The branches of the subject Economics is

(a)

Wealth and welfare

(b)

production and consumption

(c)

Demand and supply

(d)

micro and macro

Who coined the word ‘Macro’?

(a)

Adam Smith

(b)

J M Keynes

(c)

Ragnar Frisch

(d)

Karl Marx

Who is regarded as Father of Modern Macro Economics?

(a)

Adam Smith

(b)

J M Keynes

(c)

Ragnar Frisch

(d)

Karl Marx

Macro economics is a study of_________

(a)

individuals

(b)

firms

(c)

a nation

(d)

aggregates

Indicate the contribution of J M Keynes to economics

(a)

Wealth of Nations

(b)

General Theory

(c)

Capital

(d)

Public Finance

Macro economics is also known as __________.

(a)

Price theory

(b)

Income theory

(c)

Business cycle

(d)

Poverty and unemployment

Planned economy is also known as _________.

(a)

Capitalist Economy

(b)

Socialist Economy

(c)

Mixed Economy

(d)

All the above

Father of socialism _________.

(a)

Adamsmith

(b)

J.M. Keynes

(c)

Karl Marx

(d)

J.R. Hicks

Example for Mixed Economy ________.

(a)

India

(b)

France

(c)

China

(d)

Both 'a' and 'b'

Combination of both capitalism and socialism ________.

(a)

Capitalist Economy

(b)

Traditional Economy

(c)

Mixed Economy

(d)

Socialist Economy

Define Macro Economics

What is meant by an ‘Economy’?

Write down the three types of economic systems.

What is Mixed Economy?

What are the merits of Mixed Economy?

Indicate the demerits of socialism.

Enumerate the features of mixed economy.

Outline major demerits of capitalism.

Write any two demerits of capitalism.

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

Discuss the scope of Macro Economics.

Explain the four sector circular flow model.

Explain the merits of socialism.