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Chapter-1 Macro Economics
Contributed by: murugan .I
  • 1. The branches of the subject Economics is
A) Production and consumption
B) Micro and macro
C) Demand and supply
D) Wealth and welfare
  • 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) Karl Marx
C) Adam Smith
D) Ragnar Frisch
  • 4. Identify the other name fro Macro Economics.
A) Price Theory
B) Micro Theory
C) Market Theory
D) Income Theory
  • 5. Macro economics is a study of ________
A) Individuals
B) A nation
C) Aggregates
D) Firms
  • 6. Indicate the contribution of JK Keynes to economics.
A) Public Finance
B) Wealth of Nations
C) General Theory
D) Capital
  • 7. A steady increase in general price level is termed as ______
A) Business Cycle
B) Wholesale price index
C) National Income
D) Inflation
  • 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 ane Distribution
D) Production and Marketing
  • 10. An economy consists of
A) Government sector
B) Production sector
C) Consumption sector
D) All of the above
  • 11. Identify the economic system where only private ownership of production exists
A) Socialistic Economy
B) Capitalistic 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) Adam Smith
B) Thackeray
C) JM Keynes
D) Karl Marx
  • 14. The country following Capitalism is ______
A) America
B) China
C) Russia
D) India
  • 15. Identify The Father of Socialism.
A) JM Keynes
B) Karl Marx
C) Samuelson
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) Mixed Economy
D) Capitalism Economy
  • 17. Quantity of a commodity accumulated at a point of time is termed as ______.
A) Variable
B) Production
C) Stock
D) Flow
  • 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) Firma and Government
D) Private and Public
  • 20. The Circular Flow Model that represents an open Economy.
A) Four Sector Model
B) Three Sector Model
C) Two Sector Model
D) All of the above
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