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Chapter-1 Macro Economics - Quiz
  • 1. The branches of the subject Economics is
A) Demand and supply
B) Micro and macro
C) Production and consumption
D) Wealth and welfare
  • 2. Who coined the word 'Macro'?
A) JM Keynes
B) Karl Marx
C) Adam Smith
D) Ragnar Frisch
  • 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) Micro Theory
B) Price Theory
C) Market Theory
D) Income Theory
  • 5. Macro economics is a study of ________
A) Aggregates
B) Individuals
C) A nation
D) Firms
  • 6. Indicate the contribution of JK Keynes to economics.
A) General Theory
B) Public Finance
C) Wealth of Nations
D) Capital
  • 7. A steady increase in general price level is termed as ______
A) Business Cycle
B) National Income
C) Inflation
D) Wholesale price index
  • 8. Identify the necessity of Economic policies.
A) To overcome the obstacles
B) To solve the basic problems
C) To achieve growth
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 Exchange
C) Production and Marketing
D) Production ane Distribution
  • 10. An economy consists of
A) Government sector
B) Production sector
C) All of the above
D) Consumption sector
  • 11. Identify the economic system where only private ownership of production exists
A) Socialistic Economy
B) Capitalistic Economy
C) Mixed Economy
D) Globalisic Economy
  • 12. Economic system representing equality in distribution is______
A) Mixedism
B) Socialism
C) Gobalism
D) Capitalism
  • 13. Who is referred as 'Father of Capitalism:?
A) Karl Marx
B) JM Keynes
C) Thackeray
D) Adam Smith
  • 14. The country following Capitalism is ______
A) India
B) America
C) China
D) Russia
  • 15. Identify The Father of Socialism.
A) JM Keynes
B) Adam Smith
C) Karl Marx
D) Samuelson
  • 16. An economic system where the economic activities of a nation are done both by the private and public together is termed as ______
A) Capitalism Economy
B) Globalisic Economy
C) Socialism Economy
D) Mixed Economy
  • 17. Quantity of a commodity accumulated at a point of time is termed as ______.
A) Stock
B) Production
C) Variable
D) Flow
  • 18. Identify the flow variable .
A) Assests
B) Froegin exchange reserves
C) Income
D) Money supply
  • 19. Identify the sectors of a Two sector Model.
A) Private and Public
B) Firma and Government
C) Household and Firms
D) Internal and External
  • 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
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