Chapter-1 Macro Economics
  • 1. The branches of the subject Economics is
A) Wealth and welfare
B) Micro and macro
C) Demand and supply
D) Production and consumption
  • 2. Who coined the word 'Macro'?
A) JM Keynes
B) Adam Smith
C) Ragnar Frisch
D) Karl Marx
  • 3. Who is regarded as Father of Modern Macro Economics?
A) JK Keynes
B) Adam Smith
C) Ragnar Frisch
D) Karl Marx
  • 4. Identify the other name fro Macro Economics.
A) Income Theory
B) Price Theory
C) Micro Theory
D) Market Theory
  • 5. Macro economics is a study of ________
A) A nation
B) Aggregates
C) Individuals
D) Firms
  • 6. Indicate the contribution of JK Keynes to economics.
A) Capital
B) Public Finance
C) Wealth of Nations
D) General Theory
  • 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) All of the above
B) To overcome the obstacles
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 ane Distribution
C) Production and Consumption
D) Production and Exchange
  • 10. An economy consists of
A) Consumption sector
B) Government sector
C) Production sector
D) All of the above
  • 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) Capitalism
C) Mixedism
D) Gobalism
  • 13. Who is referred as 'Father of Capitalism:?
A) Thackeray
B) JM Keynes
C) Adam Smith
D) Karl Marx
  • 14. The country following Capitalism is ______
A) China
B) America
C) Russia
D) India
  • 15. Identify The Father of Socialism.
A) Adam Smith
B) Samuelson
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) Mixed Economy
B) Capitalism Economy
C) Socialism Economy
D) Globalisic 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) Assests
B) Income
C) Froegin exchange reserves
D) Money supply
  • 19. Identify the sectors of a Two sector Model.
A) Internal and External
B) Household and Firms
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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