Explain the circular flow of income and expenditure in different sectors of the economy.
[7 marks]Difference between microeconomics and macroeconomics.
[7 marks]Describe macroeconomics? Explain importance & limitations of macroeconomics?
[7 marks]Explain the different methods to measure national income.
[7 marks]Explain the classical theory of employment in detail, with the help of a figure
[7 marks]Explain the Keynesian life-cycle theory of consumption in detail
[7 marks]Describe classical theory of inflation. How is neo-classical theory of inflation different from the classical theory?
[7 marks]Define Money. Discuss in detail the functions of money.
[7 marks]What is meant by economic growth? Discuss all the factors affecting economic growth in detail.
[7 marks]What is meant by monetary policy? Elucidate in detail the quantitative instruments of monetary policy
[7 marks]What is meant by business cycle? What are the different phases of business cycle?
[7 marks]Explain different phases of economic growth, with the help of a figure.
[7 marks]Explain in detail Classical Quantity Theory of Money.
[7 marks]Describe the effect of inflation on different sections of the economy
[7 marks]Explain meaning and instruments of Fiscal policy?
[7 marks]Discuss in detail the demand-pull inflation and wage-push inflation
[7 marks]Describe principle of effective demand & Explain equilibrium level of Employment and Output?
[7 marks]