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