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

1.

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

2.

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

3.

Find the incorrect match

(a)

Capitalistic Economy - Capitalism

(b)

Command Economy - Socialism

(c)

Socialistic Economy - Globalism

(d)

Mixed Economy- Mixedism

4.

Given the chart, find the missing system of economy

(a)

Pure Mixed

(b)

Capitalist Learning

(c)

Mixed Learning

(d)

Marxis

5.

Find the odd one out

(a)

C + I

(b)

C + I + G + (X – M)

(c)

C + I + G

(d)

(X – M)

6.

Assertion: The government has a limited role in a capitalistic economy.
Reason: The government provides basic services such 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

7.

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

8.

From the households sectors receives the income?

(a)

households sector

(b)

government expenditure

(c)

external sector

(d)

firm sector

9.

What is considered as the heart of any capitalistic economy?

(a)

Sales mechanism

(b)

Price mechanism

(c)

Demand mechanism

(d)

Exchange mechanism

10.

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

(a)

Extended Capitalism

(b)

Confined Capitalism

(c)

Favourable Capitalism

(d)

None of above

11.

Identify the stock variable.

(a)

Wealth

(b)

Income

(c)

Foreign exchange

(d)

Money

12.

_________ sector sells the entire output to house holds.

(a)

Firm

(b)

House hold

(c)

Government

(d)

Foreign trade

13.

Market forces are _________.

(a)

Supply and price

(b)

Demand and price

(c)

Prices of commodity

(d)

Supply and demand

14.

Micro means __________.

(a)

Large

(b)

Big

(c)

Small

(d)

Both 'a' and 'b'

15.

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

16.

Identify the flow variable

(a)

money supply

(b)

assests

(c)

income

(d)

foreign exchange reserves

17.

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

18.

The country following Capitalism is ________________

(a)

Russia

(b)

America

(c)

India

(d)

China

19.

Economic system representing equality in distribution is _________.

(a)

Capitalism

(b)

Globalism

(c)

Mixedism

(d)

Socialism

20.

Who coined the word ‘Macro’?

(a)

Adam Smith

(b)

J M Keynes

(c)

Ragnar Frisch

(d)

Karl Marx

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

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