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