Chapter 1 - Introduction To Micro Economics Economics Solutions for Class 12 Commerce Economics

Chapter 1 - Introduction To Micro Economics

Economics Solutions for Class 12 Commerce Economics

Question 1(A):

Fill in the blanks with appropriate alternatives given in the brackets.

Question 1(B):

Match the following

Question 1(C):

State whether the following statements are TRUE or FALSE.

1) Dr. Marshall is known as the Father of Economics.

2) Micro Economics studies theory of firm.

3) Microeconomics deals with allocation of resources.

4) Micro Economic theory assumes full employment.

5) Micro Economic theory suggests policies to solve the problem of inflation.

Question 2(A):

Define or Explain the following concepts.

1) Micro Economics

2) Partial equilibrium

3) Economic efficiency

4) Individual economic unit

5) Resource allocation

Question 2(B):

Give reasons or explain the following statements.

1) Micro Economics is also known as price theory.

2) Micro Economics studies individual economic unit.

3) Micro Economics analyses partial equilibrium.

4) Micro Economic theories are based on certain assumptions.

5) Marginalism principle is used as a tool of analysis in microeconomics.

Write short notes on :

Features of Micro-Economics

Subject matter of Microeconomics

Historical review of Micro Economics

Importance of Micro Economics

Answer the following questions

Explain the meaning of Microeconomics with the help of few important definitions.

What is the scope & subject matter of Micro Economics?

What is the importance of Micro Economics?

What are the features of Micro Economics?

What are the basic economic questions dealt by Micro Economics?

Do you agree with the following statements? Give reasons.

i) Micro Economics studies behaviour of individual unit.

ii) Micro Economics is known as income theory.

Answer in details

Explain the features of Micro Economics.

Explain the scope and subject matter of Micro Economics.