McqMate
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 | |
Done Reading?