What are the most important questions of Microeconomics?
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HERE IS YOU IMPORTANT QUESTION OF MICRO ECONOMICS WITH ANSWER..
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QUESTION 1
What are the three central problems of Economy?
Answer: The three central problems of Economy are.
What to Produce
How to Produce
For whom to Produce
QUESTION 2
Give two examples of Micro and Macro Economy.
Answer: The two examples of Micro economy are Individual supply and demand and the two examples of Macro economy are aggregate supply and demand.
QUESTION 3
Define Scarcity.
Answer: Scarcity refers to the deficit of resources as compared to the demand.
Important Topics in Economics:
Consumer Protection Act
What is Demand?
Circular Flow of Income
Consumer Equilibrium
QUESTION 4
A growth of resources in an economy is shown in PP by.
Leftward Shift
Unchanged PPC
Rightward Shift
None of the above
Answer: Rightward Shift
QUESTION 5
What is another name for opportunity cost in economics?
Economic problem
Marginal Cost
Total Cost
Economic Cost
Answer: Economic problem
QUESTION 6
The central economy in market research is solved by.
Demand for goods
Supply of goods
Planning authority
Market mechanism
Answer: Market mechanism
QUESTION 7
Is the subject of the Jute industry studied in a macroeconomy?
True
False
Maybe
Can’t say
Answer: False
QUESTION 8
What is Production Possibility Frontier?
Answer: Production Possibility Frontier is the curve that depicts the maximum output possibility for two combination goods that are produced when the resources are fixed at a given period of time.
QUESTION 9
Define marginal rate of transformation.
Answer: Marginal Rate of Production MRT is the ratio of a particular product sacrificed to manufacture another product. MRT= ▲y / ▲x
QUESTION 10
From the scheduled PP evaluate MRT of good X.
PRODUCT POSSIBILITY A B C D E
Production of good X units 0 1 2 3 4
Production of good Y units 14 13 11 8 4
Answer:
Production of good X units Production of good Y units MRT= ▲y /▲x
0 14 –
1 13 1:1
2 11 2:1
3 8 3:1
4 4 4:1
QUESTION 11
The primary assumption about resources while drawing a PPC is
Resources are limited
Resources depend on the kind of products produced
Resources can be put to a particular use
Resources are constant and given
Answer: Resources are constant and given
QUESTION 12
Which of the following is a statement of normative nature in economics
Economics is a study of choices /alternatives
The government should be concerned with how to reduce unemployment
According to the estimate, in spite of severe shortage, more than 10% of houses in Indian cities are vacant
Accommodation of refugees is posing a big problem for Europe
Answer: Economics is a study of choices /alternatives
QUESTION 13
What are the three central problems of an economy?
Answer: The three central problems of an economy are (a) What to produce? (b) How to produce (c) For whom to produce?
QUESTION 14
What is the opportunity cost?
Answer: Opportunity Cost is the next best alternative foregone.
QUESTION 15
What do you mean by economizing of resources?
Answer: Economizing means making the best of the available resources.
QUESTION 16
Define Normative Economics.
Answer: Normative Economics is a theory that understands what an actual economy should be under an ideal circumstances as compare to what actually it is. It is mostly based on judgmental analysis and a statement ‘what ought to be’.
QUESTION 17
What does the problem for whom to produce refer to?
Answer: The problem for whom to produce refers to a particular section of people who will consume the end product. Here, the problem of choices arises because the manufacturers are unable to produce each product in huge quantity to satisfy everybody’s need. So, the consumers’ have to make choices between which product is more important to them, so the limited resources can be distributed rationally.
QUESTION 18
What does the opportunity cost mean? Explain with a numerical example.
Answer: Opportunity Cost is something when an individual has to give up something to achieve or acquire something else. In microeconomy, the opportunity cost is also known as alternative cost and is also used in calculating cost benefits or analyzing a project in terms of best alternative while making a choice.
For example, Dev has three career offers to choose from. Job X has a salary offer of Rs 60000, job Y offer is Rs. 70000 and job Z offer is Rs. 80000. So, in this case, Devout of three offers he has to choose what is best for him.
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