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Centralised Economic Planning and Five-Year Plans

Match the fol...

Question

Match the following :
Group "A" Group "B"
(1) Micro - Economics (a) Wealth of Nations
(2) Macro - Economics (b) Harrod and Domar
(3) Theory of Growth (c) Partial Equilibrium
(4) Lord Keynes (d) Principles of Economics
(5) Adam Smith (e) General Equilibrium
(f) General Theory of Employment Interest and. Money
(g) Business economics

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Solution

GROUP A GROUP B RELATIONSHIP
MICROECONOMICS PARTIAL EQUILIBRIUM Partial equilibrium is a counterpart of micro economic analysis.
MACROECONOMICS GENERAL EQUILIBRIUM General equilibrium is a counterpart of Macro economic analysis.
THEORY OF GROWTH HARROD AND DOMAR Harrod and domar propounded the economic growth model.
LORD KEYNES GENERAL THEORY OF EMPLOYMENT, INTEREST AND MONEY Lord Keynes wrote a paper titled the general theory of employment, interest and money
ADAM SMITH WEALTH OF NATIONS Adam Smith wrote a book titled the wealth of the nations.

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Q. Match the following

Group A		Group B
1)	Microeconomics	a)	Harrod and Domar
2)	Macroeconomics	b)	Partial equilibrium
3)	Theory of growth	c)	Principles of economics
4)	Lord Keynes	d)	General equilibrium
		e)	General theory of employment, interest and money
		f)	Business economics

Q. Fill in the blanks with appropriate alternatives given in the brackets.

1) The terms Micro and Macro Economics were first used by _______________. (Adam Smith/ Robbins/ Ragner Frisch/ Marshall).

2) Micro Economics is a study of _________. (Whole economy/ general price level/ National output/ Individual economic unit).

3) Micro Economics is also called as ________________. (Income theory/ Price theory/ Growth theory/ Employment theory)

4) Micro Economic analysis adopts __________________ method. (lumping/ aggregative/ Slicing/ inclusive)

5) Micro Economics is a __________________________ equilibrium approach. (partial/ general/ total/ multi-variable).

Q. Match the pairs.

	Group "A"		Group "B"
(1)	Adam Smith	(a)	Principles of Economics
(2)	Micro Economics	(b)	Aggregates
(3)	Macro Economics	(c)	Prof. Boulding
(4)	Dr. Marshall	(d)	Father of Economics
(5)	Theory of Welfare	(e)	Individual Units
		(f)	Economic Efficiency

Q. Match the following :

Group "A"	Group "B"
(1) Inflation and recession	(a) Father of Modern Economics
(2) Resource allocation	(b) Micro Economics
(3) Ragner Frisch	(c) Oslo University
(4) J.M. Keynes	(d) Macro economics
(5) Alfred Marshall	(e) Wealth of Nations
	(f) Factor - pricing

Q. Give reasons or explain the following statements

1) Macro-Economics is the study of aggregates.
2) Macro-Economics is also known as income and employment theory.
3) The scope of Macro-Economics is wide.
4) Macro-Economics deals with whole economy.
5) Macro-Economics is different from Micro-Economics.

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