Micro

Introduction

Easy

The first book on Microeconomics, "An inquiry into Nature and Cause of the Wealth of Nations", was written by_________.

John Maynard Keynes

Adam Smith

David Ricardo

Thomas Malthus

✅ Correct Option: 2

Option 2: Adam Smith -> "An Inquiry into the Nature and Causes of the Wealth of Nations," commonly known as "The Wealth of Nations," was published by Adam Smith in 1776. This seminal work is considered the foundation of classical economics and discusses concepts like division of labor, free markets, and the invisible hand. While it covers broader economic principles, it laid the groundwork for microeconomic analysis by examining individual behavior, markets, and resource allocation. -> correct

2025: 14 May Shift 1

The allocation of scarce resources and the distribution of the final goods and services are the _____ of any economy.

2026: 31 May Shift 1

Match the LIST-I with LIST-II

LIST-I		LIST-II
A. Public Good	I.	Excludable and Rivalary
B. Private Good	II.	Beneficial and detrimental effects of one economic unit upon other
C. Externality	III.	Non-excludable and Non-rivalary
D. Mixed economy	IV.	Co-existence of public sector and private sector

Choose the correct answer from the options given below:

2023: 11 June Shift 3

Which central problem deals with choice of technology to be used for production ?

2026: 13 May Shift 1

The collection of all possible combinations of goods and services that can be produced from a given amount of resources and a given stock of technological knowledge is called?

2025: 30 May Shift 1

The problem 'For whom to produce' is basically concerned with _______.

2026: 19 May Shift 2

Identify the correct statements in respect to microeconomic theories?

The first book on Microeconomics, "An inquiry into Nature and Cause of the Wealth of Nations", was written by_________.

Solution

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