Chapter 1: Introduction to Macro EconomicsMarch 10, 2024 Maven Leave a Comment Welcome to the Chapter 1: Introduction to Macro Economics Quiz! This quiz is based on the book back questions. Name Email 1. Who coined the word ‘Macro’? Adam Smith J M Keynes Ragnar Frisch Karl Marx None 2. Macro economics is a study of ___________________. individuals firms a nation aggregates None 3. Indicate the contribution of J M Keynes to economics. Wealth of Nations General Theory Capital Public Finance None 4. The branches of the subject Economics is Wealth and welfare Production and consumption Demand and supply Micro and macro None 5. Identify the other name for Macro Economics. Price Theory Income Theory Market Theory Micro Theory None 6. A steady increase in general price level is termed as_____________. wholesale price index Business Cycle Inflation National Income None 7. Identify the necessity of Economic policies. to solve the basic problems to overcome the obstacles to achieve growth all the above None 8. Who is regarded as Father of Modern Macro Economics? Adam Smith J M Keynes Ragnar Frisch Karl Marx None 9. An economy consists of consumption sector Production sector Government sector All the above None 10. Indicate the fundamental economic activities of an economy. Production and Distribution Production and Exchange Production and Consumption Production and Marketing None 11. Who is referred as ‘Father of Capitalism’? Adam Smith Karl Marx Thackeray J M Keynes None 12. Economic system representing equality in distribution is _________. Capitalism Globalism Mixedism Socialism None 13. The Circular Flow Model that represents an open Economy. Two Sector Model Three Sector Model Four Sector Model All the above None 14. The country following Capitalism is ________________ . Russia America India China None 15. Identify the sectors of a Two Sector Model. Households and Firms Private and Public Internal and External Firms and Government None 16. Identify The Father of Socialism J M Keynes Karl Marx Adam Smith Samuelson None 17. Quantity of a commodity accumulated at a point of time is termed as ____________. production stock variable flow None 18. Identify the flow variable. money supply assets income foreign exchange reserves None 19. An economic system where the economic activities of a nation are done both by the private and public together is termed as_____________. Capitalistic Economy Socialistic Economy Globalisic Economy Mixed Economy None 20. Identify the economic system where only private ownership of production exists. Capitalistic Economy Socialistic Economy Globalisic Economy Mixed Economy None Time's upRelated Posts:Chapter 1: Introduction to Micro EconomicsChapter 12: Introduction to Statistical Methods and…Chapter 1: Introduction to AccountingChapter 4: Introduction To Financial Markets
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