Introduction to Microeconomics and Macroeconomics

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  • Q1

    Human wants are

    Marks:1
    Answer:

    unlimited.

    Explanation:
    Human wants are unlimited. Some wants are recurring in nature like want for food , water etc. on the other hand some wants depend on other economic factors like income, tastes and preferences etc. When a particular want is satisfied another crops up.
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  • Q2

    Economic activity concerned with increasing the value of goods and services is called

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    Answer:

    production.

    Explanation:
    Adding value to the matter is called production. It increases the utility and value of goods and services. For example, manufacturing consumer or capital goods.
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  • Q3

    That part of economic theory which studies the economy in its totality is known as

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    Answer:

    Macro economics.

    Explanation:

    Macro economics is the study of broad economy-wide aggregates such as national income, employment level, general price level etc.

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  • Q4

    In the market economy, prices are determined on the basis of

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    Answer:

    demand and supply.

    Explanation:
    Market economies are those economies where the decision-making is based on the price determination through the market forces of demand and supply.
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  • Q5

    The study of cotton textile industry is the study of

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    Answer:

    micro economics.

    Explanation:
    Micro economics is the study of individual units, whereas, macro economics is the study of economy as a whole. The study of cotton textile industry is the micro economic study but the study of general price level is the macro economic study.
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