Macro Economics — Winter 2021

Explain the circular flow of income and expenditure in different sectors of the economy.

Difference between microeconomics and macroeconomics.

Describe macroeconomics? Explain importance & limitations of macroeconomics?

Explain the different methods to measure national income.

Explain the classical theory of employment in detail, with the help of a figure

Explain the Keynesian life-cycle theory of consumption in detail

Describe classical theory of inflation. How is neo-classical theory of inflation different from the classical theory?

Define Money. Discuss in detail the functions of money.

What is meant by economic growth? Discuss all the factors affecting economic growth in detail.

What is meant by monetary policy? Elucidate in detail the quantitative instruments of monetary policy

What is meant by business cycle? What are the different phases of business cycle?

Explain different phases of economic growth, with the help of a figure.

Explain in detail Classical Quantity Theory of Money.

Describe the effect of inflation on different sections of the economy

Explain meaning and instruments of Fiscal policy?

Discuss in detail the demand-pull inflation and wage-push inflation

Describe principle of effective demand & Explain equilibrium level of Employment and Output?