carouse vs make merry

carouse is a noun but make merry is not a noun.

Word	Noun	Adjective	Verb	Adverb
carouse	Yes	No	Yes	No
make merry	No	No	Yes	No

As verbs, make merry is a hypernym of carouse; that is, make merry is a word with a broader meaning than carouse:

carouse: engage in boisterous, drunken merrymaking
make merry: celebrate noisily, often indulging in drinking; engage in uproarious festivities

Other hypernyms of carouse include jollify, make happy, make whoopee, racket, revel, wassail, whoop it up.

carouse (noun)	make merry (noun)
revelry in drinking; a merry drinking party

carouse (verb)	make merry (verb)
engage in boisterous, drunken merrymaking	celebrate noisily, often indulging in drinking; engage in uproarious festivities