Economics Practice Quiz 120

Q1.In many tribal societies, what is the ownership pattern of land?

A. Land belongs to individual families B. Land belongs to the whole tribe C. Land is owned by the government D. Land is privately owned by chiefs

Q2.Which of the following is NOT a characteristic of capitalist countries?

A. Wage labour is used B. Production is solely for the market C. Significant rise in capital stock over time D. Production is carried out by peasant families

Q3.What are the two kinds of trade with the external sector mentioned in the source text?

A. Exports and imports B. Capital inflows and outflows C. Exports and capital flows D. Imports and capital flows

Q4.Macroeconomics emerged as a separate subject in which decade?

A. 1920s B. 1930s C. 1940s D. 1950s

Q5.Who is credited with the emergence of macroeconomics as a separate subject?

A. Adam Smith B. John Maynard Keynes C. Milton Friedman D. Karl Marx

Q6.Which type of economy does the book mostly deal with?

A. Socialist economy B. Capitalist economy C. Mixed economy D. Developing economy

Q7.What distinguishes macroeconomics from microeconomics?

A. Macroeconomics deals with individual sectors, microeconomics with aggregates B. Macroeconomics examines interlinkages between sectors, microeconomics examines particular sectors assuming the rest remains same C. Macroeconomics focuses on government, microeconomics on firms D. Macroeconomics emerged in the 20th century, microeconomics in the 19th

Q8.Which of the following is NOT a key concept listed in the source text?

A. Rate of interest B. Wage rate C. Unemployment rate D. Inflation rate

Q9.What are the four factors of production?

A. Land, Labour, Capital, Entrepreneurship B. Land, Labour, Capital, Technology C. Land, Labour, Capital, Government D. Land, Labour, Capital, Exports

Q10.What is the term used in the source text for the domestic country selling goods to the rest of the world?

A. Imports B. Exports C. Capital outflow D. Trade surplus

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Economics Practice Quiz 120