CUET Economics - Micro - Introduction | Free Questions

Q1:

2026: 23 May Shift 1

Micro

>

Introduction

Easy

Which one of the following statement is correct?

Scarcity and choice are unrelated concept.

Rich economies do not face the problem of allocation of resources.

The scarce resources do not have alternative uses.

Allocation of limited resources and distribution of goods and services are the basic problems of an economy.

Correct Answer

Option 4

Correct Answer

Explanation

Q2:

2026: 21 May Shift 1

Micro

>

Introduction

Easy

Which one of the following is not a central problem of an economy?

What to produce?

How to produce?

For whom to produce?

Why to produce?

Correct Answer

Option 4

Correct Answer

Explanation

Q3:

2026: 21 May Shift 1

Micro

>

Introduction

Easy

An economy in which both the private and the public sector coexist is known as a ....................

Dualistic economy

Mixed economy.

Futuristic economy

Strategic economy

Correct Answer

Option 2

Correct Answer

Explanation

Q4:

2026: 31 May Shift 1

Micro

>

Introduction

Easy

The goods which posses the characteristics of rivalary and excludability are known as:

Public goods

Mixed goods

Separate goods

Private good

Correct Answer

Option 4

Correct Answer

Explanation

Q5:

2026: 31 May Shift 1

Micro

>

Introduction

Easy

Every society has to answer three basic economics questions. Which one of the following is not part of those three questions?

How the produced goods and services must be consumed?

What goods and services should be produced in the country?

How should the goods and services be produced?

How should the goods and services be distributed among people?

Correct Answer

Option 1

Correct Answer

Explanation

Q6:

2026: 31 May Shift 1

Micro

>

Introduction

Medium

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:

A-III, B-I, C-II, D-IV

A-I, B-II, C-III, D-IV

A-III, B-I, C-IV, D-II

A-III, B-IV, C-I, D-II

Correct Answer

Option 1

Correct Answer

Explanation

Q7:

2026: 21 May Shift 2

Micro

>

Introduction

Easy

A set of arrangements where economic agents can freely exchange their endowments or products with each other is known as:

Embassies

Fixed exchange market

Market

Defense colony

Correct Answer

Option 3

Correct Answer

Explanation

Q8:

2026: 20 May Shift 1

Micro

>

Introduction

Easy

Which of the following is not a central problem of an economy?

How are these goods produced ?

What to be produced?

What to consume?

For whom are these goods produced ?

Correct Answer

Option 3

Correct Answer

Explanation

Q9:

2026: 19 May Shift 2

Micro

>

Introduction

Easy

Identify the correct statements in respect to microeconomic theories?

Here we try to study the behaviour of aggregates.

Here we study the behaviour of individual economic agents in the markets.

Here we study the employment scenario in the economy.

Here we try to figure out how prices and change in money supply determine.

Correct Answer

Option 2

Correct Answer

Explanation

Q10:

2026: 15 May Shift 1

Micro

>

Introduction

Easy

There is always a cost of having a little more of one good in terms of the amount of the other good that has to be forgone. This cost is known as........................

Marginal Cost

Opportunity Cost

Average Cost

Total Variable Cost

Correct Answer

Option 2

Correct Answer

Explanation

Q11:

2026: 13 May Shift 2

Micro

>

Introduction

Easy

In the course of basic economic activities, every society has to face a scarcity of resources, and the scarcity of resources rises which of the following problem?

Production.

Consumption.

Choice.

Exchange.

Correct Answer

Option 3

Correct Answer

Explanation

Q12:

2026: 13 May Shift 1

Micro

>

Introduction

Easy

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?

Indifference Curve

Production Possibility Set

Isoquant Curve

Budget Line

Correct Answer

Option 2

Correct Answer

Explanation

Q13:

2026: 11 May Shift 2

Micro

>

Introduction

Easy

Which of the following are the two basic economic problems faced by an economy?

Allocation of limited resources and Distribution of goods and services.

Allocation of unlimited resources and Technology to be used for production.

Advance technology to be used for production and Optimal utilization of resources.

Optimal utilisation of resources and Distribution of goods and services.

Correct Answer

Option 1

Correct Answer

Explanation

Q14:

2026: 11 May Shift 1

Micro

>

Introduction

Easy

What causes the production possibility frontier concave downward shape towards the origin?

Decreasing opportunity cost of resources.

Increasing opportunity cost of resources.

Constant opportunity cost of resources.

Because it is not related cost of resources.

Correct Answer

Option 2

Correct Answer

Explanation

Q15:

2025: 3 June Shift 2

Micro

>

Introduction

Easy

A set of arrangements where economic agents can freely exchange their endowments or products with each other. Such an economy is defined as?

Centrally Planned Economy.

Closed Economy.

Market Economy.

Socialist Economy.

Correct Answer

Option 3

Correct Answer

Explanation

Q16:

2025: 2 June Shift 1

Micro

>

Introduction

Easy

Which of the following is not concerned with the problem of choice?

Alternative use of the resources.

