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