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Q1:

3 June Shift 2

Macro > Introduction

Medium

Arrange the following events in chronological order according to time period. (A) The Economic Consequences of the Peace. (B) An Enquiry into the Nature and Cause of the Wealth of Nations. (C) The Great Depression. (D) General Theory of Employment, Interest and Money. Choose the correct answer from the options given below:

(C), (B), (D), (A)

(A), (B), (C), (D)

(B), (A), (D), (C)

(B), (A), (C), (D)

Correct Answer

Option 4

Correct Answer

Explanation →

Q2:

3 June Shift 1

Macro > Introduction

Medium

Arrange the following chronologically: (A) Great Depression. (B) The Economic Consequences of the Peace. (C) An Enquiry into the Nature and cause of the Wealth of the Nations. (D) The General Theory of Employment, Interest and Money. Choose the correct answer from the options given below:

(C), (B), (D), (A)

(A), (B), (C), (D)

(C), (B), (A), (D)

(A), (B), (D), (C)

Correct Answer

Option 3

Correct Answer

Explanation →

Q3:

3 June Shift 1

Macro > Introduction

Easy

Match List-I with List-II | List-I | List-II | |---|---| | (A) Macroeconomics | (I) Unlimited. | | (B) Human wants | (II) Economics of 'what ought to be'. | | (C) Normative Economics | (III) A system by which people of an area earn their living. | | (D) Economy | (IV) Studies the problem of choice at the level of the country as a whole. | Choose the correct answer from the options given below:

(A) - (IV), (B) - (III), (C) - (II), (D) - (I)

(A) - (IV), (B) - (III), (C) - (I), (D) - (II)

(A) - (I), (B) - (III), (C) - (IV), (D) - (II)

(A) - (IV), (B) - (I), (C) - (II), (D) - (III)

Correct Answer

Option 4

Correct Answer

Explanation →

Q4:

2 June Shift 1

Macro > Introduction

Medium

Match List-I with List-II | List-I | List-II | |---|---| | (A) An enquiry into the nature and cause of the wealth of nations | (I) 1919 | | (B) The Economic Consequences of the Peace | (II) 1929 | | (C) General Theory of Employment, Interest and Money | (III) 1776 | | (D) The Great Depression | (IV) 1936 | Choose the correct answer from the options given below:

(A) - (I), (B) - (II), (C) - (III), (D) - (IV)

(A) - (III), (B) - (I), (C) - (IV), (D) - (II)

(A) - (I), (B) - (II), (C) - (IV), (D) - (III)

(A) - (III), (B) - (IV), (C) - (I), (D) - (II)

Correct Answer

Option 2

Correct Answer

Explanation →

Q5:

2 June Shift 1

Macro > Introduction

Easy

Which of the following is not a characteristic of a capitalist economy?

There is private ownership of means of production.

There is public ownership of means of production.

There is sale and purchase of labour services at a price which is called the wage rate.

Production takes place for the welfare of society.

Correct Answer

Option 2

Correct Answer

Explanation →

Q6:

31 May Shift 1

Macro > Introduction

Easy

Match List-I with List-II | List-I | List-II | |---|---| | (A) Macroeconomics | (I) We study the behavior of aggregate measures of the performance of the economy. | | (B) Mixed economy | (II) All important decisions regarding production, exchange and consumption of goods and services are made by the government. | | (C) Market | (III) Some important decisions are taken by the government and the economic activities are by and large conducted through the market. | | (D) Centrally planned economy | (IV) A set of arrangements where economic agents can freely exchange their endowments or products with each other. | Choose the correct answer from the options given below: 1. (A) - (I), (B) - (III), (C) - (II), (D) - (IV) 2. (A) - (I), (B) - (II), (C) - (III), (D) - (IV) 3. (A) - (I), (B) - (III), (C) - (IV), (D) - (II) 4. (A) - (III), (B) - (IV), (C) - (I), (D) - (II)

(A) - (I), (B) - (III), (C) - (II), (D) - (IV)

(A) - (I), (B) - (II), (C) - (III), (D) - (IV)

(A) - (I), (B) - (III), (C) - (IV), (D) - (II)

(A) - (III), (B) - (IV), (C) - (I), (D) - (II)

Correct Answer

Option 3

Correct Answer

Explanation →

Q7:

30 May Shift 2

Macro > Introduction

Easy

The study of total output, employment and aggregate price level of an economy.

