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micro Flashcards

1
Q

Who is considered as the founder of field of microeconomics

A

Adam Smith

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2
Q

The term microeconomics has been derived from which word

A

Greek word mikros, which means small

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3
Q

Which part of economics studies the behaviour of individual units of an economy

A

Microeconomics

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4
Q

Which study of economics involves the highest degree of aggregation

A

Macroeconomics

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5
Q

Which study of economics is also known as price theory

A

Microeconomics

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6
Q

Macroeconomics is also known as

A

Income and employment theory

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7
Q

Which study of economics involves limited degree of aggregation

A

Microeconomics

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8
Q

Microeconomics and macro economics are interdependent. True or false. 

A

True

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9
Q

If an individual saves, his family will be benefited, but if the whole economy start saving, it will result in contraction of demand. This is known as?

A

Micro macro paradox

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10
Q

Define micro macro paradox

A

It means that an act which is beneficial for an individual, may prove to be harmful for the economy as a whole 

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11
Q

The three reasons for existence of economic problem are

A
  1. Scarcity of resources
  2. Unlimited human wants
  3. Alternate uses
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12
Q

Which economics deals with what are the economic problems and how they are actually solved

A

Positive economic’s

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13
Q

Positive economics is _____ between ends

A

Neutral

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14
Q

Positive economics are statements of truth. True or false

A

false

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15
Q

Which economics tells us what ought to be or how the economic problem should be resolved

A

Normative economics

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16
Q

Which economics aims to determine the ideals

A

Normative economics

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17
Q

_____ Economics can be verified with actual data and is not suggestive however, _______ economics is suggestive and cannot be verified with data

A
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18
Q

“Income inequality should be reduced”, statement is what type of economics

A

Normative economics

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19
Q

Price theory is also known as

A

Microeconomics

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20
Q

Income and employment theory is also known as

A

Macro economics

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21
Q

National income and national output are examples of

A

Macro economics

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22
Q

Demand and supply are tools of

A

Microeconomics

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23
Q

Aggregate demand and aggregate supply are tools of

A

Macro economics

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24
Q

Micro economics and macro economics are interdependent on each other. True or false

A

True

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25
Q

What are the three central problems of an economy

A

1.what to produce 2. How to produce 3. For whom to produce

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26
Q

The two aspects of what to produce are

A

What commodities to produce and how much to produce

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27
Q

What are the possible commodities that can be produced in an economy

A

Consumer goods, capital goods, civil goods/war goods

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28
Q

What are the two techniques of how to produce

A

Capital intensive technique and labour intensive technique 

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29
Q

The problem that relates to the distribution of produced goods and services among the individuals within the country, that is selection of the category of people who will ultimately consume the goods is called

A

For whom to produce

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30
Q

The cost of next best alternative foregone is called

A

Opportunity cost

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31
Q

The amount of other goods and services, that must be sacrificed to obtain more of anyone good, is called?

A

opportunity cost of that good

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32
Q

Production possibility frontier is also called?

A

Production possibility schedule, production possibility curve

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33
Q

_____ Refers to a graphical representation of all possible combinations of two goods that can be produced with given resources and technology

A

Production possibility curve

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34
Q

Number of units of a commodity sacrificed to gain one additional unit of another commodity is called

A

Marginal opportunity cost

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35
Q

MOC is always a) Increasing b) Decreasing c) Constant 

A

Increasing

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36
Q

Ratio of number of units sacrificed to gain additional unit of another commodity is called

A

Marginal rate of transformation

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37
Q

The formula of marginal rate of transformation is

A

Delta of units sacrificed upon Delta of units gained

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38
Q

What are the two properties of PPC

A
  1. PPC curve slopes downwards

2. PPC is concave to the origin

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39
Q

Why does PPC slope downwards

A

Due to inverse relationship between change in quantity of one commodity and change in quantity of another commodity

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40
Q

More of one good can be produced only by taking resources away from production of another good, this leads to what characteristic of PPC

A

PPC sloping downwards

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41
Q

Why is PPF concave shaped

A

Increasing marginal rate of transformation

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42
Q

Where is MRT always increasing

A

because it is assumed that no resource is capable of producing all commodities with equal efficiency

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43
Q

does the economy always operate on PPF?

