Test: Introduction To Macro Economics - 1


10 Questions MCQ Test Economics Class 12 | Test: Introduction To Macro Economics - 1


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This mock test of Test: Introduction To Macro Economics - 1 for Commerce helps you for every Commerce entrance exam. This contains 10 Multiple Choice Questions for Commerce Test: Introduction To Macro Economics - 1 (mcq) to study with solutions a complete question bank. The solved questions answers in this Test: Introduction To Macro Economics - 1 quiz give you a good mix of easy questions and tough questions. Commerce students definitely take this Test: Introduction To Macro Economics - 1 exercise for a better result in the exam. You can find other Test: Introduction To Macro Economics - 1 extra questions, long questions & short questions for Commerce on EduRev as well by searching above.
QUESTION: 1

Consider the following statements:
1. Macroeconomics is a study of individual markets of demand and supply and the players or the decision-maker seen as trying to maximise their profits(as producers or sellers) and their personal satisfaction or welfare levels(as consumers).
2. Even a large company is ‘micro’ in the sense that it had to act in the interest of its own shareholders and not necessarily in the interest of the country as a whole.
Q. Which of the statements given above is/are correct? 

Solution:
QUESTION: 2

Macroeconomic policies of India are pursued by which of the followings:
1. Government of India
2. RBI
3. SEBI
Select the correct answer using the codes given below

Solution:
QUESTION: 3

Macroeconomics as a separate branch of economics, emerged after the British economist John Maynard Keynes published is celebrated book 

Solution:
QUESTION: 4

Which of these are the factors of production?
1. Land
2. Labour
3. Revenue
4. Capital
Select the correct answer using the codes given below.

Solution:
QUESTION: 5

“An Enquiry into the Nature and Cause of the Wealth of Nations” book is written by?

Solution:
QUESTION: 6

Consider the following statements:
1. Final goods produced in an economy can be classified into consumption goods and capital goods.
2. Consumption goods can be further classified into consumer durables and non durable.
Q. Which of the statements given above is/are correct? 

Solution:
QUESTION: 7

Choose the false statement among the following statements: 

Solution:
QUESTION: 8

Match the following pairs:

Q. Which of the followings are correctly matched?

Solution:

The correct option is B.

Capitalism is an economic system in which private individuals or businesses own capital goods.

Socialism is any of various economic and political theories advocating collective or governmental ownership and administration of the means of production and distribution of goods.

Communism, also known as a command system, is an economic system where the government owns most of the factors of production and decides the allocation of resources and what products and services will be provided.

Hence capitalism is a private ownership, socialism is for essentials and monopolies and is government owned and communism is completely owned by government.

QUESTION: 9

Who among the followings gave the Communist doctrine?

Solution:

The correct option is B.

For much of the twentieth century, The Communist Manifesto was accepted as doctrine by those living under Communist rule as well as by those caught up in the fervor of revolutionary political activity, while others considered it a piece of propaganda of interest mainly to scholars of political history and international relations.In June 1848, less than six months after the Manifesto‘s first publication, Marx advocated shelving the document and disbanding the Communist League, which had requested in late 1847 that Marx and Engels write the Manifesto. So Karl Marx and Frederick Engels.

QUESTION: 10

With reference to calculation of Aggregate value of goods and services produced during a year, consider the following:
1. Expenditure method
2. Product method
3. Revenue method
4. Income method
Which of the statements given above is/are correct? 

Solution: