Introduction to Macro Economics One Mark Questions

12th Standard EM

    Reg.No. :
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Economics

Time : 01:00:00 Hrs
Total Marks : 25
    25 x 1 = 25
  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. A steady increase in general price level is termed as_____________.

    (a)

    wholesale price index

    (b)

    Business Cycle

    (c)

    Inflation

    (d)

    National Income

  3. Identify the necessity of Economic policies

    (a)

    to solve the basic problems

    (b)

    to overcome the obstacles

    (c)

    to achieve growth

    (d)

    all the above

  4. An economy consists of

    (a)

    consumption sector

    (b)

    Production sector

    (c)

    Government sector

    (d)

    All the above

  5. Identify the economic system where only private ownership of production exists

    (a)

    Capitalistic Economy

    (b)

    Socialistic Economy

    (c)

    Globalisic Economy

    (d)

    Mixed Economy

  6. The country following Capitalism is ________________

    (a)

    Russia

    (b)

    America

    (c)

    India

    (d)

    China

  7. Identify The Father of Socialism

    (a)

    J M Keynes

    (b)

    Karl Marx

    (c)

    Adam Smith

    (d)

    Samuelson

  8. Identify the flow variable

    (a)

    money supply

    (b)

    assests

    (c)

    income

    (d)

    foreign exchange reserves

  9. Identify the sectors of a Two Sector Model.

    (a)

    Households and Firms

    (b)

    Private and Public

    (c)

    Internal and External

    (d)

    Firms and Government

  10. The Circular Flow Model that represents an open Economy

    (a)

    Two Sector Model

    (b)

    Three Sector Model

    (c)

    Four Sector Model

    (d)

    All the above

  11. Macro means ________.

    (a)

    Large

    (b)

    Aggregate

    (c)

    Economy as a whole

    (d)

    All the above

  12. Macro economics is also known as __________.

    (a)

    Price theory

    (b)

    Income theory

    (c)

    Business cycle

    (d)

    Poverty and unemployment

  13. Example for Mixed Economy ________.

    (a)

    India

    (b)

    France

    (c)

    China

    (d)

    Both 'a' and 'b'

  14. Market forces are _________.

    (a)

    Supply and price

    (b)

    Demand and price

    (c)

    Prices of commodity

    (d)

    Supply and demand

  15. Non-interference of the state is a characteristic features of the ___________.

    (a)

    Socialist Economy

    (b)

    Capitalist Economy

    (c)

    Traditional Economy

    (d)

    Command Economy

  16. _________ sector sells the entire output to house holds.

    (a)

    Firm

    (b)

    House hold

    (c)

    Government

    (d)

    Foreign trade

  17. ________ is a combination of both capitalism and socialism.

    (a)

    Socialistic economy

    (b)

    Capitalistic economy

    (c)

    Traditional economy

    (d)

    Mixed economy

  18. Identify the stock variable.

    (a)

    Wealth

    (b)

    Income

    (c)

    Foreign exchange

    (d)

    Money

  19. Inflation refers to steady ________ in general price level.

    (a)

    decrease

    (b)

    increase

    (c)

    constant

    (d)

    flat

  20. Who defined the following statement for an economy? “An economy is a cooperation of producers and workers to make goods and services that satisfy the wants of the consumers.

    (a)

    A. J. Brown

    (b)

    J. R. Hicks

    (c)

    J. S. Mill

    (d)

    J.M. Keynes

  21. Identify which of the following is not an external activity?

    (a)

    import and export

    (b)

    international relations

    (c)

    emigration and immigration

    (d)

    central bank policy

  22. Identify which is not a part of classification of economy based on Level of National Income

    (a)

    Foreign Income Economies

    (b)

    Low Income Economies

    (c)

    Middle Income Economies

    (d)

    High Income Economies

  23. What is considered as the heart of any capitalistic economy?

    (a)

    Sales mechanism

    (b)

    Price mechanism

    (c)

    Demand mechanism

    (d)

    Exchange mechanism

  24. From the households sectors receives the income?

    (a)

    households sector

    (b)

    government expenditure

    (c)

    external sector

    (d)

    firm sector

  25. Pick basic composition of two sector of model of economy

    (a)

    Y = C + I + G + (X – M)

    (b)

    Y = C + I + G

    (c)

    Y = C + S

    (d)

    Y = C + I

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