Question

15. Examples of micro economic variable is a) wholesale price index b) national income c) market
demand d) aggregate demand.
16. Economic is a positive science because a) it express opinion b) it studies facts c) it gives
suggestion d) All these are correct.
17. Select the correct alternatives a) price determination is not a subject of micro economics b) mitru
economics is concerned with the aggregates of the economy c) Economic problem does not Exists i
every economy d) There is a close relationship between scarcity and choice
18. Which of the following statement is correct; a) Scarcity and choice are indispensable b) economic
problem does not arise in every economy c) micro economics studies large aggregates d) price
determination is the subject matter of micro economics
19. Economics term has been derived from the language: a) French b) Latin c) Greek d) none of these
20. Welfare definition of economics is propounded by: a) Marshal b) J.S. Mill c) Shapiro d) Robbins
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Answer 1

Answer:

ANSWER

Microeconomics is defined as "The study of the economic choices individuals and firms make and of how these choices create markets." Thus the study of microeconomics looks at specific markets individually and in great detail. Thus it will tend to examine micro variables such as the demand specific to a particular market or good. It will not be concerned with the aggregate market demand, or any other aggregate variables that treat the economy as one unit.

Answer 2

Explanation:

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