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Chapters
1. |
Who is credited with bringing the term "the invisible hand" in economics? |
A. | adam smith |
B. | john maynard keynes |
C. | f. hayek |
D. | samuelson |
Answer» A. adam smith |
2. |
Macroeconomics as a separate branch came to be studied after the contributions of which economist? |
A. | adam smith |
B. | john maynard keynes |
C. | f. hayek |
D. | samuelson |
Answer» B. john maynard keynes |
3. |
When did the Great Depression hit the United States? |
A. | 2007 |
B. | 1929 |
C. | 1936 |
D. | 2001 |
Answer» B. 1929 |
4. |
Macroeconomics is a study of economics that deals with which 4 major factors: |
A. | households, firms, government, and demand-supply |
B. | households, firms, government and external sector |
C. | firms, government, free-market, and regulations |
D. | none of the above |
Answer» B. households, firms, government and external sector |
5. |
What are consumption goods? |
A. | goods used for consumption in the production process |
B. | goods such as tools, machinery, etc which are used to create final consumption goods |
C. | goods and services that are consumed fully when purchased by the consumers |
D. | none of the above |
Answer» C. goods and services that are consumed fully when purchased by the consumers |
6. |
What are Capital goods? |
A. | goods used for consumption in the production process |
B. | goods such as tools, machinery, etc which are used to create final consumer goods |
C. | goods and services that are consumed fully when purchased by the consumers |
D. | none of the above |
Answer» B. goods such as tools, machinery, etc which are used to create final consumer goods |
7. |
What does the term Gross investment mean while denoting a nation's economy? |
A. | gross investment= net investment + depreciation |
B. | gross investment= net investment - depreciation |
C. | gross investment= depreciation - net investment |
D. | none of the above |
Answer» A. gross investment= net investment + depreciation |
8. |
What does the term free-market denote in terms of economy? |
A. | minimal government intervention in trade and minimum regulations |
B. | maximum government intervention in trade and maximum regulations |
C. | means of production owned by the state |
D. | none of the above |
Answer» A. minimal government intervention in trade and minimum regulations |
9. |
___________economics can study the problem of Inflation in the country. |
A. | micro |
B. | macro |
C. | static |
D. | dynamic |
Answer» B. macro |
10. |
The credit of development of macroeconomic approach must go to ________. |
A. | dr. marshall |
B. | prof. pigou |
C. | lord keynes |
D. | mrs. joan robinson) |
Answer» C. lord keynes |
11. |
Macroeconomics does not study _________. |
A. | whole economy |
B. | national income |
C. | aggregate supply |
D. | product pricing) |
Answer» D. product pricing) |
12. |
_________ is the subject matter of Macroeconomics. |
A. | growth theory |
B. | factory pricing |
C. | market structure |
D. | individual incomes |
Answer» A. growth theory |
13. |
Micro and Macro approaches are ________. |
A. | competitive |
B. | alternative |
C. | substitutes |
D. | complementary |
Answer» D. complementary |
14. |
For economists, statements about the world are of two types: |
A. | assumptions and theories |
B. | positive statements and negative statements |
C. | positive statements and normative statements |
D. | specific statements and general statements |
Answer» C. positive statements and normative statements |
15. |
In a market economy: |
A. | households decide which firms to work for and what to buy with their incomes |
B. | profit and self-interest guide the decisions of firms and households |
C. | firms decide whom to hire and what to produced. |
D. | all of the above are true |
Answer» D. all of the above are true |
16. |
Statistics such as GDP, the unemployment rate, the rate of inflation and the trade balance are: |
A. | macro, since they tell us something about the entire economy |
B. | neither macro nor micro, but properly in the realm of political science |
C. | both micro and macro |
D. | micro, since they affect individual households and firms |
Answer» A. macro, since they tell us something about the entire economy |
17. |
What do you mean by a mixed economy? |
A. | modern and traditional industries |
B. | public and private sectors |
C. | foreign and domestic investments |
D. | commercial and subsistence farming |
Answer» B. public and private sectors |
18. |
In Economics, a good is something which, |
A. | is a service |
B. | can be a service |
C. | appears appealing |
D. | satisfies wants and needs |
Answer» D. satisfies wants and needs |
19. |
The basic factors of production are land, labour, capital and, |
A. | enterprise |
B. | investment |
C. | machinery |
D. | resources |
Answer» A. enterprise |
20. |
Macroeconomics became popular after------------- |
A. | great depression of 1929- 33 |
B. | 1972-73 |
C. | 1996- 97 |
D. | 2006- 07 |
Answer» A. great depression of 1929- 33 |
21. |
The term ‘macro’ has been derived from-------------- |
A. | greek word ‘makros’ which means large |
B. | english word ‘makros’ which means large |
C. | greek word ‘makros’ which means small |
D. | french word ‘makros’ which means large |
Answer» A. greek word ‘makros’ which means large |
22. |
In macroeconomics, we study about ------------------ |
A. | theory of national income & employment |
B. | theory of money supply & price level |
C. | theory of international trade & eco growth |
D. | all of the above. |
Answer» D. all of the above. |
23. |
Which of the following is/are the goals of macroeconomics-----------? |
A. | to achieve higher level of gdp |
B. | to achieve higher level of employment |
C. | stability of prices |
D. | all the above |
Answer» D. all the above |
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