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12th Economics Weekly Test - 2 ( Introduction to Macro Economics )

St. Britto Hr. Sec. School - Madurai

12th Economics Weekly Test - 2 ( 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.

The country following Capitalism is ________________

Russia
America
India
China

Identify the Father of Scientific Socialism.

Adamsmith
J.M. Keynes
Karl Marx
Marshall

Match the correct codes

1 Profit i Capitalism

2. Social Welfare ii Socialism

3. Social Welfare and Profit Motive iii Capitalist Economy

4. Free Market System iv Mixed Economy

(1) – (i) (2) – (ii) (3) – (iii) (4) – (iv)
(1) – (ii) (2) – (iii) (3) – (iv) (4) – (i)
(1) – (iv) (2) – (iii) (3) – (i) (4) – (ii)
(1) – (i) (2) – (ii) (3) – (iv) (4) – (iii)

A steady increase in general price level is termed as_____________.

wholesale price index
Business Cycle
Inflation
National Income

Match the correct codes

1 Y = C + I i Don’t exist

2. Y = C + I + G ii Two Sector

3. Y = C + I + G + (X – M) iii Three Sector

4. Y = C iv Four Sector

(1) – (i) (2) – (ii) (3) – (iv) (4) – (iii)
(1) – (ii) (2) – (iii) (3) – (iv) (4) – (i)
(1) – (iv) (2) – (iii) (3) – (i) (4) – (ii)
(1) – (i) (2) – (ii) (3) – (iii) (4) – (iv)

Absence of Price Mechanism is a characteristic feature of the ___________.

Socialist economy
Capitalist economy
Traditional economy
Mixed economy

Who defined the following statement for an economy? “A system by which people earn their living.”

J. R. Hicks
A. J. Brown
J. S. Mill
J.M. Keynes

Identify the necessity of Economic policies

to solve the basic problems
to overcome the obstacles
to achieve growth
all the above

Example for Mixed Economy ________.

India
France
China
Both 'a' and 'b'

Which of the following is not a macroeconomic goal?

Full Employment
Price Stability
Economic Security
All of the above are macro economic goals

The branches of the subject Economics is

Wealth and welfare
production and consumption
Demand and supply
micro and macro

An economic system where the economic activities of a nation are done both by the private and public together is termed as__________

Capitalistic Economy
Socialistic Economy
Globalisic Economy
Mixed Economy

The government may impose industrial safety regulations and occupational licensing requirements in which of the following economic systems?

laissez-faire economy
laissez-faire economy
mixed market economy
macroeconomic system

Micro means __________.

Large
Big
Small
Both 'a' and 'b'

Part - B

Generic 5 - Answer All Question

Explain the merits of Mixed Economy.

Discuss the scope of Macro Economics

Compare the feature among Capitalism, Secularism and Mixedism

Illustrate the functioning of an economy based on its activities

Explain the four sector circular flow model.

Explain the Demerits of capitalism.
Illustrate the functioning of an economy based on its activities.

Discuss the features of Capitalist economy

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