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