11Economics-Introduction to Micro economics-part-6

The process of reasoning from particular to general is

• Deductive methods

• Inductive method

• Positive method

• Normative method

Total revenue is equal to total output sold multiplied by ………………………….

• Price

• Total cost

• Marginal revenue

• Marginal cost

Science is a systematic study of knowledge. Science develops the co-relation between ------ and------based on facts.

• Cause and effect

• Effect and efficiency

• Effort and cause

• reasoning and cause

Choose the correct statement

• Utility is equal to usefulness

• Utility is same as pleasure

• Utility is a objective concept

• Utility has no ethical or moral significance

Choose the correct answer

• Consumption is the result of co-orindation of factors of production

• Macro Economics is the obverse of micro Economics

• Macro Economics is called as price theory

• production studies about the pricing of factors of production

Choose the odd one out

• Net economic

• Wealth defination

• welfare defination

• scarcity defination

Utility can be measured indirectly using the ‘Measuring rod of money’ is the statement of

• Frisch

• Samuelson

• Marshall

• Robbins

--------is the gap between what people want and what they are able to get.

• Wants

• Scarcity

• Needs

• Unlimited

------is the power of a commodity to command other commodities in exchange.

• Value

• Exchange

• Goods

• Services

The problem of choice between relatively scarce commodities can be illustrated with a help of a geometric device known as the

• production possibility curve

• possibility curve

• production curve

• production possibility