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12th Standard Economics Introduction to Macro Economics English Medium Free Online Test One Mark Questions with Answer Key 2020 - 2021

12th Standard

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Economics

Time : 00:20:00 Hrs
Total Marks : 20

    Answer all the questions

    20 x 1 = 20
  1. Who coined the word ‘Macro’?

    (a)

    Adam Smith

    (b)

    J M Keynes

    (c)

    Ragnar Frisch

    (d)

    Karl Marx

  2. Economic system representing equality in distribution is _________.

    (a)

    Capitalism

    (b)

    Globalism

    (c)

    Mixedism

    (d)

    Socialism

  3. The country following Capitalism is ________________

    (a)

    Russia

    (b)

    America

    (c)

    India

    (d)

    China

  4. An economic system where the economic activities of a nation are done both by the private and public together is termed as__________

    (a)

    Capitalistic Economy

    (b)

    Socialistic Economy

    (c)

    Globalisic Economy

    (d)

    Mixed Economy

  5. Identify the flow variable

    (a)

    money supply

    (b)

    assests

    (c)

    income

    (d)

    foreign exchange reserves

  6. 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

  7. Micro means __________.

    (a)

    Large

    (b)

    Big

    (c)

    Small

    (d)

    Both 'a' and 'b'

  8. Market forces are _________.

    (a)

    Supply and price

    (b)

    Demand and price

    (c)

    Prices of commodity

    (d)

    Supply and demand

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

    (a)

    Firm

    (b)

    House hold

    (c)

    Government

    (d)

    Foreign trade

  10. Identify the stock variable.

    (a)

    Wealth

    (b)

    Income

    (c)

    Foreign exchange

    (d)

    Money

  11. What is the term coined by Manfred D Steger (2002) to denote the new market ideology of globalisation that connects nations together through internationa trade and aiming at global development?

    (a)

    Extended Capitalism

    (b)

    Confined Capitalism

    (c)

    Favourable Capitalism

    (d)

    None of above

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

    (a)

    Sales mechanism

    (b)

    Price mechanism

    (c)

    Demand mechanism

    (d)

    Exchange mechanism

  13. From the households sectors receives the income?

    (a)

    households sector

    (b)

    government expenditure

    (c)

    external sector

    (d)

    firm sector

  14. 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

  15. The government has a limited role in a capitalistic economy
    The government provides basic servicessuch as, defense, public health, education, etc.

    (a)

    Both (A) and (R) are true and (R) is the correct explanation of (A).

    (b)

    Both (A) and (R) are true, but (R) is not the correct explanation of (A).

    (c)

    (A) is true, but (R) is false

    (d)

    (A) is false, but (R) is true

  16. Find the odd one out

    (a)

    C + I

    (b)

    C + I + G + (X – M)

    (c)

    C + I + G

    (d)

    (X – M)

  17. Given the chart, find the missing system of economy

    (a)

    Pure Mixed

    (b)

    Capitalist Learning

    (c)

    Mixed Learning

    (d)

    Marxis

  18. Find the incorrect match

    (a)

     Capitalistic Economy - Capitalism

    (b)

    Command Economy -  Socialism

    (c)

    Socialistic Economy -  Globalism

    (d)

    Mixed Economy-  Mixedism

  19. In the circular-flow diagram

    (a)

    Spending on goods and services flow from firms to households

    (b)

    Goods and services flow from households to firms

    (c)

    Factors of production flow from firms to households

    (d)

    Income from factors of production flows from firms to households

  20. The government may impose industrial safety regulations and occupational licensing requirements in which of the following economic systems?

    (a)

    laissez-faire economy

    (b)

    laissez-faire economy

    (c)

    mixed market economy

    (d)

    macroeconomic system

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