Q.Find the odd word:
Theory of Economic Welfare:

The odd word is Theory of Income and Employment.

The scope of microeconomics includes the theory of economic welfare, which studies how efficiently resources are used. Its three components are efficiency in production, efficiency in consumption (exchange/distribution) and overall economic efficiency. The Theory of Income and Employment, however, is a macroeconomic subject — it studies aggregate output, income and employment for the economy as a …

The odd word is the Theory of Economic growth and Development — it is part of macroeconomics, whereas the other three fall within the scope of microeconomics.

The scope (subject matter) of microeconomics includes:

• Theory of product pricing — how the price of a commodity is determined by demand and supply.
• Theory of factor pricing — how wages, rent, interest and profit are determined.
• Theory of economic welfare — how resources can be allocated to maximise social welfare. …