Answered: Multiple Choice Questions on Micro…

Principles of Economics, 7th Edition (MindTap Course List)

7th Edition

ISBN:9781285165875

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter2: Thinking Like An Economist

Section: Chapter Questions

Problem 5QCMC

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Multiple Choice Questions on Micro Economics with reason s 1. Micro economics theory deals with (a) Economic behavior of required. individual economic decision making units; (b) Economy as a whole ; (c) Trade relations ; (d) Economic growth of the society 2. Which of the following is a central problem of every economy (a) Abundance of resources ; (b) Scarcity of economic resources ; (c) Poverty; (d) Moral and ethical values 3. Equilibrium relates to which of these (a) Market condition which oscillate ; (b) Market state of falling price; (c) Market condition of rising price ; (d) Market conditions which once achieved tends to persist 4. Normative economic theory deals with (a) What is or how the economic problem facing the society are solved; (b) How the problem should be solved ; (c) What to Produce ; (d) How to produce 5. In a mixed economy which sector(s) is/ are found (a) Private Only ; (b) Public sector only ; (c) None ; (d) Both a and b

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