Macro Economics — Winter 2022

What is Macroeconomics? Explain origin and growth of macroeconomics in detail.

Macroeconomics is a study of ‘Aggregates’. Elaborate. How it differs from micro economics

Explain the circular Flow of income and expenditure with the help of a flow chart.

Explain following terms. a. Flow Variable, b. Stock Variable, c. Equilibrium, d. Disequilibrium, e. Static analysis f. Comparative static analysis g. Dynamic analysis

What is National Income? Explain parameters of it.

Explain the classical theory of employment and its criticism.

Explain Say’s law of market and its assumption.

Explain Keynesian theory of employment with assumption. Also criticize the theory.

Explain income determination in two sector and three sector model.

Define consumption. Explain in detail life cycle theory of consumptions.

What is money? Explain function and importance of money.

What is meant by economic growth? explain different theories of growth.

What is Business cycle? Explain phases of business cycle.

What is inflation? Explain types of inflation.

Explain the Philip curve and factor behind Phillips-curve relations ship.

What is meant by monetary policy? Explain instrument or tools of Monetary policy.

What are fiscal instruments of fiscal policy? Explain.