All important decisions regarding production, exchange and consumption of goods and services are made by the
Government
Private company
Educational institutions
Financial institution
__________ is not the subject matter of micro economic
Individual households
Firms
Industries
Inflation
The distinction between micro and macro economics was made by
Amartya Sen
J.R Hicks
Ragnar Frisch
Samuelson
__________ are the basic economic activities of life.
Production
Exchange
Consumption
All the above
Opportunity cost is called the
Average cost
Marginal cost
Economic cost
Total cost
Individual economic analysis does not deal with
Product prices
Factor prices
Allocation of resources
Sharing of resources
___________deals with the functioning of the economy.
Micro economics
Macro economics
Econometrics
Public finance
___________ studies whether resources are efficiently allocated.
Theory of production
Theory of distribution
Theory of product pricing
Welfare economics
The distinction between micro and macro economics was emerged after
Great depression
Global meltdown
Discovery of USA
Green revolution
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 possibility set
Distribution