model question paper chapter one economics

12th Standard EM

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Economics

Use blue ink pen only
Time : 01:00:00 Hrs
Total Marks : 50

    Part - A

    Answer all questions

    15 x 1 = 15
  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. Who coined the word ‘Macro’?

    (a)

    Adam Smith

    (b)

    J M Keynes

    (c)

    Ragnar Frisch

    (d)

    Karl Marx

  3. Who is regarded as Father of Modern Macro Economics

    (a)

    Adam Smith

    (b)

    J M Keynes

    (c)

    Ragnar Frisch

    (d)

    Karl Marx

  4. Identify the other name for Macro Economics

    (a)

    Price Theory

    (b)

    Income Theory

    (c)

    Market Theory

    (d)

    Micro Theory

  5. Macro economics is a study of_________

    (a)

    individuals

    (b)

    firms

    (c)

    a nation

    (d)

    aggregates

  6. Indicate the contribution of J M Keynes to economics

    (a)

    Wealth of Nations

    (b)

    General Theory

    (c)

    Capital

    (d)

    Public Finance

  7. A steady increase in general price level is termed as_____________.

    (a)

    wholesale price index

    (b)

    Business Cycle

    (c)

    Inflation

    (d)

    National Income

  8. 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

  9. Indicate the fundamental economic activities of an economy

    (a)

    Production and Distribution

    (b)

    Production and Exchange

    (c)

    Production and Consumption

    (d)

    Production and Marketing

  10. An economy consists of

    (a)

    consumption sector

    (b)

    Production sector

    (c)

    Government sector

    (d)

    All the above

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

    (a)

    Capitalistic Economy

    (b)

    Socialistic Economy

    (c)

    Globalisic Economy

    (d)

    Mixed Economy

  12. Economic system representing equality in distribution is _________.

    (a)

    Capitalism

    (b)

    Globalism

    (c)

    Mixedism

    (d)

    Socialism

  13. Who is referred as ‘Father of Capitalism’?

    (a)

    Adam Smith

    (b)

    Karl Marx

    (c)

    Thackeray

    (d)

    J M Keynes

  14. The country following Capitalism is ________________

    (a)

    Russia

    (b)

    America

    (c)

    India

    (d)

    China

  15. Identify The Father of Socialism

    (a)

    J M Keynes

    (b)

    Karl Marx

    (c)

    Adam Smith

    (d)

    Samuelson

  16. Part - B

    Answer all questions

    5 x 2 = 10
  17. Define Macro Economics

  18. Define the term ‘Inflation

  19. What is meant by an ‘Economy’?

  20. Classify the economies based on status of development

  21. What do you mean by Capitalism?

  22. Part - C

    Answer each of the following questions

    5 x 3 = 15
  23. State the importance of Macro Economics

  24. Describe the different types of economic systems.

  25. Outline the major merits of capitalism.

  26. Indicate the demerits of socialism

  27. Enumerate the features of mixed economy

  28. Part - D

    Answer each of the following questions

    2 x 5 = 10
  29. Illustrate the functioning of an economy based on its activities

  30. Compare the feature among Capitalism, Secularism and Mixedism

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