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