This post covers the book back answers and solutions for Chapter 1 from the Tamil Nadu State Board 12th Standard Economics textbook. These detailed answers have been carefully prepared by our expert teachers at KalviTips.com.
Question Types Covered:
- 1 Mark Questions: Choose the correct answer, Fill in the blanks, Identify the correct statement, Match the following
- 2 Mark Questions: Answer briefly
- 3, 4, and 5 Mark Questions: Answer in detail
Chapter 1: Introduction to Macro Economics
I. Choose the correct answer.
1. The branches of the subject Economics are _____________.
a) Wealth and welfare
b) production and consumption
c) Demand and supply
d) micro and macro
Answer Key:
d) micro and macro
2. Who coined the word ‘Macro’?
a) Adam Smith
b) J M Keynes
c) Ragnar Frisch
d) Karl Marx
Answer Key:
c) Ragnar Frisch
3. Who is regarded as the Father of Modern Macro Economics?
a) Adam Smith
b) J M Keynes
c) Ragnar Frisch
d) Karl Marx
Answer Key:
b) J M Keynes
4. Identify the other name for MacroEconomics.
a) Price Theory
b) Income Theory
c) Market Theory
d) Micro Theory
Answer Key:
b) Income Theory
5. Macro economics is a study of ___________________.
a) individuals
b) firms
c) a nation
d) aggregates
Answer Key:
d) aggregates
6. Indicate the contribution of J M Keynes to economics.
a) Wealth of Nations
b) General Theory
c) Capital
d) Public Finance
Answer Key:
b) General Theory
7. A steady increase in general price level is termed as_____________.
a) wholesale price index
b) Business Cycle
c) Inflation
d) National Income
Answer Key:
c) Inflation
8. Identify the necessity of Economic policies.
a) to solve the basic problems
b) to overcome the obstacles
c) to achieve growth
d) all the above
Answer Key:
d) all the above
9. Indicate the fundamental economic activities of an economy.
a) Production and Distribution
b) Production and Exchange
c) Production and Consumption
d) Production and Marketing
Answer Key:
c) Production and Consumption
10. An economy consists of ___________.
a) consumption sector
b) Production sector
c) Government sector
d) All the above
Answer Key:
d) All the above
11. Identify the economic system where only private ownership of production exists.
a) Capitalist Economy
b) Socialist Economy
c) Globalist Economy
d) Mixed Economy
Answer Key:
a) Capitalist Economy
12. Economic system representing equality in distribution is _________.
a) Capitalism
b) Globalism
c) Mixedism
d) Socialism
Answer Key:
d) Socialism
13. Who is referred as ‘Father of Capitalism’?
a) Adam Smith
b) Karl Marx
c) Thackeray
d) J M Keynes
Answer Key:
a) Adam Smith
14. The country following Capitalism is ________________ .
a) Russia
b) America
c) India
d) China
Answer Key:
b) America
15. Identify The Father of Socialism.
a) J M Keynes
b) Karl Marx
c) Adam Smith
d) Samuelson
Answer Key:
b) Karl Marx
16. An economic system where the economic activities of a nation are done both by the private and the public sectors together is termed as_____________.
a) Capitalist Economy
b) Socialist Economy
c) Globalist Economy
d) Mixed Economy
Answer Key:
d) Mixed Economy
17. Quantity of a commodity measured at a point of time is termed as ____________.
a) production
b) stock
c) variable
d) flow
Answer Key:
b) stock
18. Identify the flow variable.
a) money supply
b) assets
c) income
d) foreign exchange reserves
Answer Key:
c) income
19. Identify the sectors of a Two Sector Model.
a) Households and Firms
b) Private and Public
c) Internal and External
d) Firms and Government
Answer Key:
a) Households and Firms
20. The Circular Flow Model that represents an open Economy.
a) Two Sector Model
b) Three Sector Model
c) Four Sector Model
d) All the above
Answer Key:
c) Four Sector Model
II.Answer the following questions.
III. Answer the following questions.
IV. Answer the following questions.
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