Unlimited wants.

Limited (scarce) resources.

Excessive Income.

Correct Answer

Option 4

Correct Answer

Explanation

Q17:

2025: 31 May Shift 1

Micro

>

Introduction

Easy

Choose the correct statements from the following.

(A) 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 the production possibility frontier.

(B) Slope of production possibility frontier is called marginal opportunity cost.

(C) In positive economic analysis, we study how the different mechanisms function.

(D) Scarcity of resources gives rise to the problem of choice.

(A), (B) and (D) only

(A), (B) and (C) only

(A), (B), (C) and (D)

(B), (C) and (D) only

Correct Answer

Option 4

Correct Answer

Explanation

Q18:

2025: 30 May Shift 2

Micro

>

Introduction

Medium

Which statement is not true for Adam Smith?

Professor at University of Glasgow

'The Economic Consequences of the Peace' written in 1919.

'An Enquiry into the Nature and Cause of the Wealth of Nations' Published in 1776

Founder of political economy

Correct Answer

Option 2

Correct Answer

Explanation

Q19:

2025: 30 May Shift 1

Micro

>

Introduction

Easy

"Economics is the science of wealth". This statement was given by :-

Adam Smith.

Marshall.

Robbins.

Samuelson.

Correct Answer

Option 1

Correct Answer

Explanation

Q20:

2025: 30 May Shift 1

Micro

>

Introduction

Easy

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

Production of goods and services.

choosing appropriate technique of production.

distribution of output in the society.

choosing among the commodities for production.

Correct Answer

Option 3

Correct Answer

Explanation

Q21:

2025: 29 May Shift 2

Micro

>

Introduction

Easy

Whether to have more consumption goods or to have investment goods which will boost production and consumption tomorrow, is a part of which of the central problem?

Why these goods produced?

For whom are these goods produced?

How are these goods produced?

What to produced and in what quantities?

Correct Answer

Option 4

Correct Answer

Explanation

Q22:

2025: 29 May Shift 2

Micro

>

Introduction

Easy

An institution which organizes the free interaction of individuals pursuing their respective economic activities, is known as...........

Centrally Planned Economy.

Mixed Economy.

Market Economy.

Colonised Economy.

Correct Answer

Option 3

Correct Answer

Explanation

Q23:

2025: 29 May Shift 1

Micro

>

Introduction

Easy

Positive Economics deals with_______________

Long term planning

Future policies and planning

What should be done

How the different mechanisms function

Correct Answer

Option 4

Correct Answer

Explanation

Q24:

2025: 29 May Shift 1

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 Answer

Option 2

Correct Answer

Explanation

Q25:

2025: 28 May Shift 2

Micro

>

Introduction

Easy

The book 'An Enquiry into the Nature and Cause of the Wealth of Nations' was published in which of the following year.

1919

1775

1776

1936

Correct Answer

Option 3

Correct Answer

Explanation

Q26:

2025: 28 May Shift 2

Micro

>

Introduction

Easy

In the course of production, exchange and consumption of goods and services, every society has to face a scarcity of resources; and it is the scarcity of resources that gives rise to the problem of .............

Production.

Choices.

Investment.

Consumption.

Correct Answer

Option 2

Correct Answer

Explanation

Q27:

2025: 28 May Shift 2

Micro

>

Introduction

Easy

An economy has to choose one of the many possibilities that it has at given resources. Therefore, the cost that an additional unit of X commodity in terms of the amount of the Y commodity that has to be forgone is called ................ cost.

Opportunity.

Production.

Total.

Economic.

Correct Answer

Option 1

Correct Answer

Explanation

Q28:

2025: 28 May Shift 1

Micro

>

Introduction

Easy

A point outside the Production Possibility Curve represents:

A combination of goods can be produced but resources are underutilized.
A combination of goods can be produced, and the resources are fully utilized.
A combination of goods can not be produced as it is beyond the capacity of the economy.
A combination of goods can be produced and resources are appropriately utilized.

A combination of goods can be produced but resources are underutilized.

A combination of goods can be produced, and the resources are fully utilized.

A combination of goods can not be produced as it is beyond the capacity of the economy.

A combination of goods can be produced and resources are appropriately utilized.

Correct Answer

Option 3

Correct Answer

Explanation

Q29:

2025: 28 May Shift 1

Micro

>

Introduction

Easy

The book 'An Enquiry into the Nature and Causes of the Wealth of Nations' is written by:

J. M. Keynes
David Ricardo
Adam Smith
Karl Marx

J. M. Keynes

David Ricardo

Adam Smith

Karl Marx

Correct Answer

Option 3

Correct Answer

Explanation

Q30:

2025: 28 May Shift 1

Micro

>

Introduction

Easy

Who is regarded as the father of modern economics?

Adam Smith.
John Maynard Keynes.
Amartya Sen.
Abraham Maslow.

Adam Smith.

John Maynard Keynes.

Amartya Sen.

Abraham Maslow.

Correct Answer

Option 1

Correct Answer

Explanation

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