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

(a)

Deflation

(b)

Inflation

(c)

Trade

(d)

To achieve growth

Micro means __________.

(a)

Large

(b)

Big

(c)

Small

(d)

Both 'a' and 'b'

Macro means ________.

(a)

Large

(b)

Aggregate

(c)

Economy as a whole

(d)

All the above

Macro economics is also known as __________.

(a)

Price theory

(b)

Income theory

(c)

Business cycle

(d)

Poverty and unemployment

Planned economy is also known as _________.

(a)

Capitalist Economy

(b)

Socialist Economy

(c)

Mixed Economy

(d)

All the above

Father of socialism _________.

(a)

Adamsmith

(b)

J.M. Keynes

(c)

Karl Marx

(d)

J.R. Hicks

Example for Mixed Economy ________.

(a)

India

(b)

France

(c)

China

(d)

Both 'a' and 'b'

Combination of both capitalism and socialism ________.

(a)

Capitalist Economy

(b)

Traditional Economy

(c)

Mixed Economy

(d)

Socialist Economy

Socialist Economy promote  __________.

(a)

Social welfare motive

(b)

Collective welfare motive

(c)

Profit motive

(d)

Both 'a' and 'b'

Market forces are _________.

(a)

Supply and price

(b)

Demand and price

(c)

Prices of commodity

(d)

Supply and demand

The right to property exists largely in _______.

(a)

Traditional society

(b)

Capitalism

(c)

Socialism

(d)

Mixed economy

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

(a)

Socialist economy

(b)

Capitalist economy

(c)

Traditional economy

(d)

Mixed economy

Non-interference of the state is a characteristic features of the ___________.

(a)

Socialist Economy

(b)

Capitalist Economy

(c)

Traditional Economy

(d)

Command Economy

_________ sector sells the entire output to house holds.

(a)

Firm

(b)

House hold

(c)

Government

(d)

Foreign trade

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

(a)

Single sector model

(b)

Two sector model

(c)

Three sector model

(d)

Four sector model