Introduction to Micro Economics-Test 4

Which economy is now a myth only, there is no practical example of it today :

The terms “Micro economics and Macro economics” were coined by :

Production possibility curves showers combination of ———–

In economic theory the term “means” refers to

Classical economic thought dominated during

In a mixed economy which sector is/are found

Scarcity of resources leads to ———

State whether Economics is ———–

Economics explains economic theory according to their causes and affects ———-

Who expressed the words “The range of our enquiry becomes restricted to that part of social welfare that can be brought directly of indirectly into relation with the measuring rod of money”?

The meaning of the word ‘Economic’ is most closely connected with the word ———–

State which of the following refers to the macro view from a national angle?

Opportunity costs are a result of ———–

In which type of economic system has the government no control over price mechanism?

Every economy is characterized by ————-

Which of the following is related to micro economics?

The aim of an entrepreneur is to earn as much profit as possible. The entrepreneur belongs to ————

Which type of economy gives rise to the most efficient allocation of resources and capital in the standard Macro economic environment?

——– is also known as price theory.

PPC shifts to leftward because of ————–

Macro economics is also called economics :

In a free market economy the allocation of resources is determined by ———–

In a free market economy, when consumers increase their purchase of a good and the level of ————exceeds ——– then prices tend to rise.

Larger production of ———– goods would lead to higher production in future.

The term ‘Economics owes its origin to the Greek word ————

Choice is created by ———-