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Centralised Economic Planning and Five-Year Plans

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Question

The publication of______General Theory, in 1936, gave a strong impetus to the growth and development of modern macro economics.

A

Keynes

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B

Robbins

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C

Marshall

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D

Ragner Frisch

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Solution

The correct option is A Keynes
Keynes general theory focused on income and employment of the nation which affects aggregate demand and supply of the nation which was the main branch of macro economics after national income.

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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.

Q. 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

Q. Fill in the blanks:-
1) The credit of development of macroeconomic approach must go to ________. (Dr. Marshall/ Prof. Pigou/ Lord Keynes/ Mrs. Joan Robinson)
2) _________ economics studies the problem of inflation in an economy. (Micro/ Macro/ Static/ Industrial)
3) Macroeconomics does not study _________. (whole economy/ national income/ aggregate supply/ product pricing)
4) _________ is the subject matter of Macroeconomics. (Growth theory/ Factory Pricing/ Market Structure/ Individual Incomes)
5) Micro and Macro approaches are ________. (competitive/ alternative/ substitutes/ complementary)

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. 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).

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