Chapter-1 Macro Economics
  • 1. The branches of the subject Economics is
A) Wealth and welfare
B) Demand and supply
C) Production and consumption
D) Micro and macro
  • 2. Who coined the word 'Macro'?
A) Karl Marx
B) Ragnar Frisch
C) Adam Smith
D) JM Keynes
  • 3. Who is regarded as Father of Modern Macro Economics?
A) JK Keynes
B) Ragnar Frisch
C) Karl Marx
D) Adam Smith
  • 4. Identify the other name fro Macro Economics.
A) Market Theory
B) Micro Theory
C) Price Theory
D) Income Theory
  • 5. Macro economics is a study of ________
A) A nation
B) Aggregates
C) Individuals
D) Firms
  • 6. Indicate the contribution of JK Keynes to economics.
A) General Theory
B) Capital
C) Wealth of Nations
D) Public Finance
  • 7. A steady increase in general price level is termed as ______
A) Business Cycle
B) Inflation
C) National Income
D) Wholesale price index
  • 8. Identify the necessity of Economic policies.
A) To achieve growth
B) All of the above
C) To overcome the obstacles
D) To solve the basic problems
  • 9. Indicate the fundamental economics activities of an economic activities of an economy.
A) Production ane Distribution
B) Production and Consumption
C) Production and Marketing
D) Production and Exchange
  • 10. An economy consists of
A) Production sector
B) Government sector
C) All of the above
D) Consumption sector
  • 11. Identify the economic system where only private ownership of production exists
A) Globalisic Economy
B) Capitalistic Economy
C) Socialistic Economy
D) Mixed Economy
  • 12. Economic system representing equality in distribution is______
A) Mixedism
B) Socialism
C) Capitalism
D) Gobalism
  • 13. Who is referred as 'Father of Capitalism:?
A) Karl Marx
B) JM Keynes
C) Adam Smith
D) Thackeray
  • 14. The country following Capitalism is ______
A) China
B) Russia
C) America
D) India
  • 15. Identify The Father of Socialism.
A) Samuelson
B) JM Keynes
C) Karl Marx
D) Adam Smith
  • 16. An economic system where the economic activities of a nation are done both by the private and public together is termed as ______
A) Socialism Economy
B) Globalisic Economy
C) Capitalism Economy
D) Mixed Economy
  • 17. Quantity of a commodity accumulated at a point of time is termed as ______.
A) Flow
B) Variable
C) Stock
D) Production
  • 18. Identify the flow variable .
A) Income
B) Froegin exchange reserves
C) Assests
D) Money supply
  • 19. Identify the sectors of a Two sector Model.
A) Firma and Government
B) Private and Public
C) Internal and External
D) Household and Firms
  • 20. The Circular Flow Model that represents an open Economy.
A) Four Sector Model
B) Two Sector Model
C) All of the above
D) Three Sector Model
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