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Questions:

1. Who is considered the father of Macroeconomics?
2. What does NNP stand for?
3. What does the national income calculation ignore?
4. In a closed economy, what is total expenditure equal to?
5. What is included in transfer payments?
6. Explain the role of 'rest of the world' in a four-sector model.
7. What does a two-sector economy consist of?
8. Define the main aggregates used in national income studies.
9. Where is national income at equilibrium?
10. What is the relationship between income and consumption called?
11. Define the concept of marginal propensity to consume.
12. What is induced investment a function of?
13. According to classical economists, what causes unemployment?
14. Explain the theory 'supply creates its own demand'.
15. Who first developed the concept of the multiplier?
16. What is the formula for calculating the simple multiplier?
17. What is effective demand, and where does it occur?
18. What is the significance of ex-ante and ex-post concepts?
19. What is the relationship between APC and MPC in Keynesian theory?
20. What does the term 'liquidity trap' imply in economics?
21. What are the characteristics of stagflation?
22. Who proposed the relative income hypothesis?
23. Define the concept of the inflationary gap.
24. What is the main function of commercial banks?
25. Who introduced the concept of 'money illusion'?
26. Explain the relationship in Okun's Law.
27. What does the IS curve represent in economic analysis?
28. What is the LM curve, and what equality does it represent?
29. Who introduced the IS-LM curve analysis?
30. Discuss the main objectives of fiscal policy.
31. What is social advantage, and when is it maximum?
32. What is the role of public expenditure in economic stability?
33. What is the meaning of VAT and its significance?
34. Discuss the nationalization of commercial banks in India.