Chapter-1 Macro Economics
  • 1. The branches of the subject Economics is
A) Production and consumption
B) Micro and macro
C) Wealth and welfare
D) Demand and supply
  • 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) JK Keynes
B) Karl Marx
C) Ragnar Frisch
D) Adam Smith
  • 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) Individuals
B) Aggregates
C) A nation
D) Firms
  • 6. Indicate the contribution of JK Keynes to economics.
A) Wealth of Nations
B) Capital
C) General Theory
D) Public Finance
  • 7. A steady increase in general price level is termed as ______
A) Wholesale price index
B) Inflation
C) National Income
D) Business Cycle
  • 8. Identify the necessity of Economic policies.
A) To achieve growth
B) To overcome the obstacles
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 Exchange
B) Production and Consumption
C) Production and Marketing
D) Production ane Distribution
  • 10. An economy consists of
A) Consumption sector
B) All of the above
C) Production sector
D) Government sector
  • 11. Identify the economic system where only private ownership of production exists
A) Globalisic Economy
B) Socialistic Economy
C) Capitalistic Economy
D) Mixed Economy
  • 12. Economic system representing equality in distribution is______
A) Socialism
B) Mixedism
C) Capitalism
D) Gobalism
  • 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) America
B) India
C) Russia
D) China
  • 15. Identify The Father of Socialism.
A) Samuelson
B) Karl Marx
C) JM Keynes
D) Adam Smith
  • 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) Socialism Economy
C) Capitalism Economy
D) Mixed Economy
  • 17. Quantity of a commodity accumulated at a point of time is termed as ______.
A) Production
B) Variable
C) Stock
D) Flow
  • 18. Identify the flow variable .
A) Money supply
B) Income
C) Froegin exchange reserves
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) Four Sector Model
C) Three Sector Model
D) Two Sector Model
Created with That Quiz — where test making and test taking are made easy for math and other subject areas.