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Chapter-1 Macro Economics
Contributed by: murugan .I
  • 1. The branches of the subject Economics is
A) Wealth and welfare
B) Production and consumption
C) Micro and macro
D) Demand and supply
  • 2. Who coined the word 'Macro'?
A) Adam Smith
B) Karl Marx
C) JM Keynes
D) Ragnar Frisch
  • 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) Income Theory
B) Micro Theory
C) Price Theory
D) Market Theory
  • 5. Macro economics is a study of ________
A) A nation
B) Firms
C) Individuals
D) Aggregates
  • 6. Indicate the contribution of JK Keynes to economics.
A) Public Finance
B) Capital
C) General Theory
D) Wealth of Nations
  • 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 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 Consumption
B) Production and Marketing
C) Production and Exchange
D) Production ane Distribution
  • 10. An economy consists of
A) Production sector
B) Government sector
C) All of the above
D) Consumption sector
  • 11. Identify the economic system where only private ownership of production exists
A) Globalisic Economy
B) Mixed Economy
C) Capitalistic Economy
D) Socialistic Economy
  • 12. Economic system representing equality in distribution is______
A) Capitalism
B) Gobalism
C) Mixedism
D) Socialism
  • 13. Who is referred as 'Father of Capitalism:?
A) Thackeray
B) JM Keynes
C) Karl Marx
D) Adam Smith
  • 14. The country following Capitalism is ______
A) India
B) America
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) Capitalism Economy
C) Mixed Economy
D) Socialism Economy
  • 17. Quantity of a commodity accumulated at a point of time is termed as ______.
A) Stock
B) Production
C) Flow
D) Variable
  • 18. Identify the flow variable .
A) Froegin exchange reserves
B) Assests
C) Money supply
D) Income
  • 19. Identify the sectors of a Two sector Model.
A) Firma and Government
B) Private and Public
C) Household and Firms
D) Internal and External
  • 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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