QUICK REVISION FOR BEFORE
EXAMS.
1. What is
Micro economics?
Ans. It is
study of scarcity and choice problems facing an individual economic unit.
2. What are
the components of micro economics?
Ans. Price
theory, Welfare Theory, Theory of international trade.
3. What is
meant by Macro Economics?
Ans. Macro
economics is the study of aggregates in the economy.
4. What are
the aggregates of the economy?
Ans. (i)
Aggregate consumption,(ii) Aggd. investment (iii) Aggd. Demand
(iv) Aggd. Supply (v) Domestic income
(vi) General Price level.
5. What is
economic problem?
Ans. The
problem of choice arising from the use of scare means to the satisfaction of
various ends is known as an economic problem.
6. Why does
an economic problems arise?
Ans. 1.
Unlimited wants having different priorities. 2. Unlimited means to with
alternative uses. 3. Adjustment wants and means.
7. Name the
Central problems.
Ans. i.
Allocation of resources. ii. Fuller utilization of resources.
iii. Growth of resources.
