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Chapter-1 Macro Economics - Quiz
Contributed by: murugan .I
  • 1. The branches of the subject Economics is
A) Demand and supply
B) Wealth and welfare
C) Production and consumption
D) Micro and macro
  • 2. Who coined the word 'Macro'?
A) Adam Smith
B) Karl Marx
C) Ragnar Frisch
D) JM Keynes
  • 3. Who is regarded as Father of Modern Macro Economics?
A) Adam Smith
B) Ragnar Frisch
C) JK Keynes
D) Karl Marx
  • 4. Identify the other name fro Macro Economics.
A) Market Theory
B) Income Theory
C) Price Theory
D) Micro 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) Wealth of Nations
B) Public Finance
C) Capital
D) General Theory
  • 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 solve the basic problems
B) To overcome the obstacles
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 Marketing
C) Production ane Distribution
D) Production and Exchange
  • 10. An economy consists of
A) All of the above
B) Consumption sector
C) Government sector
D) Production sector
  • 11. Identify the economic system where only private ownership of production exists
A) Mixed Economy
B) Globalisic Economy
C) Capitalistic Economy
D) Socialistic 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) 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) Adam Smith
B) Karl Marx
C) Samuelson
D) JM Keynes
  • 16. An economic system where the economic activities of a nation are done both by the private and public together is termed as ______
A) Mixed Economy
B) Socialism Economy
C) Capitalism Economy
D) Globalisic Economy
  • 17. Quantity of a commodity accumulated at a point of time is termed as ______.
A) Variable
B) Production
C) Flow
D) Stock
  • 18. Identify the flow variable .
A) Income
B) Froegin exchange reserves
C) Assests
D) Money supply
  • 19. Identify the sectors of a Two sector Model.
A) Internal and External
B) Firma and Government
C) Household and Firms
D) Private and Public
  • 20. The Circular Flow Model that represents an open Economy.
A) Three Sector Model
B) Four Sector Model
C) All of the above
D) Two Sector Model
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