Complete the following statements by using the correct alternative. 1. The credit for development of macro economic approach goes to .......... A) Adam Smith B) Lord Keynes C) Ragn... Complete the following statements by using the correct alternative. 1. The credit for development of macro economic approach goes to .......... A) Adam Smith B) Lord Keynes C) Ragnar Frisch D) Alfred Marshall 2. In present times, the national income data are regarded as accounts of the economy, which are known as ............ A) national B) social C) statistical D) economic 3. .......... acts as a custodian of the country's foreign exchange reserves. A) RBI B) DFI C) FHI D) BSE 4. .......... has put forward the four canons of taxation. A) Prof. Findlay Shirras B) Adam Smith C) Alfred Marshall D) Prof. Hugh Dalton 5. The .............. period market is for a few days or weeks in which the supply of the commodity cannot be increased. A) Very short B) Short C) Long D) Medium Read more

Understand the Problem

The question presents multiple statements related to macroeconomics and asks for the correct alternatives to complete them. It includes specific concepts and terminology relevant to the field of economics.

More Information

Lord Keynes is credited with developing the macroeconomic approach, national income data reflects the national accounts, and the Reserve Bank of India handles foreign exchange reserves. Adam Smith proposed the four canons of taxation, and a very short period market refers to highly inelastic supply.

Tips

Confusing micro and macroeconomics; not recognizing key figures in economics history; mixing terminologies related to markets and taxes.

Sources

• Big Three in Economics - library.fa.ru
• Economics Notes - scribd.com
• History of economic thought - Wikipedia - en.wikipedia.org