1. The term "Micro" means______
Answer : small
2. Strictly speaking production refers to the creation of__________
Answer : utilities
3. Exchange of goods for goods is known as _________
Answer : barter
4. Economics is a ______
Answer : Science social
5. An example of cosmopolitan wealth is ____________
Answer : ocean
6. In a traditional economy, basic problems are solved by____ and ___
Answer : Customs and Traditions
7. Most of the economic activities of capitalism are centered on___
Answer : Price Mechanism
8. Production possibility curve is also known as ______
Answer : Transformation / producton possibility frontier
9. The prime motive of socialist economy is _______
Answer : Social /Collective Welfare
10. Under mixed economy, the economic control is exercised by _____ and ________
Answer : Private and public sectors.
11. __means using up of goods and services
Answer : Consumption
12. Wants may be both ____ and _________
Answer : Competitive and complementary
13. Marshallian utility approach is ________
Answer : Cardinal utility analysis
14. Marginal utility falls to zero, when the total utility is ________
Answer : Total utility
15. An indifference curves is _________ to the origin.
Answer : Convex
16.The demand curve slopes downwards due to_____________
Answer : Law of diminishing marginal utility
17. Adding up of individual consumers schedule is ____________
Answer : Market demand schedule
18. Goods that are demanded for their social prestige come under ____
Answer : Veblen effect
19. The concept of elasticity of demand was introduced by ______
Answer : Alfred Marshall
20. The rate of change of supply to a change is price is ________
Answer : Elasticity of supply
21._____ is the major determinant of supply.
Answer : Price
22. Agriculture, industry, growth and distribution are the _______ of the economy.
Answer : Subsystems
23. At ___ price, there is no tendency to change the price or quantity.
Answer : Equilibrium
24. Modern economists divide time periods into _ and ________
Answer : Short period and long period
25. The supply curve in the market period is a _________ line.
Answer : Vertical
26. Land and labour are called _____ factors
Answer : Primary
27. An enquiry into the nature and causes of wealth of nations was written by _________
Answer : Adam Smith
28. _____ is limited by the extent of market.
Answer : Division of labour
29. ____is man-made physical goods used to produce other goods.
Answer : Capital
30. The functional relationship between inputs and output is known as _________.
Answer : Production function.
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