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