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Everyday Science Questions & Answers Section 44

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

Ans: Capital

Ques No.6: Which economics term is uded to represent inequality in income distribution?

Ans: Gini

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

Ans: Macroeconomics

Ques No.10: The branch of economics concerned with the use of statistical methods to obtain empirical results for economic relations is known as

Ans: Econometrics

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