Explain in detail the circular flow of income and expenditure in an open economy, with the help of a diagram.
[7 marks]What is the scope of macroeconomics? How is it different from microeconomics?
[7 marks]Explain the Keynesian life-cycle theory of consumption in detail
[7 marks]Explain in detail Fisher’s Quantity Theory of Money (QTM).
[7 marks]Explain the classical theory of employment in detail, with the help of a figure
[7 marks]Discuss in detail the functions of money.
[7 marks]What is meant by inflation? Explain the types of inflation in detail.
[7 marks]What is meant by economic growth? Discuss all the factors affecting economic growth in detail.
[7 marks]Discuss in detail the shortcoming of the barter system.
[7 marks]Explain different phases of economic growth, with the help of a figure.
[7 marks]Explain the neo-classical theory of economic growth.
[7 marks]Explain the Harrod-Domar theory of economic growth
[7 marks]Discuss the limitations of monetary policy and fiscal policy.
[7 marks]What is meant by monetary policy? Elucidate in detail the quantitative instruments of monetary policy
[7 marks]Discuss in detail the demand-pull inflation and wage-push inflation
[7 marks]Describe the effect of inflation on different sections of the economy
[7 marks]What is meant by fiscal policy? Discuss in detail the instruments of fiscal policy
[7 marks]