Tag: business economics and quantitative methods

Questions Related to business economics and quantitative methods

Mixed economy means an economy where ______________________.

business economics and quantitative methods introduction to micro economics microeconomics and macroeconomics : introduction economic ideas of j k mehta micro and macro economics

  1. Both agriculture and industry are equally promoted by the State

  2. There is co-existence of public sector along with private sector

  3. There is importance of small scale industries along with heavy industries

  4. Economy is controlled by military as well as civilian rulers

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Correct Option: B

___________ is that branch of economics that concern how individual households ad firms takes economic decisions to allocate scarce resources.

business economics and quantitative methods introduction to micro economics microeconomics and macroeconomics : introduction economic ideas of j k mehta micro and macro economics

  1. Marcoeconomics

  2. Microeconomics

  3. Positive economics

  4. Normative economics

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Correct Option: B
Explanation:

Microeconomics

  • Micro in Greek means 'small'. 
  • It is that part of economics which deals with the individual units of the economy. 
  • It takes into account the demand and supply of individual units. 
  • It aims to determine the price of a product using the factors of production.
  • Example: Individual income and Individual output.

The study of the behaviour of firms, individual markets, and household is called ___________.

business economics and quantitative methods introduction to micro economics microeconomics and macroeconomics : introduction economic ideas of j k mehta micro and macro economics

  1. national economics

  2. positive economics

  3. macroeconomics

  4. microeconomics

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Correct Option: D
Explanation:

 Microeconomics
1. It is that part of economics which deals with the individual units of the economy. 
2. It takes into account the demand and supply of individual units. 
3. It aims to determine the price of a product using the factors of production.
4. Example: Individual income and Individual output.

The term micro-economics is derived from Greek prefix mikro which means ____________.

business economics and quantitative methods introduction to micro economics microeconomics and macroeconomics : introduction economic ideas of j k mehta micro and macro economics

  1. aggregate

  2. consumer choices

  3. biggest

  4. small

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Correct Option: D
Explanation:

Microeconomics

  • Micro in Greek means 'small'. 
  • It is that part of economics which deals with the individual units of the economy. 
  • It takes into account the demand and supply of individual units. 
  • It aims to determine the price of a product using the factors of production.
  • Example: Individual income and Individual output.

To study the impact of rise in the price of edible oils on the demand of edible oil is the concern of ____________.

business economics and quantitative methods introduction to micro economics microeconomics and macroeconomics : introduction economic ideas of j k mehta micro and macro economics

  1. macroeconomics

  2. microeconomics

  3. positive economics

  4. normative economics

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Correct Option: B
Explanation:

To study the impact of rise in the price of edible oils on the demand of edible oil is the concern of Microeconomics. Microeconomics is that part of economics which deals with the individual units of the economy. It takes into account the demand and supply of individual units and helps in studying the prices of products according to it. 

Which of these is a subject matter of micro economics?

business economics and quantitative methods introduction to micro economics microeconomics and macroeconomics : introduction economic ideas of j k mehta micro and macro economics

  1. Interaction of producers and consumers in a market

  2. Aggregate demand

  3. Level of full employment

  4. Impact of variation in CRR on money supply

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Correct Option: A
Explanation:

Interaction of producers and consumers in a market is the subject matter of Microeconomics. Microeconomics is that part of economics which deals with the individual units of the economy. It takes into account the demand and supply of individual units. All the other options are the concern of macroeconomics.

Which of the following issues are related to micro-economics?

business economics and quantitative methods introduction to micro economics microeconomics and macroeconomics : introduction economic ideas of j k mehta micro and macro economics

  1. Impact of crude price hike on inflation

  2. Impact of change in bank rate on bank savings and investment

  3. Impact of information technology on economic growth

  4. Impact of shortage of wheat production on wheat price

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Correct Option: D
Explanation:

Impact of a shortage of wheat production on wheat price comes under the domain of Microeconomics. Microeconomics is that part of economics which deals with the individual units of the economy. It takes into account the demand and supply of individual units and helps in studying the prices of products according to it. All the other options are the concern of macroeconomics as they take into account the larger picture into consideration.

___________ is a microeconomics domain.

business economics and quantitative methods introduction to micro economics microeconomics and macroeconomics : introduction economic ideas of j k mehta micro and macro economics

  1. Hardening of interest rates

  2. Strengthening of rupee against dollar

  3. Stagnation of economic growth

  4. Increased CNG rates by IGL

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Correct Option: D
Explanation:

Increased CNG rates by IGL comes under the domain of Microeconomics. Microeconomics is that part of economics which deals with the individual units of the economy. It takes into account the demand and supply of individual units and helps in studying the prices of products according to it. All the other options are the concern of macroeconomics.

____________ is/are the concerns of macroeconomics.

business economics and quantitative methods introduction to micro economics microeconomics and macroeconomics : introduction economic ideas of j k mehta micro and macro economics

  1. rate of inflation

  2. population growth

  3. rate of unemployment

  4. all of the above

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Correct Option: D
Explanation:

All these options are the concerns of Macro economics. The term ‘Macro’ means large. So Macroeconomics is that part of economics which studies the economic problems and issue that are on a large scale. It studies about the performance of the economy as a whole and not of any individual firm or business. It focuses on the study of problems like inflation, unemployment, poverty, etc. 

In macroeconomics, we examine things such as ___________.

business economics and quantitative methods introduction to micro economics microeconomics and macroeconomics : introduction economic ideas of j k mehta micro and macro economics

  1. questions of what, how and for whom

  2. relation between price and consumer demand

  3. interrelations among individual households and business firms.

  4. the overall price level/GDP growth

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Correct Option: D
Explanation:

In macro economics, we examine things such as the overall price level or GDP growth. 

The term ‘Macro’ is derived from the Greek word 'Makro' meaning large. So Macroeconomics is that part of economics which studies the economic problems and issue that are on a large scale. It studies about the performance of the economy as a whole and not of any individual firm or business. It focuses on the study of problems like inflation, unemployment, poverty, etc.