All important decisions regarding production, exchange and consumption of goods and services are made by the
Government
Private company
Educational institutions
Financial institutions
Macro economics explains
Total employment
Total output
Total amount of services
All of these
Micro economics explains
Space studies
Community
Studies
Economy study
Micro economics is the___________study of the economy.
Macro scope
Microscopic
Topographic
Development
The collection of all possible combinations of the goods and services that can be produced from a given amount of resources and a give stock of technological knowledge is called
Production
Production possibility set
Consumption
Distribution
______________ is not the subject matter of micro economics.
Individual households
Firms
Industries
Inflation
___________deals with the functioning of the economy.
Micro economics
Macro economics
Econometrics
Public finance
The subject matter of economics is mainly divided into
Econometrics and mathematical economics
Micro and macro economics
Agriculture and international trade economics
Development and public finance
________ is the cost of any activity measured in terms of value of the next best alternative forgone.
Opportunity cost
Average cost
Marginal cost
Total cost
