Introduction to Macro Economics

12th Standard EM

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Economics

Time : 01:00:00 Hrs
Total Marks : 50
    10 x 1 = 10
  1. The branches of the subject Economics is

    (a)

    Wealth and welfare

    (b)

    production and consumption

    (c)

    Demand and supply

    (d)

    micro and macro

  2. Who coined the word ‘Macro’?

    (a)

    Adam Smith

    (b)

    J M Keynes

    (c)

    Ragnar Frisch

    (d)

    Karl Marx

  3. Who is regarded as Father of Modern Macro Economics

    (a)

    Adam Smith

    (b)

    J M Keynes

    (c)

    Ragnar Frisch

    (d)

    Karl Marx

  4. Macro economics is a study of_________

    (a)

    individuals

    (b)

    firms

    (c)

    a nation

    (d)

    aggregates

  5. Indicate the contribution of J M Keynes to economics

    (a)

    Wealth of Nations

    (b)

    General Theory

    (c)

    Capital

    (d)

    Public Finance

  6. Macro economics is also known as __________.

    (a)

    Price theory

    (b)

    Income theory

    (c)

    Business cycle

    (d)

    Poverty and unemployment

  7. Planned economy is also known as _________.

    (a)

    Capitalist Economy

    (b)

    Socialist Economy

    (c)

    Mixed Economy

    (d)

    All the above

  8. Father of socialism _________.

    (a)

    Adamsmith

    (b)

    J.M. Keynes

    (c)

    Karl Marx

    (d)

    J.R. Hicks

  9. Example for Mixed Economy ________.

    (a)

    India

    (b)

    France

    (c)

    China

    (d)

    Both 'a' and 'b'

  10. Combination of both capitalism and socialism ________.

    (a)

    Capitalist Economy

    (b)

    Traditional Economy

    (c)

    Mixed Economy

    (d)

    Socialist Economy

  11. 5 x 2 = 10
  12. Define Macro Economics

  13. What is meant by an ‘Economy’?

  14. Write down the three types of economic systems.

  15. What is Mixed Economy?

  16. What are the merits of Mixed Economy?

  17. 5 x 3 = 15
  18. Indicate the demerits of socialism

  19. Enumerate the features of mixed economy

  20. Outline major demerits of capitalism.

  21. Write any two demerits of capitalism.

  22. Draw the Circular flow of income in a three sector economy.

  23. 3 x 5 = 15
  24. Discuss the scope of Macro Economics

  25. Explain the four sector circular flow model.

  26. Explain the merits of socialism.

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