22nd Dec Business Economics Important Terms Quiz 1 – Punjab Meritorious School Preparation Portal

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School Name with City

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Which of the following is a macroeconomic problem?

What do plumbers earn more than janitors

the reasons for the increase in average prices

whether the army should buy more tanks or more missiles

the reasons for the increase in the price of orange juice

Economics is the study of:

the distribution of surplus goods to those in need

affluence in a morally bankrupt world

ways to reduce want to eliminate the problem of scarcity

the choices we make because of scarcity

The study of determining the prices in individual markets is called…

negative economics

microeconomics

positive economics

macroeconomics

Which of the following is a microeconomic problem?

the reasons why average prices are falling

the reasons Kathy is buying less orange juice

the reason why overall employment may fall

the impact of the government budget deficit on inflation

‘The General Theory of Employment, Interest, and Money is a famous book written by which among the following?

J.M. Keynes

Robert Sahhlas

Wassily Leontief

Paul Krugman

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