Macro Economics — Summer 2020

What is macroeconomics? Explain importance of macroeconomics.

Difference between microeconomics and macroeconomics.

Explain in detail the circular flow of income and expenditure in a four sector of open economy, with the help of a diagram.

What is National income? Explain the concepts of National income.

Explain Say’s law of market?

Define Money. Discuss in detail the functions of money.

Explain in detail Classical Quantity Theory of Money.

Explain Keynesian theory of Income & Employment.

Explain the Keynesian life – cycle theory of consumption in detail.

Explain meaning and different phases of Business cycle, with the help of a diagram.

What is Unemployment? Explain the different kinds of unemployment?

What do you mean by economic growth? Discuss the factors affecting economic growth in detail.

What do you mean by Inflation? Explain different types of inflation.

Define monetary policy. Explain the instruments of monetary policy.

Define Fiscal policy. Explain the Scope of Fiscal policy.

Discuss in detail the instruments of fiscal policy

Define monetary policy. Explain the limitations of monetary policy.