1) Which of the following is not a feature of microeconomics? a) Price theory b) Partial equilibrium c) Study of aggregates d) Slicing method 2) Microeconomics uses the lumping method. a) True b) False 3) Assertion (A): Microeconomics is known as Price Theory. Reason (R): It analyses how prices of goods and factors are determined. a) Both A and R are true, R is correct explanation b) Both A and R are true, R is not explanation c) A true, R false d) A false, R true 4) Macroeconomics studies __________ such as national income, employment, and price level. a) Individual units b) Aggregates c) Slicing methods d) Consumption of one person 5) Ramesh analyses the cost of production and price of sugar in his factory. Which branch of economics is he studying? a) Welfare economics b) Microeconomics c) Macroeconomics d) Econometrics 6) Odd one out a) Price theory b) Income theory c) Slicing method d) Partial equilibrium 7) Odd one out a) Ragnar Frisch b) Alfred Marshall c) J. M. Keynes d) Thomas Edison 8) Odd one out a) Microeconomics b) Macroeconomics c) General Price Level d) Individual demand

Chapter 1 MCQ

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