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Tamil Nadu HSC (Class 12) Introduction to Macro Economics — practice questions

Explore 12 free Introduction to Macro Economics questions in Tamil Nadu HSC (Class 12) Economics. Open each question or exercise to read its content, reference answers and available explanation.

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Introduction to Macro Economics questions and exercises with answers

Showing questions 1–12 of 12.

Sort: GDP includes or excludes?Read the answer and worked solution →Who coined the words 'micro' and 'macro' in economics, in the year 1933?Read the answer and worked solution →Who is regarded as the Father of Modern Macro Economics?Read the answer and worked solution →Who is referred to as the Father of Capitalism?Read the answer and worked solution →Who is identified as the Father of Socialism?Read the answer and worked solution →Macro economics is best described as the study of:Read the answer and worked solution →The word 'Macro' is derived from a Greek word meaning:Read the answer and worked solution →Which of the following is a flow variable rather than a stock variable?Read the answer and worked solution →The two sectors in a two-sector circular flow model are:Read the answer and worked solution →In a capitalist economy, which mechanism does the textbook describe as the heart of the system?Read the answer and worked solution →A socialist economy is also known by which other names?Read the answer and worked solution →Globalism, the ideology connecting nations through international trade, is also termed:Read the answer and worked solution →

Worked practice questions

Sort: GDP includes or excludes?

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Items
  1. Item
    Sale of a new car
    Answer
    left
  2. Item
    Restaurant meal
    Answer
    left
  3. Item
    Construction of a new house
    Answer
    left
  4. Item
    Resale of a used car
    Answer
    right
  5. Item
    Stock market transactions
    Answer
    right
  6. Item
    Unpaid housework
    Answer
    right
Categories
Left
Included
Right
Excluded

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Who coined the words 'micro' and 'macro' in economics, in the year 1933?

  1. Ragnar Frisch
  2. Adam Smith
  3. J. M. Keynes
  4. Karl Marx
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Correct answer: A. Ragnar Frisch

1. Economics is classified into two branches, micro economics and macro economics. 2. Ragnar Frisch, a Norwegian economist, coined the words micro, meaning small, and macro, meaning large, in the year 1933. 3. He was a co-recipient of the first Nobel Prize in Economic Sciences. 4. Keynes shaped modern macro economics but did not coin the term, and Smith and Marx belong to the discussion of economic systems. _Source: TN HSC Class 12 Economics (Samacheer Kalvi, Govt of Tamil Nadu), Ch 1 "Introduction to Macro Economics", §1.1_

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Who is regarded as the Father of Modern Macro Economics?

  1. Ragnar Frisch
  2. J. M. Keynes
  3. Alfred Marshall
  4. Simon Kuznets
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Correct answer: B. J. M. Keynes

1. Macro economics in its modern form began with John Maynard Keynes. 2. His book, The General Theory of Employment, Interest and Money, was published in 1936. 3. Keynes offered an explanation for the fallout from the Great Depression, when goods remained unsold and workers unemployed. 4. For this reason the textbook regards Keynes as the Father of Modern Macro Economics, while Frisch is credited only with coining the terms. _Source: TN HSC Class 12 Economics (Samacheer Kalvi, Govt of Tamil Nadu), Ch 1 "Introduction to Macro Economics", §1.1_

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