Nature & scope of economics – Test 1

We mainly study the following in Macro-Economics-
I. National income and output
II. General price level
III. Balance f trade and payments

We mainly study the following in Macro-Economics-

We mainly study the following in Micro-Economics:____

The study of microeconomics includes the study of___

We mainly study the following in Macro-Economics:___

Microeconomics deals with-

Micro and Macro are not two independent approaches to economic analysis but they are complementary to each other.

Which of the following is not a microeconomic subject matter?

Central problems of an economy is/are:

Central problems of an economy is/are:____

In economics the central problem is:____

Who used the concept of the production possibility curve to explain the economic problem of a society?

A___ is the locus of all such combinations of two commodities which can be produced in a country with its given resources and technology.

Production possibility curve is ___to origin.

Capital intensive technique would get chosen in a___.

A ____ is one which is characterized by free markets and the absence of government intervention in the economy.

Features of capitalist economic system is/are:____

Labour intensive technique would get chosen in a ___

Which of the following is characterized by the policy of laissez-faire on the part of the state Authorities?

In capitalism, all economic activities are guided by ___

Freedom of choice is the advantage of __

Consumer sovereignty is a feature of __

Which of the following country have features of capitalistic economic system?

Socialist economy is a ___

The erstwhile ___ is an example of socialist economy.