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Introduction

Question

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Giving reasons, state whether the following statements are true or false.

1. Price determination of a commodity is a subject matter of macroeconomics.

Solution

False because price determination of a commodity or a factor is a subject matter of microeconomics.

Some More Questions From Introduction Chapter

Explain central problems with the help of PP curve. How does PP curve help in explaining the central problems?

(i) Why is PP curve downward sloping from left to right? (D 2006C)

(ii) Why does PP curve look concave to the origin?

Can the PP curve shift?

State factors which cause rightward (upward) shift of PP curve.

How is PPC affected by unemployment in the economy? Explain.

Massive unemployment shifts the PPC to the left. Defend or refute.

What is meant by resources?

What do you understand by the term 'individual' in economics?

What is meant by goods?

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