Question : The study of how individuals allocate their limited resources to satisfy unlimited wants is known as:
Option 1: Public economics
Option 2: Welfare economics
Option 3: Microeconomics
Option 4: Development economics
Correct Answer: Microeconomics
Solution : The correct answer is (c) Microeconomics.
Microeconomics examines the behavior and decision-making of individual economic units, such as consumers, households, and firms. It analyzes how these units allocate their scarce resources, such as time and money, to fulfill their unlimited wants and needs. Microeconomics explores topics such as supply and demand, market structures, consumer behavior, production costs, and the distribution of resources. By studying the choices and interactions of individuals, microeconomics provides insights into how resource allocation occurs in specific markets and how individual decision-making shapes market outcomes.
Question : Price theory is also known as
Option 1: Macro Economics
Option 2: Development Economics
Option 3: Public Economics
Option 4: Micro Economics
Question : Economics is all about making choices in the presence of ________.
Option 1: Scarcity
Option 2: Unlimited resources
Option 3: Limited resources
Option 4: All of the above
Question : Difference between resources and human wants
Option 1: Resources are scarce but human wants are unlimited
Option 2: Resources have alternative uses and human wants differ in priorities
Option 3: Both 1 and 2
Option 4: None of these
Question : The study of inflation, economic growth, and fiscal policy falls under:
Option 1: Microeconomics
Option 2: Macroeconomics
Option 3: Behavioral economics
Question : The study of how individuals make decisions under conditions of scarcity is a key concept in:
Option 1: Macroeconomics
Option 2: Microeconomics
Option 3: Financial economics
Option 4: Econometrics
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