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Questions and Answers
ECONOMIC AGENTS INCLUDE:
ECONOMIC AGENTS INCLUDE:
CONDITION WHERE WE STUDY THE EQUILIBRIUM IN ONE MARKET ONLY AND LEAVING OTHER MARKETS UNCHANGED
CONDITION WHERE WE STUDY THE EQUILIBRIUM IN ONE MARKET ONLY AND LEAVING OTHER MARKETS UNCHANGED
PARTIAL EQUILBRIUM
WHICH OF THESE IS NOT AN EXAMPLE OF A MICRO- MACRO PARADOX?
WHICH OF THESE IS NOT AN EXAMPLE OF A MICRO- MACRO PARADOX?
WHO IS THE FATHER OF MACROECONOMICS
WHO IS THE FATHER OF MACROECONOMICS
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WHICH OF THESE IS AN EXAMPLE OF MICROECONOMIC STUDY?
WHICH OF THESE IS AN EXAMPLE OF MICROECONOMIC STUDY?
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THE BOOK WRITTEN BY J M KEYNES IS
THE BOOK WRITTEN BY J M KEYNES IS
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WHICH OF THESE IS NOT AN SCOPE (USE) OF MACROECONOMICS
WHICH OF THESE IS NOT AN SCOPE (USE) OF MACROECONOMICS
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In the following questions, a statement of assertion (A) is followed by a statement of Reason (R). Mark the correct choice as given below:
ASSERTION: Aggregation is involved only in macroeconomics
REASON: Output of a firm is not a macro variable
In the following questions, a statement of assertion (A) is followed by a statement of Reason (R). Mark the correct choice as given below: ASSERTION: Aggregation is involved only in macroeconomics
REASON: Output of a firm is not a macro variable
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In the following questions, a statement of assertion (A) is followed by a statement of Reason (R). Mark the correct choice as given below:
ASSERTION: central bank of a country regulates the supply of money in the economy
REASON: total output and employment are taken as constant in macroeconomics
In the following questions, a statement of assertion (A) is followed by a statement of Reason (R). Mark the correct choice as given below: ASSERTION: central bank of a country regulates the supply of money in the economy
REASON: total output and employment are taken as constant in macroeconomics
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Study Notes
Economic Agents
- Economic agents include individuals, firms, governments, and central banks.
Microeconomics
- In microeconomics, we study the equilibrium in one market only, leaving other markets unchanged.
- Example of microeconomic study: Analyzing the behavior of a firm or an individual in a market.
Macroeconomics
- Father of macroeconomics: John Maynard Keynes.
- Book written by J.M. Keynes: (No specific book mentioned, but a famous one is "The General Theory of Employment, Interest and Money").
- Scope of macroeconomics: (All options are correct, but one is not mentioned in the text, so it cannot be determined).
Aggregation and Macroeconomics
- Aggregation is involved in macroeconomics.
- Assertion: Aggregation is involved only in macroeconomics.
- Reason: This is because output of a firm is not a macro variable.
Central Bank and Money Supply
- The central bank of a country regulates the supply of money in the economy.
- Assertion: Central bank regulates the supply of money in the economy.
- Reason: This is not because total output and employment are taken as constant in macroeconomics, but rather because the central bank's role is to manage the money supply.
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Description
Test your knowledge on economic agents with this quiz! Learn what the term 'economic agents' refers to and determine who can be included as an economic agent. Find out which option is not considered an economic agent. Challenge yourself and expand your understanding of economics!
