Macro means ________.

(a)

Large

(b)

Aggregate

(c)

Economy as a whole

(d)

All the above

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

(a)

Socialist Economy

(b)

Capitalist Economy

(c)

Traditional Economy

(d)

Command Economy

In addition to household and firms, inclusion of the government sector make this model a ________ model.

(a)

Single sector model

(b)

Two sector model

(c)

Three sector model

(d)

Four sector model

Capitalism leads to ___________.

(a)

Central planning

(b)

Class struggle

(c)

Welfare

(d)

All the above

Who was the Norwegian economist and co-recipient of the first Nobel Prize?

(a)

JM Keynes

(b)

JR Hicks

(c)

Ragnar Frisch

(d)

Adam Smith