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