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Chapter-1 Macro Economics
Contributed by: murugan .I
  • 1. The branches of the subject Economics is
A) Micro and macro
B) Wealth and welfare
C) Production and consumption
D) Demand and supply
  • 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) Ragnar Frisch
B) JK Keynes
C) Karl Marx
D) Adam Smith
  • 4. Identify the other name fro Macro Economics.
A) Price Theory
B) Market Theory
C) Micro Theory
D) Income Theory
  • 5. Macro economics is a study of ________
A) Aggregates
B) Individuals
C) Firms
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) Business Cycle
C) National Income
D) Wholesale price index
  • 8. Identify the necessity of Economic policies.
A) To overcome the obstacles
B) To achieve growth
C) To solve the basic problems
D) All of the above
  • 9. Indicate the fundamental economics activities of an economic activities of an economy.
A) Production and Marketing
B) Production ane Distribution
C) Production and Exchange
D) Production and Consumption
  • 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) Globalisic Economy
B) Socialistic Economy
C) Mixed Economy
D) Capitalistic Economy
  • 12. Economic system representing equality in distribution is______
A) Gobalism
B) Capitalism
C) Socialism
D) Mixedism
  • 13. Who is referred as 'Father of Capitalism:?
A) JM Keynes
B) Karl Marx
C) Thackeray
D) Adam Smith
  • 14. The country following Capitalism is ______
A) India
B) Russia
C) China
D) America
  • 15. Identify The Father of Socialism.
A) Samuelson
B) JM Keynes
C) Karl Marx
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) Capitalism Economy
C) Mixed Economy
D) Socialism Economy
  • 17. Quantity of a commodity accumulated at a point of time is termed as ______.
A) Flow
B) Variable
C) Stock
D) Production
  • 18. Identify the flow variable .
A) Froegin exchange reserves
B) Money supply
C) Assests
D) Income
  • 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) Two Sector Model
B) Three Sector Model
C) Four Sector Model
D) All of the above
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