Start learning →

Karnataka PUC II Commerce Macroeconomics Introduction — practice questions

Explore 4 free Macroeconomics Introduction questions in Karnataka PUC II Commerce Economics. Open each question or exercise to read its content, reference answers and available explanation.

Practise Macroeconomics Introduction with Quill →

Macroeconomics Introduction questions and exercises with answers

Showing questions 1–4 of 4.

In a capitalist economy, the part of revenue earned by the entrepreneur after paying rent, interest and wages is calledRead the answer and worked solution →Which sector is NOT one of the four major sectors of a macroeconomy in the syllabus framework?Read the answer and worked solution →Which of the following is NOT a characteristic of a capitalist economy as defined in the chapter?Read the answer and worked solution →Approximately by how much did aggregate output in the USA fall between 1929 and 1933, the period of the Great Depression?Read the answer and worked solution →

Worked practice questions

In a capitalist economy, the part of revenue earned by the entrepreneur after paying rent, interest and wages is called

  1. Dividend
  2. Subsidy
  3. Tax
  4. Profit
Show answer and solution

Correct answer: D. Profit

Revenue − (rent + interest + wages) = profit, the entrepreneur's reward for bearing risk. Profits are often reinvested as investment expenditure.

Open this question →

Which sector is NOT one of the four major sectors of a macroeconomy in the syllabus framework?

  1. Foreign embassies
  2. Households
  3. Firms
  4. Government
Show answer and solution

Correct answer: A. Foreign embassies

The four sectors are households, firms, government, and the external sector (rest of the world). Foreign embassies are a sub-category of diplomatic activity, not a macroeconomic sector.

Open this question →

Which of the following is NOT a characteristic of a capitalist economy as defined in the chapter?

  1. Land owned collectively by tribal communities
  2. Private ownership of means of production
  3. Production for sale in the market
  4. Wage labour bought and sold at a price
Show answer and solution

Correct answer: A. Land owned collectively by tribal communities

Capitalist economies feature private ownership, market-based production and wage labour. Tribal collective land ownership is given as an example of NON-capitalist economic organisation.

Open this question →

How to practise

  1. Choose a Macroeconomics Introduction question and try to work out your answer.
  2. Open the question to check the correct answer and read its worked solution.
  3. Continue in the app for bite-sized lessons, explanations and review with Quill. You can start without creating an account.

More Economics topics

Money and BankingNational Income Accounting