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Micheal Vaz solutions for 12th Board Exam Eco chapter 1 - Introduction to Micro Economics

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Micheal Vaz Micheal Vaz Class 12 Economics

Micheal Vaz Class 12 Economics - Shaalaa.com

Chapter 1: Introduction to Micro Economics

Exercise

Micheal Vaz solutions for 12th Board Exam Eco Chapter 1 Exercise [Page 6]

Exercise | Q 1.1 | Page 6

Fill in the blank with appropriate alternative given below.

The terms Micro and Macro Economics were first used by _______________.

  • Adam Smith

  • Robbins

  • Ragner Frisch

  • Marshall

Exercise | Q 1.2 | Page 6

Fill in the blank with appropriate alternative given below

Micro Economics is a study of _________.

  • Whole economy

  • general price level

  • National output

  • Individual economic unit

Exercise | Q 1.3 | Page 6

Fill in the blank with appropriate alternative given below.

Micro Economics is also called as ________________. 

  • Income theory

  • Price theory

  • Growth theory

  • Employment theory

Exercise | Q 1.4 | Page 6

Fill in the blank with appropriate alternative given below.

Micro Economic analysis adopts __________________ method.

  • lumping

  • aggregative

  • Slicing

  • inclusive

Exercise | Q 1.5 | Page 6

Fill in the blank with appropriate alternative given below.

Micro Economics is a __________________________ equilibrium approach.

  • partial

  • general

  • total

  • multi-variable

Exercise | Q 2 | Page 6

Match the following 

Group A Group B
1) Adam Smith A) Aggregates
2) Micro Economics B) Prof. Boulding
3) Macro Economics C) Father of Economics
4) Dr. Marshall D) Individual units
  E) Economic efficiency
  F) Principles of Economics
Exercise | Q 3.1 | Page 6

State whether the following statement is TRUE or FALSE.

Dr. Marshall is known as the Father of Economics.

  • TRUE 

  • FALSE

Exercise | Q 3.2 | Page 6

State whether the following statement is TRUE or FALSE.

Micro Economics studies theory of firm.

  • TRUE 

  • FALSE

Exercise | Q 3.3 | Page 6

State whether the following statement is TRUE or FALSE.

Micro Economics deals with allocation of resources.

  • TRUE 

  • FALSE

Exercise | Q 3.4 | Page 6

State whether the following statement is TRUE or FALSE.

Micro Economic theory assumes full employment.

  • TRUE

  • FALSE

Exercise | Q 3.5 | Page 6

State whether the following statement is TRUE or FALSE.

Micro Economic theory suggests policies to solve problem of inflation. 

  • TRUE

  • FALSE

Micheal Vaz solutions for 12th Board Exam Eco Chapter 1 Exercise [Page 6]

Exercise | Q 1.1 | Page 6

Define or Explain the following concept.

Micro Economics

Exercise | Q 1.2 | Page 6

Define or Explain the following concept.

Partial equilibrium

Exercise | Q 1.3 | Page 6

Define or Explain the following concept.

Economic efficiency

Exercise | Q 1.4 | Page 6

Define or Explain the following concept.

Individual economic unit

Exercise | Q 1.5 | Page 6

Define or Explain the following concept.

Resource allocation 

Exercise | Q 2.1 | Page 6

Give reason or explain the following statement:

Micro economics is also known as price theory.

Exercise | Q 2.2 | Page 6

Give reason or explain the following statement.

Micro economics studies individual economic unit.

Exercise | Q 2.3 | Page 6

Give reason or explain the following statement.

Micro Economics analyses partial equilibrium.

Exercise | Q 2.4 | Page 6

Give reason or explain the following statement.

Micro Economic theories are based on certain assumptions.

Exercise | Q 2.5 | Page 6

Give reason or explain the following statement.

Marginalism principle is used as a tool of analysis in micro economics. 

Micheal Vaz solutions for 12th Board Exam Eco Chapter 1 Exercise [Page 6]

Exercise | Q 1 | Page 6

Write short note on :
Features of Micro-Economics 

Exercise | Q 2 | Page 6

Write short note on :

Subject matter of Micro Economics 

Exercise | Q 3 | Page 6

Write short note on :
Historical review of Micro Economics

Exercise | Q 4 | Page 6

Write short note on :
Importance of Micro Economics 

Micheal Vaz solutions for 12th Board Exam Eco Chapter 1 Exercise [Pages 6 - 7]

Exercise | Q 1 | Page 6

Answer the following question
Explain the meaning of Micro Economics with the help of few important definitions.

Exercise | Q 2 | Page 6

Answer the following question
What is the scope & subject matter of Micro Economics? 

Exercise | Q 3 | Page 7

Answer the following question
What is the importance of Micro Economics? 

Exercise | Q 4 | Page 7

Answer the following question
What are the features of Micro Economics? 

Exercise | Q 5 | Page 7

Answer the following question
What are the basic economic questions dealt by Micro Economics? 

Micheal Vaz solutions for 12th Board Exam Eco Chapter 1 Exercise [Page 7]

Exercise | Q 1 | Page 7

Do you agree with the following statement? Give reason. 

Micro Economics studies behaviour of individual unit. 

Exercise | Q 2 | Page 7

Do you agree with the following statement? Give reason.

Micro Economics is known as income theory.

Micheal Vaz solutions for 12th Board Exam Eco Chapter 1 Exercise [Page 7]

Exercise | Q 1 | Page 7

Answer in detail

Explain the features of Micro Economics. 

Exercise | Q 2 | Page 7

Answer in detail
Explain the scope and subject matter of Micro Economics. 

Chapter 1: Introduction to Micro Economics

Exercise

Micheal Vaz Micheal Vaz Class 12 Economics

Micheal Vaz Class 12 Economics - Shaalaa.com

Micheal Vaz solutions for 12th Board Exam Economics chapter 1 - Introduction to Micro Economics

Micheal Vaz solutions for 12th Board Exam Eco chapter 1 (Introduction to Micro Economics) include all questions with solution and detail explanation. This will clear students doubts about any question and improve application skills while preparing for board exams. The detailed, step-by-step solutions will help you understand the concepts better and clear your confusions, if any. Shaalaa.com has the Maharashtra State Board Micheal Vaz Class 12 Economics solutions in a manner that help students grasp basic concepts better and faster.

Further, we at Shaalaa.com provide such solutions so that students can prepare for written exams. Micheal Vaz textbook solutions can be a core help for self-study and acts as a perfect self-help guidance for students.

Concepts covered in 12th Board Exam Economics chapter 1 Introduction to Micro Economics are Introduction and Features of Micro Economics, Analysis of Market Structure, Importance of Micro Economics, Micro Economics - Slicing Method, Use of Marginalism Principle in Micro Economics, Micro Economics - Price Theory, Micro Economic - Price Determination, Micro Economics - Working of a Free Market Economy, Micro Economics - International Trade and Public Finance, Basis of Welfare Economics, Micro Economics - Useful to Government, Assumption of Micro Economic Analysis, Meaning of Micro and Macro Economics.

Using Micheal Vaz 12th Board Exam solutions Introduction to Micro Economics exercise by students are an easy way to prepare for the exams, as they involve solutions arranged chapter-wise also page wise. The questions involved in Micheal Vaz Solutions are important questions that can be asked in the final exam. Maximum students of Maharashtra State Board 12th Board Exam prefer Micheal Vaz Textbook Solutions to score more in exam.

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