This is the 44 section from Everyday Science. These questions and answers will be from Microeconomics, technology and Econometrics.
Ques No.1: Who is considered the founder of Microeconomics?
Ans: Adam Smith
Ques No.2: Who is considered the founder of modern Macroeconomics?
Ans: John Keynes
Ques No.3: When analyzing the impact of a variable on the economic system, the other things
Ans: Must be kept constant
Ques No.4: Inputs are combined with technology to produce outputs. The fundamental inputs (also called factors of production) are
Ans: Land, Labor, and Capital
Ques No.5: Goods produced to produce yet other goods is called
Ques No.6: Which economics term is uded to represent inequality in income distribution?
Ques No.7: The value of the good or service forgone by choosing another investment is called
Ans: Opportunity Cost
Ques No.8: The central role of markets is to determine the
Ans: Price of Goods
Ques No.9: The branch of economics concerned with overall performace of the economy is known as
Ques No.10: The branch of economics concerned with the use of statistical methods to obtain empirical results for economic relations is known as