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s ' Q C M
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? The law of Scarcity Ans (d)
a) does not apply to rich,developed countries
b) applies only to less developed countries
c) implies that consumers wants will be satisfied
in a socialist system
d) implies that consumers wants will never be
completely satisfied
Page 3
s ' Q C M
? The law of Scarcity Ans (d)
a) does not apply to rich,developed countries
b) applies only to less developed countries
c) implies that consumers wants will be satisfied
in a socialist system
d) implies that consumers wants will never be
completely satisfied
? Economics according to Lionel Robbins is Ans(.c)
a) Normative Science
b) Applied science
c) Positive Science
d) Experimental Science
Page 4
s ' Q C M
? The law of Scarcity Ans (d)
a) does not apply to rich,developed countries
b) applies only to less developed countries
c) implies that consumers wants will be satisfied
in a socialist system
d) implies that consumers wants will never be
completely satisfied
? Economics according to Lionel Robbins is Ans(.c)
a) Normative Science
b) Applied science
c) Positive Science
d) Experimental Science
? Macro economics is also called -------Economics?
a) Applied
b) Aggregate
c) Experimental
d) none of the above
Ans (b)
Page 5
s ' Q C M
? The law of Scarcity Ans (d)
a) does not apply to rich,developed countries
b) applies only to less developed countries
c) implies that consumers wants will be satisfied
in a socialist system
d) implies that consumers wants will never be
completely satisfied
? Economics according to Lionel Robbins is Ans(.c)
a) Normative Science
b) Applied science
c) Positive Science
d) Experimental Science
? Macro economics is also called -------Economics?
a) Applied
b) Aggregate
c) Experimental
d) none of the above
Ans (b)
? Economic goods are considered scarce resources
because they …..
a) Cannot be increased in quantity
b) Do not exist in adequate quantity to satisfy social
requirements
c) are of importance in satisfying social
requirements
d) are limited to man made goods
Ans (b)
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FAQs on MCQ - Introduction To Microeconomics - Business Economics for CA Foundation
| 1. What is Microeconomics? |  |
| 2. What are the key concepts in Microeconomics? | |
Ans. The key concepts in Microeconomics include demand and supply, market equilibrium, elasticity, opportunity cost, marginal analysis, production and costs, market structures, and factor markets. Understanding these concepts is crucial to analyzing the behavior of individual consumers and firms in the market.
| 3. How is Microeconomics different from Macroeconomics? | |
Ans. Microeconomics and Macroeconomics are two branches of economics that differ in their scope and focus. Microeconomics is concerned with the behavior of individual consumers and firms, while Macroeconomics studies the economy as a whole, including issues such as inflation, unemployment, and economic growth. Microeconomics focuses on the supply and demand of individual goods and services, while Macroeconomics examines the performance and behavior of the entire economy.
| 4. What is the importance of Microeconomics in business decision-making? | |
Ans. Microeconomics plays a crucial role in business decision-making by helping firms understand the behavior of individual consumers and the market forces that affect their operations. It provides insights into how firms can make better pricing decisions, improve production efficiency, and optimize resource allocation to maximize profits. Microeconomics also helps firms understand the competitive landscape of their industry and develop strategies to gain a competitive advantage.
| 5. How can one apply Microeconomics concepts in everyday life? | |
Ans. Microeconomics concepts can be applied in everyday life in various ways, such as making purchasing decisions, evaluating job opportunities, and managing personal finances. For example, understanding the concept of opportunity cost can help individuals make better decisions about how to allocate their time and resources. Knowledge of elasticity can help consumers make better choices when it comes to buying goods and services. Similarly, an understanding of production and costs can help individuals make informed decisions about their career choices and business ventures.
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