in Macro Economics?

  1. Product Pricing

  2. Consumer Behaviour

  3. General Price Levels

  4. Factor Pricing
Reveal answer Fill a bubble to check yourself
C Correct answer
Explanation

Macro economics studies economics as a whole and not from the view point of an individual unit. General price level is related to the prices of most of the commodity in a nation at a certain period of time and thus it is a macro variable.

Multiple choice business economics and quantitative methods introduction to micro economics microeconomics and macroeconomics : introduction economic ideas of j k mehta micro and macro economics

Macro economics is also called _________.

  1. price theory

  2. income theory

  3. irrelevant theory

  4. development theory
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

Macro economics deals with the national income of a nation and what are its implications on various factors of the nation economically as well as socially which lead to growth and development of the economy.  

Multiple choice business economics and quantitative methods introduction to micro economics microeconomics and macroeconomics : introduction economic ideas of j k mehta micro and macro economics

Price theory is an important constituent of __________ economics.

  1. micro

  2. macro

  3. development

  4. welfare
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

Micro economics studies economics from the point of an individual unit. Price theory is included in micro economics. Price theory determines that how demand and supply forces determine the price of goods and services in a market.

Multiple choice business economics and quantitative methods introduction to micro economics microeconomics and macroeconomics : introduction economic ideas of j k mehta micro and macro economics

Which of the following is not a variable of macro economics?

  1. Aggregate Supply

  2. National Income

  3. Aggregate Demand

  4. None of the above
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

Macro economics deals in the study of economics as a whole. Aggregate supply, (that refers to total production of goods and services in the economy) national income (income incurred by a nation from the production of goods and services during an accounting period) and aggregate demand (total expenditure on the purchase of goods and services in an economy during an accounting year) - all are included in the study of macro economics.

Multiple choice business economics and quantitative methods introduction to micro economics microeconomics and macroeconomics : introduction economic ideas of j k mehta micro and macro economics

Income theory is the other name of __________.

  1. macroeconomics

  2. microeconomics

  3. econometrics

  4. product pricing
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

Macroeconomics is also called Income theory as it studies the relative levels of income, output, employment, and prices in an economy. 

The income theory is a major aspect of macroeconomics theory. A major task of macroeconomics is the determination of national income. Macroeconomics studies the factors determining national income and the causes of the trends in national income.