Importance of Macroeconomics i.e. It is concerned with the determination of aggregate output and general price level in which are not concerned with an individual rather the economy as a … Chapter 1 - economics basics - questions and answers. In this period, there was huge fall in the levels of output and employment in the countries of Europe and North America. Macroeconomics It studies economic problems at the level of an economy as a whole.It is concerned with the determination of aggregate output and general price level in which are not concerned with an individual rather the economy as a whole. The goods, which have crossed the boundary line of production and are ready for use by their final users, known as final goods, e.g. Reason: Chalks, dusters, etc; are purchased by a school for use in their day-to-day consumption. 8. (iv) Aggregate Supply (AS) It is the total supply of goods and services by all the sectors of an economy at a given period of time. Reason: Schools buy furnitures for long-term use and it can be considered an investment. (i) Aggregate consumption It is the consumption of goods and services by all individuals in the economy during the period of an accounting year. MCQ quiz on Economics multiple choice questions and answers on Economics MCQ questions quiz on Economics objectives questions with answer test pdf. How does Managerial Economics Differ from Economics? (i) Furniture purchased by school — Final product. clothes, milk consumed by a consumer. This is meant for further production in the form of services. (Delhi 2010 c). Goods which are directly used for satisfaction of human wants and which are not used in production and for other purpose are known as consumer goods or consumption goods, e.g. That’s why it is considered as intermediate products. clothes, milk consumed by a consumer. 10. 7. Expenditure on improvement of machine in a factory — Final expenditure. 5. 3.Define consumption goods. 1. 1. 2. steel used in the production of cars and those finished goods which are meant for resale such as milk purchase by milk seller. Ans. (iii) Aggregate Demand (AD) It is the total demand of an economy including all the sectors at a given level of income during at a given period of time. 5.Define final product. building, plant and machinery. (Delhi 2011 c). Reason: Expenditure on improvement of machine in a factory is a kind of capital investment, so it should be considered as final expenditure. (ii) Chalks, dusters, etc purchased by school — Intermediate good. The fundamental economic problem faced by all societies is: a. unemployment b. inequality c. poverty d. scarcity 2. 1. Ans. Whereas managerial economics involves application of economic principles to the problems of the firm, Economics deals with the body of the principles itself. Introduction to Microeconomics (ECON 201), Chapter 1 - economics basics - questions and answers, Copyright © 2020 StudeerSnel B.V., Keizersgracht 424, 1016 GC Amsterdam, KVK: 56829787, BTW: NL852321363B01, Upgrade to Premium to read the full document, Share your documents to get free Premium access, Practical - chapter 1-3 questions & answers, Practical - chapter 8 questions & answers, 511Notes - ------------------------------------------------------------------------------------------------------, Chap01Sup - ------------------------------------------------------------------------------------------------------, Summary - A Brief Review on Microeconomics Principles - Introduction to Microeconomics. The goods which are repeatedly used in the process of production. lucas tonton. Two examples of intermediate goods are: (ii) Mobile sets purchased by a mobile dealer. (ii) Mobile sets purchased by a mobile dealer — Intermediate products. The goods purchased by a firm for the use in production of other goods or for the purpose of reselling are known as intermediate goods, e.g. Give two examples of each. Please sign in or register to post comments. *, 2. Macroeconomics It studies economic problems at the level of an economy as a whole. Ans. (iv) Capital goods The goods which are repeatedly used in the process of production. (vi) General price level It is the index of prices of all goods and services at the end of the specific time period. (ii) It facilitates international comparison. 4.Define intermediate goods. 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