Question : Microeconomics is also called:
Option 1: Income theory
Option 2: Investment theory
Option 3: Price theory
Option 4: Expenditure theory
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Correct Answer: Price theory
Solution : The correct option is the Price theory.
Microeconomics is price theory since it focuses on the behaviour of individual economic agents (such as customers, businesses and markets) and how their interactions affect prices in marketplaces. This is in contrast to macroeconomics, which examines the economy as a whole and elements like inflation, unemployment and overall economic production.
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Question : The GDP estimation method measuring the aggregate value of factor payments is called ______.
Question : The law of demand states that when _____.
Question : What is needed to create demand?
Question : If we deduct depreciation from GNP the measure of aggregate income that we obtain is called _____.
Question : The product method used to calculate the annual value of goods and services produced is also called___________.
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