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