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