ECO122
1. The term macro was first used in economics by _____ in 1933
Keynes
Etilla Shuabu
Ragner Frisch
Adams Smith
2. John Maynard Keynes developed a general theory of income, output and employment in the wake of the Great Depression of ____
1933
1922
1928
1929
3. ______ gave an alternative definition of full employment at another place in his general theory publication
Adams Smith
Piguo
Keynes
John Mills
4. According an economists A.C Piguo, assert that there is a close relationship between economic welfare and national _____, because both of them are measured in terms of money
income
calculation
profit
All of the Options
5. To achieve full employment, Keynes advocated increase in ______ to bring about reduction in real wages
supply
welfare
effective demand
None of the Options
6. Macroeconomics studies the behavior of the whole ______ or economic systems rather than individual economic markets
aggregate demand
aggregate supply
aggregate money
aggregate economy
7. Piguo attaches great importance to economic _____ because welfare is a very wide term.
goods
welfare
activities
None of the Options
8. One of the goals of ______ policy is to stabilize the price level
economics
monetary
Miroeconomics
macroeconomics
9. _____ examines economy-wide phenomena such as changes in unemployment, national income, rate of growth of gross domestic product, inflation and price level
National income
Macroeconomics
Miroeconomics
All of the Options
10. Rising and falling ____ are both bad because they bring unnecessary loss to some and undue advantage to others
demand and supply
supply
prices
All of the Options
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