Microeconomics and Macroeconomics: Key Concepts
Classified in Economy
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Multiple Choice Questions
Choose the correct option:
Concepts studied under Microeconomics.
(a) National Income (b) General Price Level (c) Factor Pricing (d) Product Pricing
Options: (i) a & b (ii) b & c (iii) c & d (iv) only b
Ans: Option (iii) c & d
The law of DMU is important to
(a) Producer (b) Consumer (c) Government (d) None of the above
Option: (i) a & b (ii) b & c (iii) d (iv) a, b & c
Ans: Option (iv) a, b and c
When price falls demand
(a) Rises (b) Contracts (c) Remains constant (d) Becomes Negative
Option: (i) a (ii) b (iii) c (iv) d
Ans: Option (i) a
Product differentiation is possible in the following market
a) Perfect competition. b) Monopoly c) Monopolistic competition. d) All of the above
Option: (1) a &