Author ✍️ R. Littey
BLOG MPSELECTIONPOINT
Class 12th – Economics (Microeconomics)
Presenting 50 Exam-Oriented One-Liner Question-Answers from Chapter 1: Introduction for MP Board and CBSE Board. These questions are highly useful for 1–2 mark sections.
1. Question: What does Economics study?Answer: Unlimited human wants and limited resources.
2. Question: What type of science is Economics?Answer: Social Science.
3. Question: What is the meaning of the word ‘Micro’?Answer: Small.
4. Question: What does Microeconomics study?Answer: Individual economic units.
5. Question: What are the units of study in Microeconomics?Answer: Consumer and Producer.
6. Question: Why do central problems of an economy arise?Answer: Due to scarcity of resources.
7. Question: How many central problems are there in an economy?Answer: Three.
8. Question: What is the first central problem?Answer: What to produce?
9. Question: What is the second central problem?Answer: How to produce?
10. Question: What is the third central problem?Answer: For whom to produce?
11. Question: What kind of study is conducted in Microeconomics?Answer: Microscopic or small-scale study.
12. Question: Demand is a part of which branch of economics?Answer: Microeconomics.
13. Question: Supply is related to which branch?Answer: Microeconomics.
14. Question: Price determination is a subject of which branch?Answer: Microeconomics.
15. Question: In which branch is the cost of production studied?Answer: Microeconomics.
16. Question: What is Microeconomics according to Prof. Marshall?Answer: The study of the price of a single commodity.
17. Question: What did Lionel Robbins link Economics to?Answer: The problem of choice.
18. Question: What becomes necessary due to limited resources?Answer: Choice.
19. Question: What does 'choice' imply?Answer: Sacrifice.
20. Question: What is the cost of sacrifice called?Answer: Opportunity Cost.
21. Question: What is Opportunity Cost?Answer: The next best alternative foregone.
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22. Question: What is the main objective of Microeconomics?Answer: Efficient use of resources.
23. Question: Consumer Equilibrium is a subject of?Answer: Microeconomics.
24. Question: In which branch are types of markets studied?Answer: Microeconomics.
25. Question: Perfect competition is an example of?Answer: Market structure.
26. Question: Monopoly is related to?Answer: Market structure.
27. Question: For whom is Microeconomics more useful?Answer: Consumer and Producer.
28. Question: The effect of tax and subsidy is explained in?Answer: Microeconomics.
29. Question: Price determination of factors of production happens in?Answer: Microeconomics.
30. Question: Wage is the price of which factor?Answer: Labour.
31. Question: Interest is the return on which factor?Answer: Capital.
32. Question: Rent is the return on which factor?Answer: Land.
33. Question: Profit is the return on which factor?Answer: Entrepreneur.
34. Question: What is the perspective of Microeconomics?Answer: Individualistic.
35. Question: What does Macroeconomics study?Answer: The whole economy.
36. Question: National Income is a subject of?Answer: Macroeconomics.
37. Question: Individual income comes under?Answer: Microeconomics.
38. Question: Who gave the Law of Demand?Answer: Marshall.
39. Question: Name one limitation of Microeconomics.Answer: Neglect of aggregate problems.
40. Question: The study of full employment is not part of?Answer: Microeconomics.
41. Question: What is the basis of Economics?Answer: The problem of choice.
42. Question: What are human wants like?Answer: Unlimited.
43. Question: How are resources described?Answer: Limited/Scarce.
44. Question: What is the nature of Microeconomics?Answer: Analytical.
45. Question: Where do we study the relationship between production and cost?Answer: Microeconomics.
46. Question: Price control policy is related to?Answer: Microeconomics.
47. Question: Market price is determined by?Answer: Demand and Supply.
48. Question: What is the goal of a consumer?Answer: Maximum satisfaction.
49. Question: What is the goal of a producer?Answer: Maximum profit.
50. Question: What is the most important subject of Microeconomics?Answer: Price determination.
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