Chapter Exam

Chapter 1: Introduction to Micro Economics — Online MCQ Test

Q: Who is known as the 'Father of Economics'?

Answer: B. Adam Smith — Adam Smith is considered the father of economics for his classic work 'An Inquiry into the Nature and Causes of the Wealth of Nations'.

Q: Which of the following is the core concern of Microeconomics?

Answer: C. Individual economic units — Microeconomics focuses on the study of the behavior of individual units like a consumer, a firm, or an industry.

Q: If a country faces a 'Production Possibility Curve' (PPC) that shifts outward, what does this indicate?

Answer: B. Economic growth — An outward shift of the PPC indicates economic growth due to an increase in resources or improvements in technology.

Q: Why is the study of scarcity essential in economics?

Answer: B. Resources are limited and wants are unlimited. — Economics arises because human wants are infinite, while the resources available to satisfy them are scarce.

Q: The concept of 'Marginal' in economics usually refers to:

Answer: C. The change resulting from an additional unit — In economics, 'marginal' means incremental—the additional change when one more unit of input or output is added.

ECONOMICS · CLASS 11th · Tamil Nadu State Board

Practice Chapter 1: Introduction to Micro Economics with a free chapter-wise online MCQ test for Tamil Nadu State Board CLASS 11th ECONOMICS. This chapter covers: This chapter covers basic economic concepts nature scope and definitions of economics. Students examine micro vs macroeconomics economic laws fundamental economic problems and prod.... AI-generated questions from basic to board-exam level, with instant results and explanations.

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Chapter 1: Introduction to Micro Economics — Important Questions & Answers (FAQ)

Frequently asked questions from Tamil Nadu State Board CLASS 11th ECONOMICS — Chapter 1: Introduction to Micro Economics, with answers and explanations. These are sample questions; the exam has its own separate question set.

Who is known as the 'Father of Economics'?

A. Alfred Marshall
B. Adam Smith ✓
C. Lionel Robbins
D. Paul Samuelson

Answer: B. Adam Smith
Adam Smith is considered the father of economics for his classic work 'An Inquiry into the Nature and Causes of the Wealth of Nations'.

Which of the following is the core concern of Microeconomics?

A. National income
B. General price level
C. Individual economic units ✓
D. Aggregate employment

Answer: C. Individual economic units
Microeconomics focuses on the study of the behavior of individual units like a consumer, a firm, or an industry.

If a country faces a 'Production Possibility Curve' (PPC) that shifts outward, what does this indicate?

A. Decrease in resources
B. Economic growth ✓
C. Inefficient production
D. Constant technology

Answer: B. Economic growth
An outward shift of the PPC indicates economic growth due to an increase in resources or improvements in technology.

Why is the study of scarcity essential in economics?

A. Resources are unlimited but wants are limited.
B. Resources are limited and wants are unlimited. ✓
C. Resources and wants are both unlimited.
D. It helps in ignoring the price mechanism.

Answer: B. Resources are limited and wants are unlimited.
Economics arises because human wants are infinite, while the resources available to satisfy them are scarce.

The concept of 'Marginal' in economics usually refers to:

A. The total change in value
B. The average of all values
C. The change resulting from an additional unit ✓
D. The fixed cost of production

Answer: C. The change resulting from an additional unit
In economics, 'marginal' means incremental—the additional change when one more unit of input or output is added.