Introduction to Microeconomics and Macroeconomics
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Q1
Human wants are
Marks:1View AnswerAnswer:
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. -
Q2
Economic activity concerned with increasing the value of goods and services is called
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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. -
Q3
That part of economic theory which studies the economy in its totality is known as
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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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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. -
Q5
The study of cotton textile industry is the study of
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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.
