Question Bank: IMBA - II Microeconomics

Question Bank for Microeconomics

1. Explain the meaning and nature of microeconomics


2. Discuss the advantages and limitations of microeconomics


3. What are the goals microeconomic policy?


4. Explain the efficiency and Equity as the goal of microeconomic policy.


5. Discuss the various sources of economic efficiency.


6. What are the major areas of business decision making? How does economic theory contribute to managerial decisions?


7. Differentiate between micro and macro economics.


8. Explain economics as a positive and normative science.


9. The origin of economics lies in the endless human wants and scarcity of means. Elaborate.


10. Define elasticity of demand and its types.


11. What do you mean by utility? Explains its various forms.


12. Distinguish between MU and TU.


13. Explain the law of EMU? Point out its limitations and importance.


14. Under what conditions do we measure income elasticity of demand with the help of arc elasticity method? Give formula and an example.


15. What to do? How to do? When to do? And for whom to do? Forms the entire subject matter of business economics.


16. Demand forecasting is a very critical tool for business survival. Discuss.


17. Taking hypothetical figures pertaining to the sales figure of last 5 years forecast the demand for the coming year through trend projection analysis.


18. Opinion Polling is the best method of demand forecasting. Commenting on the problem discuss briefly on different types of Opinion Polling methods.


19. Discuss the scope of micro economics in relation to business.


20. What are the methods of measuring elasticity of demand?


21. Analyze critically the law of diminishing marginal utility. What is the importance of this law in the study of economics?


22. What is an Indifference Curve? What are its characteristics?


23. Why does a manager need to forecast the demand? Discuss any one method of demand forecasting.


24. Differentiate between Income and substitution effect?


25. Explain law of demand. What are the exceptions to it?


26. Differentiate between movement vs shift in demand curve.


27. Explain the law of Equi-Marginal utility. Discuss its importance and limitations.


28. Explain the assumptions and stages of Law of variable proportions


29. Explain the stages and causes of various returns of scale.