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12th Economics Weekly Test -1 ( Introduction to Macro Economics )

St. Britto Hr. Sec. School - Madurai

12th Economics Weekly Test -1 ( Introduction to Macro Economics )-Aug 2020

Time : 1.30 Hours

Part - A

Multiple Choice Question - Answer All Question

Which of the following statements regarding the circular-flow diagram is true?

If Vijay works for XYZ Solutions Ltd. and receives a salary payment, the transaction takes place in the market for goods and services.
If Vijay works for XYZ Solutions Ltd. and receives a salary payment, the transaction takes place in the market for goods and services.
None of these answers
The factors of production are owned by households.

Given the chart, find the missing activity of an economy.

Foreign Activity
Excess Activity
Exchange Activity
Government Activity

Who is regarded as Father of Modern Macro Economics

Adam Smith
J M Keynes
Ragnar Frisch
Karl Marx

Identify the economic system where all decision are under taken by the central planning authority.

Socialist economy
Globalistic economy
Mixed economy
Capitalistic economy

The right to property exists largely in _______.

Traditional society
Capitalism
Socialism
Mixed economy

Identify which of following is not a feature of mixed economy?

Coexistence of Public and Private Sectors
Solution to Economic Problems
Equality of Income
Freedom and Control

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

Single sector model
Two sector model
Three sector model
Four sector model

The Circular Flow Model that represents an open Economy

Two Sector Model
Three Sector Model
Four Sector Model
All the above

A steady fall in general price level is termed as ___________.

Deflation
Inflation
Trade
To achieve growth

The interaction of individuals and firms in a market can be described as a_______ of money, goods and services and resources through product and factor markets.

Constant flow
Stable flow
Circular Flow
Circular Flow

Part - B

Generic 2 - Answer All Question

What are the subject matters of macroeconomic theory

Give the countries which have communism.

Identify the following topics which are predominantly macroeconomic

What is Business Cycle?
Who is the controll authority of socialistic economy?

Why Keynes is considered as the father of modern macro economics?

Part - C

Generic 3 - Answer All Question

State the importance of Macro Economics

Briefly explain the two sector circular flow model.

Bring out the functions of an economy with the help of flow chart.
Write any two demerits of capitalism.

Outline the major merits of capitalism.

What are the Merits of Socialism?

Part - D

Generic 5 - Answer All Question

Discuss the features of Capitalist economy

Illustrate the functioning of an economy based on its activities
Discuss the scope of Macro Economics.

Explain the Demerits of capitalism.

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