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Test: Introduction To Microeconomics - 1


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30 Questions MCQ Test | Test: Introduction To Microeconomics - 1

Test: Introduction To Microeconomics - 1 for CA Foundation 2022 is part of CA Foundation preparation. The Test: Introduction To Microeconomics - 1 questions and answers have been prepared according to the CA Foundation exam syllabus.The Test: Introduction To Microeconomics - 1 MCQs are made for CA Foundation 2022 Exam. Find important definitions, questions, notes, meanings, examples, exercises, MCQs and online tests for Test: Introduction To Microeconomics - 1 below.
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Test: Introduction To Microeconomics - 1 - Question 1

Which one of the following is not correct for deductive method:

Test: Introduction To Microeconomics - 1 - Question 2

A capitalist economy uses _______ as the principal means of allocating resources

Test: Introduction To Microeconomics - 1 - Question 3

In a free market economy, when consumers increase their purchase of a goods and the level of _______ exceeds ________ then prices tend to rise: 

Test: Introduction To Microeconomics - 1 - Question 4

Which one is not the characteristic of capitalistic economy?

Detailed Solution for Test: Introduction To Microeconomics - 1 - Question 4

Collective ownership refers to the joint venture where jointly the private parties as well as the government run a business for personal gains as well as social welfare. A capitalist economy is the one where the ownership of economy's resources is in the hands of the private sector. Thus, collective ownership is not possible in a capitalist economy.

Test: Introduction To Microeconomics - 1 - Question 5

‘Economics is the study of mankind in the ordinary business of life’ was given by:

Test: Introduction To Microeconomics - 1 - Question 6

What will be the shape of PPC Curve when marginal opportunity cost is constant?

Detailed Solution for Test: Introduction To Microeconomics - 1 - Question 6

The slope of production possibility curve is marginal opportunity cost which refers to the additional sacrifice that a firm makes when they shift resources and technology from production of one commodity to the other. Therefore, if marginal opportunity cost remains constant then Production possibility curve will be a straight line owing to constant slope of the line. 

Test: Introduction To Microeconomics - 1 - Question 7

A free Market economy solves its Central Problems through________

Test: Introduction To Microeconomics - 1 - Question 8

If the opportunity cost is constant, then PPC would be:

Test: Introduction To Microeconomics - 1 - Question 9

If the demand for a good is inelastic, an increase in its price will cause the total expenditure of the consumers of the good to:

Detailed Solution for Test: Introduction To Microeconomics - 1 - Question 9

If the demand for a good is inelastic, an increase in its price will cause the total expenditure of the consumers of the good to increase. Raising prices will always cause total revenue to increase.

Test: Introduction To Microeconomics - 1 - Question 10

Who gave the positive aspect of science?

Test: Introduction To Microeconomics - 1 - Question 11

According to Robbins, ‘means’ are:

Test: Introduction To Microeconomics - 1 - Question 12

Under a free economy, prices are:

Test: Introduction To Microeconomics - 1 - Question 13

When did the Great Depression hit the United States?

Detailed Solution for Test: Introduction To Microeconomics - 1 - Question 13

The economic depression began after the stock market crash of 1929 that eventually led to the loss of over 13-15 million jobs.

Test: Introduction To Microeconomics - 1 - Question 14

Micro economics is also known as _______

Test: Introduction To Microeconomics - 1 - Question 15

If a point falls inside the production possibility curve, what does it indicate?

Test: Introduction To Microeconomics - 1 - Question 16

In which among the following system the ‘right to property’ exists

Test: Introduction To Microeconomics - 1 - Question 17

Deductive and Inductive methods are complimentary to each other It is:

Test: Introduction To Microeconomics - 1 - Question 18

Production Possibility Curve is also known as:

Test: Introduction To Microeconomics - 1 - Question 19

Where does price mechanism exists?

Test: Introduction To Microeconomics - 1 - Question 20

“Economics is neutral between ends”. The statement is given by:

Detailed Solution for Test: Introduction To Microeconomics - 1 - Question 20

According to Prof. Lionel Robbins economics is neutral between ends. Ends refer to wants. Human wants are unlimited. When want is satisfied, other wants crop up.

Test: Introduction To Microeconomics - 1 - Question 21

If the demand for a good is inelastic, an increase in its price will cause the total expenditure of the consumers of the good to:

Test: Introduction To Microeconomics - 1 - Question 22

A Capitalist Economy follows the policy of:-

Test: Introduction To Microeconomics - 1 - Question 23

In inductive method, logic proceeds from:

Test: Introduction To Microeconomics - 1 - Question 24

Which of the following is a part of the subject matter of macroeconomics?

Test: Introduction To Microeconomics - 1 - Question 25

The term “Mixed Economy” denotes:

Test: Introduction To Microeconomics - 1 - Question 26

In a capitalist economy the allocation of resources is performed by:

Test: Introduction To Microeconomics - 1 - Question 27

Normative Economics is based on:

Test: Introduction To Microeconomics - 1 - Question 28

Socialist Economy is also known as

Detailed Solution for Test: Introduction To Microeconomics - 1 - Question 28

A mixed economy is a planned economy in which government has a clear and definite economy plan.
Socialist economy is also known as centrally planned economy because there is central authority to set and accomplish socio-economic goals.

Test: Introduction To Microeconomics - 1 - Question 29

Which of the following falls under micro economics?

Detailed Solution for Test: Introduction To Microeconomics - 1 - Question 29

Micro economics deals with the study of economics from the view point of an individual unit.  Factor pricing refers to the prices of various factors (like land, labor, capital and entrepreneurship) of production which is decided on the basis of market forces, i.e. demand, supply, and income which are micro variables. 

Test: Introduction To Microeconomics - 1 - Question 30

Which of the following is a macroeconomic issue?

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