Q1: Give one example of a microeconomic variable.
Ans: Demand for a particular good is a microeconomic variable.
Q2: Define macroeconomics.
Ans: Macroeconomics is the branch of economics that studies the behaviour of factors affecting the economy as a whole. It focuses on the behaviour of national level aggregates such as national income, total output, employment level, price level, etc. Macroeconomics is also called aggregative economics.
Q3: What is the name of Keynesian book published in 1936?
Ans: The name of the Keynesian book published in 1936 is The General Theory of Employment, Interest and Money’.
Q4: What is microeconomics?
Ans: Microeconomics is the branch of economics that studies the behaviour of individual decision making units such as households and firms. Equilibrium prices and quantities of goods and services are determined through the interaction of individuals in the market.
Q5: List the events of macroeconomic study.
Ans: The events of macroeconomic study include:
Q6: What is the scope of macroeconomics?
Ans: The scope of macroeconomics can be described as below:
Q7: What do you understand by macroeconomics?
Ans: The word ‘Macro’ is derived from the Greek word ‘Makros’, which means ‘large’. Macroeconomics I is the branch of economics that studies the behaviour of factors affecting the economy as a whole. It focuses on the behaviour of national-level aggregates such as national income, total output, employment level, price level, etc.
Macroeconomics is also called aggregative economics. While in microeconomics small groups of economic units are related to a particular good and a particular industry, in macroeconomics, these groups are related to all the goods and all the industries.
86 videos|334 docs|54 tests
|
|
Explore Courses for Commerce exam
|