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MCQ Chapter 1 Economics Class 12 Maharashtra Board

Introduction to Micro and Macro Economics

1. What does the term ‘micro’ in Micro Economics derive from?

Question 1 of 20

2. Who coined the terms Micro Economics and Macro Economics?

Question 2 of 20

3. In which year did Ragnar Frisch coin the terms Micro and Macro Economics?

Question 3 of 20

4. What does the term ‘macro’ in Macro Economics mean?

Question 4 of 20

5. Who was the joint winner with Ragnar Frisch of the first Nobel Prize for Economics in 1969?

Question 5 of 20

6. Which economist popularized Micro Economic analysis through the book 'Principles of Economics' in 1890?

Question 6 of 20

7. Which economist is credited for the development of Macro Economic approach after the Great Depression?

Question 7 of 20

8. What is the primary focus of Micro Economics?

Question 8 of 20

9. According to Maurice Dobb, what is Micro Economics?

Question 9 of 20

10. What does the Theory of Product Pricing in Micro Economics involve?

Question 10 of 20

11. Which factor reward is associated with land in Micro Economics?

Question 11 of 20

12. What does efficiency in production mean in Micro Economics?

Question 12 of 20

13. Which assumption is fundamental to Micro Economic analysis?

Question 13 of 20

14. What method does Micro Economics use to study the economy?

Question 14 of 20

15. What is the key tool of Micro Economic analysis?

Question 15 of 20

16. Which market structure is analyzed in Micro Economics?

Question 16 of 20

17. What is a limitation of Micro Economics?

Question 17 of 20

18. How does Micro Economics help in a free market economy?

Question 18 of 20

19. In which area does Micro Economics assist foreign trade?

Question 19 of 20

20. How does Micro Economics contribute to economic model building?

Question 20 of 20

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