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

Identify the other name for Macro Economics

(a)

Price Theory

(b)

Income Theory

(c)

Market Theory

(d)

Micro Theory

An economy consists of

(a)

consumption sector

(b)

Production sector

(c)

Government sector

(d)

All the above

Identify the economic system where only private ownership of production exists

(a)

Capitalistic Economy

(b)

Socialistic Economy

(c)

Globalisic Economy

(d)

Mixed Economy

Primary sector is ________

(a)

Industry

(b)

Trade

(c)

Agriculture

(d)

Construction.

Expenditure method is used to estimate national income in_______

(a)

Construction sector

(b)

Agricultural Sector

(c)

Service sector

(d)

Banking sector

The main concention of the Classical Economic Theory is____________

(a)

Under employment

(b)

Economy is always in the state of equilibrium

(c)

Demand creates its supply

(d)

Imperfect competition

J.B. Say is a ___________

(a)

Neo Classical Economist

(b)

Classical Economist

(c)

Modern Economist

(d)

New Economist

In Keynes theory of employment and income, ___________ is the basic cause of economic depression

(a)

Less production

(b)

More demand

(c)

Inelastic supply

(d)

Less aggregate demand in relation to productive capacity

As income increases, consumption will______

(a)

fall

(b)

not change

(c)

fluctuate

(d)

increase

When investment is assumed autonomous the slope of the AD schedule is determined by the______

(a)

marginal propensity to invest

(b)

disposable income

(c)

marginal propensity to consume

(d)

average propensity to consume

Paper currency system is managed by the

(a)

Central Monetary authority

(b)

State Government

(c)

Central Government

(d)

Banks

___________inflation is in no way dangerous to the economy

(a)

walking

(b)

running

(c)

creeping

(d)

galloping

NBFI does not have.

(a)

Banking license

(b)

government approval

(c)

Money market approval

(d)

Finance ministry approval

Central bank is_____ authority of any country.

(a)

Monetary

(b)

Fiscal

(c)

Wage

(d)

National Income

International trade differs from domestic trade because of

(a)

Trade restrictions

(b)

Immobility of factors

(c)

Different government policies

(d)

All the above

In general, a primary reason why nations conduct international trade is because

(a)

Some nations prefer to produce one thing while others produce another

(b)

Resources are not equally distributed among all trading nations

(c)

Trade enhances opportunities to accumulate profits

(d)

Interest rates are not identical in all trading nations

If there is an imbalance in the trade balance (more imports than exports), it can be reduced by

(a)

decreasing customs duties

(b)

increasing export duties

(c)

stimulating exports

(d)

stimulating imports

Which of the following countries is not a member of SAARC?

(a)

Sri Lanka

(b)

Japan

(c)

Bangladesh

(d)

Afghanistan

International Development Association is an affiliate of

(a)

IMF

(b)

World Bank

(c)

SAARC

(d)

ASEAN

Which of the following canons of taxation was not listed by Adam smith?

(a)

Canon of equality

(b)

Canon of certainty

(c)

Canon of convenience

(d)

Canon of simplicity

Consider the following statements and identify the correct ones.
(i) Central government does not have exclusive power to impose tax which is not mentioned in state or concurrent list.
(ii) The Constitution also provides for transferring certain tax revenues from union list to states.

(a)

i only

(b)

ii only

(c)

both

(d)

none

The word biotic means environment

(a)

living

(b)

non-living

(c)

physical

(d)

None of the above

Long-term plan is also known as_______

(a)

Progressive Plans

(b)

Non-progressive Plans

(c)

Perspective Plans

(d)

Non-perspective Plans