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