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Introduction to Macroeconomics Class 12 MCQs Questions with Answers
Choose the correct alternative.
Question 1.
What is known as the study of individual units?
(a) Macroeconomics
(b) Microeconomics
(c) Income and employment theory
(d) Development economics
Answer
Answer: (b) Microeconomics
Question 2.
The study of aggregates is known as
(a) Macroeconomics
(b) Microeconomics
(c) Price theory
(d) Factor price determination
Answer
Answer: (a) Macroeconomics
Question 3.
What is the name of the book written by J.M. Keynes?
(a) The Wealth of Nation
(b) The General Theory of Employment, Interest, and Money
(c) Political Economy
(d) None of these
Answer
Answer: (b) The General Theory of Employment, Interest, and Money
Question 4.
When was the famous book of Prof. Keynes published?
(a) 1930
(b) 1931
(c) 1936
(d) 1940
Answer
Answer: (c) 1936
Question 5.
When did the great depression occur?
(a) 1929-30
(b) 1934-35
(c) 1938-39
(d) 1941-42
Answer
Answer: (a) 1929-30
Question 6.
Who is known as the father of modern macroeconomics?
(a) Adam Smith
(b) J. M. Keynes
(c) Samuelson
(d) Hicks
Answer
Answer: (b) J. M. Keynes
Question 7.
Mr. Skund Kumar wants to study the national income. Which branch of economics will he have to study?
(a) Microeconomics
(b) Price theory
(c) Factor price determination
(d) Macroeconomics
Answer
Answer: (d) Macroeconomics
Fill in the blanks with the correct word.
Question 8.
The mother of all economic problems is _______
Answer
Answer: scarcity
Question 9.
Macroeconomics is defined as that branch of economics which studies economic activities of an economy as a _______
Answer
Answer: whole
Question 10.
______ was the founding father of modern economics.
Answer
Answer: Adam Smith
Question 11.
Keynes book on Income and Employment came to light in the year ________
Answer
Answer: 1936
Question 12.
Aggregate Demand is the sum total of consumption and _______
Answer
Answer: investment
Question 13.
The period of the Great Depression was from _______
Answer
Answer: 1929-33
State whether the following statements are True or False.
Question 14.
Capital, land, labour, and entrepreneur are the factors of production.
Answer
Answer: True
Question 15.
The expenses which raise productive capacity are known as investment expenditure.
Answer
Answer: True
Question 16.
The domestic country may sell goods to the rest of the world. It is called imports.
Answer
Answer: False
Question 17.
The capitalist economy works for social welfare.
Answer
Answer: False
Question 18.
Microeconomics deals with the aggregate economic variable of an economy.
Answer
Answer: False
Question 19.
‘Save more’ is always a virtue.
Answer
Answer: False
Match the alternatives given in Column II with respective terms in Column I.
Question 20.
| Column I | Column II |
| (i) Macroeconomic variable | (a) 1936 |
| (ii) Microeconomic variable | (b) Rate of inflation |
| (iii) Capitalism | (c) Private ownership |
| (iv) The Great Economic Depression | (d) Demand for cars |
| (v) General Theory of Employment, Interest, and Money | (e) 1929 |
Answer
Answer:
| Column I | Column II |
| (i) Macroeconomic variable | (b) Rate of inflation |
| (ii) Microeconomic variable | (d) Demand for cars |
| (iii) Capitalism | (c) Private ownership |
| (iv) The Great Economic Depression | (e) 1929 |
| (v) General Theory of Employment, Interest and Money | (a) 1936 |
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