A

The economy operates on PPF if resources are fully and officiant utilised. Economy operate at any point inside PPF if resources are not fully and efficiently utilised

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44
Q

Can the economy operate any point outside ppf

A

No as it is unattainable with the available productive capacity

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45
Q

If the resources are used in the best possible manner then what is it called

A

Optimum utilisation of resources

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46
Q

Which two imaginary shapes can the PPF take

A

Convex and Downward sloping straight line

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47
Q

When will PPF be convex

A

If MRT is decreasing

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48
Q

When will PPF be a downward sloping straight line

A

If MRT is constant

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49
Q

an advancement or upgradation of technology or growth of resources leads to what change in PPF

A

rightward shift in PPF

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50
Q

Discovery of new natural resources will lead to what change in PPF

A

Rightward shift

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51
Q

Improved hygienic environment due to clean India Mission will lead to what change in PPF

A

Right word shift

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52
Q

Technological degradation will lead to what shift or movement in PPF

A

Left word shift

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53
Q

Destruction of resources in an earthquake will lead to what change in PPF

A

Left word shift

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54
Q

Skill development of human resources due to establishment of educational institutes or schemes like Pradhan Mantri Kaushal Vikas Yojana Will lead to what type of shift

A

Right word shift in PPF

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55
Q

Rotation in PPF occurs due to changes in what

A

Rotation for commodity on X axis will be a consequence of technological improvement or degradation or increase or decrease of productive resources for commodity X

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56
Q

Technological improvement or increase in resources for production of commodity on Y axis will lead to

A

Right word rotation of PPF on Y axis

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57
Q

Who propounded the cardinal utility approach

A

Marshall

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58
Q

Cardinal utility approach is also called

A

Marshall Utility analysis

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59
Q

Hicks and Alan give which theory

A

Ordinal utility approach

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60
Q

Indifference curve analysis is the other name for which theory

A

Ordinal utility approach

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61
Q

Which approach considers utility as a measurable value

A

Cardinal utility approach

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62
Q

Which utility approach considers utility as immeasurable and can be only ranked

A

Ordinal utility approach 

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63
Q

“Utility is the ability of a good to satisfy a want” Whose words are these?

A

Professor Hobson 

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64
Q

___ Refers to want satisfying power of a commodity

A

Utility

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65
Q

Imaginary measure which measures utility is called

A

util 

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66
Q

Util is part of which theory

A

Cardinal utility approach

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67
Q

Utility is the same as usefulness. True or false

A

False

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68
Q

Utility is the same as pleasure. true or false?

A

false

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69
Q

utility is objective. true or false?

A

false

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70
Q

Which of the following statements is true?

a) utility is not the same as usefulness
b) utility is the same as pleasure
c) utility and satisfaction are not the same
d) utility is objective

A

a)

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71
Q

____ Refers to the total satisfaction obtained from consumption of all possible units of a commodity

A

Total utility

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72
Q

Formula for total utility is

A

TUn = U1 + U2 + U3 + U4…… Un

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73
Q

Additional utility derived from consumption of one more unit of the given commodity is known as

A

Marginal utility

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74
Q

Formula for marginal utility is

A

MUn = TUn - TUn-1

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75
Q

formula for total utility which includes number of units added is

A

DELTA TU/ DELTA Q

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76
Q

Total utility is summation of marginal utility. True or false

A

true

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77
Q

When MU is positive then TU is?

A

Increasing at a diminishing rate

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78
Q

When MU is zero, then TU is

A

Maximum constant

79
Q

What is maximum total utility also called as

A

Point of satiety 

80
Q

When marginal utility becomes negative what happens to total utility

A

Starts decreasing

81
Q

Negative utility is also known as

A

Disutility

82
Q

Point of maximum satisfaction is also known as

A

Point to satiety 

83
Q

Which law states that as we consume more and more units of a commodity the utility derived from each successive unit goes on decreasing

A

Law of diminishing marginal utility

84
Q

Who gave the law of diminishing marginal utility

A

German economist HH Gossen 

85
Q

What are the assumptions of law of diminishing marginal utility

A
  1. Rational consumers
  2. Continuous consumption
  3. No change in quantity
  4. MU of money remains constant
  5. Fixed income and prices
    
86
Q

Law of diminishing marginal utility is a qualitative or quantitative statement

A

Qualitative

87
Q

Another name for fundamental of satisfaction is

A

Law of diminishing marginal utility

88
Q

Fundamental psychological law is also called

A

Law of diminishing marginal utility

89
Q

Consumers who does not intend to change his level of the consumption and the derives maximum satisfaction is said to be in 

A

Equilibrium

90
Q

In case of single commodity equilibrium, consumers are said to be in equilibrium only when

A

Marginal utility derived from X is the same as price of X

91
Q

what happens when marginal utility of X is more than price of X

A

When MU of X > P of X, then consumers derives more marginal utility and hence goes on consuming more units of the commodity. As he continues the marginal utility derived from each additional unit goes on decreasing due to LDMU till the time MU become is equals to P. The consumer here attains equilibrium.

92
Q

What happens when MU is less than the price of X

A

Price of commodity is more than the satisfaction derived from it. so the consumer will reduce consumption of the commodity, due to reversal law of diminishing marginal utility, satisfaction derived from the commodity will increase and consumer will attain equilibrium

93
Q

State the formula for equilibrium in one commodity case

A

MUx/ MUm = Px

94
Q

State the formula for consumers equilibrium in case of two commodities

A

MUx/ Px = MUy/ Py

95
Q

Which curve refers to the graphical representation of various alternative combinations of bundles of two goods among which the consumers in different

A

Indifference curve

96
Q

On the same in difference curve, at what point does the consumers attain maximum satisfaction

A

Every point on the indifference curve represents same level of satisfaction

97
Q

What are monotonic preferences

A

Monotonic preferences means that a rational consumer always prefers more of a commodity as it offers him a higher level of satisfaction

98
Q

More of both or more of one and no less of the other is an example of what kind of bundle

A

Monotonic preference

99
Q

The family of indifference curves that represent consumers preferences over all the bundles of two goods is called

A

Indifference map

100
Q

The slope of indifference curve is called

A

Marginal rate of substitution

101
Q

Why is the slope of indifference curve always negative

A

Because it measures the units to be sacrificed in order to gain one additional unit of another commodity

102
Q

What is the formula for MRS

A

Units to be sacrificed upon units willing to gain

103
Q

MRS is always a) increasing b) decreasing c) Constant 

A

b) 

104
Q

Is indifference curve concave or convex

A

Convex to the origin

105
Q

Why is indifference curve convex

A

Because of diminishing MRS

106
Q

Why does indifference curve slopes downwards

A

Because a consumer must consume less of one good to consume more of another good so that total satisfaction remain same

107
Q

Higher indifference curves represent higher levels of satisfaction. True or false

A

True

108
Q

Can two indifference curves ever intersect each other

A

no

109
Q

_____ is a graphical representation of all possible combinations of two goods which can be purchased with given income and prices, such that the cost of each of these combinations is equal to the money income of the consumer

A

budget line

110
Q

____ Is the set of all possible combinations of two goods which can be bought by a consumer’s income and prevailing prices in the market

A

budget set

111
Q

What is the formula of budget set

A

M = Pa * Qa + Pb * Qb

112
Q

What is your budget line called

A

Marginal rate of exchange or price ratio

113
Q

Why is the budget line a downward sloping straight line

A

Because price ratio between two commodities is always constant, hence the slope of budget line is constant, thus the budget line is a download sloping straight line

114
Q

Why is the budget line downward sloping

A

inverse relationship between commodity sacrificed and commodities gained

115
Q

What causes shift in budget line

A

Change in income or change in price of commodity

116
Q

What will happen to Budget line if income of consumer increases

A

Right word shift

117
Q

What happens to the budget line if income of the consumer decreases

A

Left word shift

118
Q

What happens to the budget line if price of good X increases

A

Budget line shift on the X axis towards the left but remains constant at the Y axis

