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Question
In the following Question, read the following statements and choose the correct alternative:
Statement 1: Microeconomics aims to determine price of a commodity or factors of production.
Statement 2: Microeconomics is also known as Income and Employment Theory.
Options
Both the Statements are true.
Both the Statements are false.
Statement 1 is true and Statement 2 is false.
Statement 2 is true and Statement 1 is false.
MCQ
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Solution
Statement 1 is true and Statement 2 is false.
Explanation:
Microeconomics aims to determine the prices of commodities and factors of production, so it is known as Price Theory. Income and Employment Theory is another name for macroeconomics.
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