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