119
Q

What happens to the budget line if commodity why becomes cheaper

A

The budget line on the Y axis moves upwards what remains the same at the X axis

120
Q

What is the condition for equilibrium in ordinal approach

A

MRSxy = Px/Py

121
Q

if MRSxy > Px/Py Then what happens

A

It means that to obtain one more unit of X the consumer is willing to sacrifice more as compared to what is required in the market. It induces the consumers to buy more of X as a result MRS falls and continues to fall till it becomes equal to the ratio of prices and equilibrium is established

122
Q

if MRSxy < Px/Py then what happens

A

when MRS is less than the price ratio then to gain more units of X the consumer is willing to sacrifice less units of Y than what is required in the market. It induces the consumer to buy less of X and more of Y. as a result MRS rises till it becomes equal to price ratio and equilibrium is established. 

123
Q

when budget line intersects IC, what is it called?

A

equilibrium

124
Q

____ refers to the quantity of a commodity that a consumer is willing and able to buy, at each possible price during a given period of time

A

individual demand

125
Q

____ refers to the quantity of a commodity that all consumers are willing and able to buy, at each possible price during a given period of time.

A

market demand

126
Q

price and quantity demanded have an ____ relationship

A

inverse

127
Q

substitute goods have a ____ relationship with demand of a commodity

A

direct

128
Q

complementary goods have a _____ relationship with demand of a given good

A

inverse

129
Q

demand of a normal good ____ with increase in income

A

rises

130
Q

demand of inferior goods ____ with rise of income

A

falls

131
Q

tastes and preference have a ____ direct relationship

A

direct

132
Q

expectation of price in future has a ____ relationship with demand

A

direct

133
Q

list all determinants of market demand

A
  1. Price of the given commodity
  2. Price of related goods
  3. Income of consumers
  4. Taste and preferences
  5. Expectation of change in price in future
  6. Size and composition of population
  7. season and weather
  8. distribution of income
134
Q

____ Is a tabular statement showing various quantities of a commodity being demanded as areas levels of price, during a given period of time

A

Demand schedule

135
Q

____ is a graphical representation of demand schedule

A

Demand curve

136
Q

Which curve is flatter market demand or individual demand?

A

Market demand

137
Q

Give the formula for slope of demand curve

A

delta price/ delta quantity

138
Q

Why is the slope of demand curve negative

A

Due to inverse relationship between price and demand

139
Q

Why is the slope of demand curve negative

A

Due to inverse relationship between price and demand

139
Q

Why is the slope of demand curve negative

A

Due to inverse relationship between price and demand

140
Q

Why is the slope of demand curve negative

A

Due to inverse relationship between price and demand

140
Q

Why is the slope of demand curve negative

A

Due to inverse relationship between price and demand

141
Q

Which law states the inverse relationship between price and quantity demanded, keeping all other factors constant

A

Law of demand

142
Q

Law of demand is also known as

A

First law of purchase

143
Q

What is the other name for other factors constant

A

ceteris paribus 

144
Q

Is law of demand a qualitative statement or quantitative statement

A

Qualitative

145
Q

Is law of demand a one-sided law or a two sided law

A

One-sided law

146
Q

List some exceptions of law of demand

A
  1. giffen goods
  2. Status symbol goods
  3. Goods of ostentation
  4. Fear of shortage
  5. ignorance
  6. Fashion related goods
  7. necessities of life
  8. change in weather
147
Q

Special kind of inferior goods on which the consumers spend a large part of their income and their demand rises with an increase in price and demand falls with a decrease in price are called

A

Giffen goods

148
Q

Who was the pioneer of Giffen goods

A

Sir Robert Giffin

149
Q

Giffen goods was observed on which commodity

A

jowar and bajra

150
Q

Explain rise in price with goods of ostentation

A

Prestige goods like diamond, gold, antique paintings et cetera are bought only due to the prestige they confer upon their possessor. Such goods are demanded only because their prices are very high, if their buy prices were to fall they will no longer be considered as status symbol goods and their demand will decrease

