The branches of the subject Economics are

(a)

Wealth and Welfare

(b)

Production and Consumption

(c)

Demand and Supply

(d)

Micro and Macro

A steady increase in general price level is termed as_____________.

(a)

wholesale price index

(b)

Business Cycle

(c)

Inflation

(d)

National Income

Indicate the fundamental economic activities of an economy

(a)

Production and Distribution

(b)

Production and Exchange

(c)

Production and Consumption

(d)

Production and Marketing

Who is referred as ‘Father of Capitalism’?

(a)

Adam Smith

(b)

Karl Marx

(c)

Thackeray

(d)

J M Keynes

Quantity of a commodity accumulated at a point of time is termed as ____________..

(a)

production

(b)

stock

(c)

variable

(d)

flow

Micro means __________.

(a)

Large

(b)

Big

(c)

Small

(d)

Both 'a' and 'b'

Planned economy is also known as _________.

(a)

Capitalist Economy

(b)

Socialist Economy

(c)

Mixed Economy

(d)

All the above

Combination of both capitalism and socialism ________.

(a)

Capitalist Economy

(b)

Traditional Economy

(c)

Mixed Economy

(d)

Socialist Economy

The right to property exists largely in _______.

(a)

Traditional society

(b)

Capitalism

(c)

Socialism

(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

Aggregate Economics

(1)

Cuba

Socialist Economy

(2)

Co-existence of both public and private

Mixed Economy

(3)

Socialistic Economy

Role of Government

(4)

Income Theory

Socialist Country

(5)

Command Economy

General Economics Systems:
(a) Indian economy
(b) Capitalist economy
(c) Socialist economy
(d) Mixed economy

Demerits of Socialism ___________
(a) Read Tapism and Bureaucracy
(b) Reduction in inequalities
(c) Absence of incentives
(d) Limited freedom of choice

Define Macro Economics

What is meant by an ‘Economy’?

What do you mean by Capitalism?

Define ‘Economic Model'.

What is Globalism?

What is Mixed Economy?

What are the different models of circular flow of income?

What is Globalisation?

Discuss the scope of Macro Economics.

Compare the features of capitalism and socialism.

Explain the four sector circular flow model.

Explain the Demerits of capitalism.

Explain the concepts of macro economics.