Macro Economics.

Micro Economics.

Positive Economics.

Normative Economics.

Correct Answer

Option 1

Correct Answer

Explanation →

Q8:

29 May Shift 2

Macro > Introduction

Easy

Individuals or institutions that take economic decisions are known as................

Consumers.

Producers.

Government.

Economic Agents.

Correct Answer

Option 4

Correct Answer

Explanation →

Q9:

29 May Shift 1

Macro > Introduction

Easy

Macroeconomics emerged as a separate subject in the year _________ due to Prof. J. M Keynes.

1940s

1930s

1920s

1950s

Correct Answer

Option 2

Correct Answer

Explanation →

Q10:

28 May Shift 2

Macro > Introduction

Easy

The basic objective of macroeconomics is to develop theoretical tools. They are called........

National Income.

Components.

Models.

Aggregate.

Correct Answer

Option 3

Correct Answer

Explanation →

Q11:

28 May Shift 2

Macro > Introduction

Medium

A capitalist economy can be defined as an economy in which most of the economic activities have the following characteristics. (A) Sale and purchase of labour services at their own price. (B) Sale and purchase of labour services at the wage rate. (C) Production takes place for selling. (D) Authorities may intervene to achieve an equitable distribution of the final mix of goods and services. Choose the correct answer from the options given below:

(A), (C) and (D) only

(A), (B) and (D) only

(A), (B), (C) and (D)

(B), (C) and (D) only

Correct Answer

Option 4

Correct Answer

Explanation →

Q12:

22 May Shift 2

Macro > Introduction

Medium

Select the correct statements regarding macroeconomics. (A) Macroeconomics deals with the aggregate economic variables of an economy. (B) Macroeconomics emerged as a separate subject in the 1930s due to Keynes. (C) Macroeconomics is a combination of households, firms, and the government sector only in open economy. (D) Macroeconomics takes into account various inter - linkages which may exist between the different sectors of an economy. Choose the correct answer from the options given below:

(A), (B) and (D) only

(A), (B) and (C) only

(A), (B), (C) and (D)

(B), (C) and (D) only

Correct Answer

Option 1

Correct Answer

Explanation →

Q13:

16 May Shift 1

Macro > Introduction

Easy

Identify the incorrect statement from the following.

In microeconomics, we study the behaviour of individual economic agents in the markets for different goods and services.

In macroeconomics, we try to get an understanding of the economy as a whole by focusing our attention on aggregate measures such as total output, employment and aggregate price level.

In macroeconomics, we are interested in finding out how the levels of aggregate macro measures are determined and how the levels of these aggregate measures change over time.

In macroeconomics, we try to figure out how prices and quantities of goods and services are determined through the interaction of individuals in these markets.

Correct Answer

Option 4

Correct Answer

Explanation →

Q14:

14 May Shift 1

Macro > Introduction

Medium

Who wrote the book "The Economic Consequences of the Peace"? 1. John Maynard Keynes 2. Adam Smith 3. J. S. Mill. 4. Alfred Marshall

John Maynard Keynes

Adam Smith

J. S. Mill.

Alfred Marshall

Correct Answer

Option 1

Correct Answer

Explanation →

Q15:

13 May Shift 2

Macro > Introduction

Easy

Any concept or saying, that describes the functioning of an imaginary economy is called ........

Macroeconomic Model

Microeconomic Model.

Economic Performance.

Production Method.

Correct Answer

Option 1

Correct Answer

Explanation →

Q16:

13 May Shift 2

Macro > Introduction

Easy

Identify the economic agents from the following. (A) Consumers. (B) Institutions like banks or corporations. (C) Producer. (D) Government. Choose the correct answer from the options given below:

(A), (B) and (D) only

(A), (B) and (C) only

(A), (B), (C) and (D)

(B), (C) and (D) only

Correct Answer

Option 3

Correct Answer

Explanation →

Q17:

28 May Shift 2

Macro > Introduction

Easy

The book 'General Theory of Employment, Interest and Money', has been written by the distinguished economist.

Adam Smith

J.M. Keynes

A.C. Pigou

David Ricardo

Correct Answer

Option 2

Correct Answer

Explanation →