151
Q

What happens to demand in case of fear of shortage

A

If the consumers expect a shortage of a particular commodity in the near future, then they would start buying more and more of that commodity in the current period even if their prices are rising

152
Q

Explain the effect of rise of price on the Necessities of life

A

commodities like wheat, salt, medicines are purchased even if their prices increase as they are necessities

153
Q

Change in price of a commodity will lead to movement/shift in demand curve

A

Movement

154
Q

Change in other factors of a commodity keeping keeping price of commodity constant, will lead to shift/movement along the demand curve?

A

Shift

155
Q

Downward movement in demand is also known as

A

Expansion of demand

156
Q

Upward movement along demand curve is also known as

A

Contraction in demand

157
Q

A rise in price of substitute goods would lead to

A

Right word shift along the same demand curve

158
Q

Fall in price of complimentary goods would lead to

A

Right word shift along the same demand curve

159
Q

Which demand refers to the relationship between the demand of a given commodity and the price of related commodities other things remaining constant

A

Cross demand

160
Q

Is change in weather a part of cross price demand

A

No

161
Q

Is change in complimentary and substitute goods a part of cross price demand

A

True

162
Q

Rise in income will result in what type of shift in the demand curve for inferior goods

A

Leftward shift

163
Q

Which demand refers to the relationship between the price and demand of a commodity assuming other factors constant

A

Price demand 

164
Q

Which demand refers to relationship between the income of a consumers and the quantity demanded of a commodity assuming all other factors constant

A

Income demand

165
Q

When two or more goods are demanded simultaneously to satisfy a particular want then demand is called

A

Joint demand

166
Q

When a commodity can put to several uses, its demand is known as

A

Composite demand

167
Q

Demand for a commodity which depends on the demand of other goods is known as

A

Derive demand

168
Q

When a commodity satisfied the want directly, its demand is termed as

A

Direct demand

169
Q

Which demand can be satisfied by different alternatives

A

Alternative demand

170
Q

When two goods are close substitutes of each other and increase in demand for one of them will decrease the demand for the other then the demand is any one of them is known as

A

Competitive demand

171
Q

The concept of elasticity was given bye

A

Professor Marshall

172
Q

How many types of elasticity are there

A

Prize elasticity of demand, cross elasticity of demand, income elasticity of demand

173
Q

What is the formula of elasticity of demand

A

Percentage change in quantity demanded upon percentage change in price

174
Q

What is the formula for elasticity of demand using proportionate method

A

(delta Q/delta P)* P/Q

175
Q

What are the different degrees of elasticity

A

Perfectly in elastic, perfectly elastic, highly elastic, highly in elastic, unitary elastic

176
Q

Define perfectly elastic demand

A
177
Q

Define perfectly in elastic demand

A
178
Q

Define highly elastic demand

A
179
Q

Define highly inelastic demand

A
180
Q

Define perfectly elastic demand

A
181
Q

Define unitary elastic demand

A
182
Q

which out of these three is most elastic- comfort commodity, luxury commodity, necessity commodity?

A

luxury

183
Q

Demand for a commodity with large number of substitutes will be more or less elastic

A

More elastic

184
Q

Elasticity of demand for any commodity is generally less or more for high income level groups

A

Less

185
Q

Costly goods like laptop, AC have highly elastic or less elastic demand

A

Highly elastic demand

186
Q

Commodities whose consumption can be postponed and are not urgent are highly elastic or less elastic

A

Highly elastic

187
Q

A commodity with several uses will be highly elastic less elastic

A

highly elastic

188
Q

Demand for commodities that have a greater share of proportion of income of the consumers are more or less elastic

A

More elastic 

189
Q

For short time period is demand elastic or in elastic

A

In elastic

190
Q

Why is demand in elastic for shorter time periods

A

Because people find it difficult to change their habits in a shorter time period

191
Q

Commodities which become habitual necessities for the consumers have less or more elastic demand

A

Less elastic demand

eco (4 decks)

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