chapter 7 macroeconomics homework answers

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Macroeconomics Homework Help

Modern economic analysis has been divided into two main branches like micro-economics and macro-economics. The word ‘micro’ comes from the Greek word ‘mikros’ meaning small. Therefore microeconomics whose literal translation is ‘economic in the small’, studies the economic actions of the individual economic units like a household or a firm. Similarly the word ‘macro’ has been derived from the Greek word ‘macros’ meaning large. So macroeconomics literally means economics in the large’ which studies the economic aggregates like national income, aggregate output and general price level.

Meaning of Macroeconomics

Macroeconomics refers to that branch of economics which studies the aggregate economic variable like the national income, aggregate output and general price level.

According to K.E Boulding, “Macroeconomics is that part of economics which deals with the great aggregates and averages of the system rather than with particular items in it and attempts to define these aggregates in useful manner, and to examine how they are related and determined.”

Edward Shapiro defines, “Macroeconomics, in its briefest description, is the study of the economy’s total output, employment and the price level”.

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Macroeconomics Homework Help Topics

• Administrative Revenue
• Aggregate Demand Price
• Aggregate Demand
• Aggregate Supply
• Aggregate Supply Price
• Balance Budget
• Capital Expenditure
• Circular Flow in Money Economy
• Circular Flow of Income
• Commercial Revenue
• Consumption Demand
• Demerits of Balanced Budget
• Developmental and Non Developmental Expenditure
• Differences Between Nominal and Real GDP
• Difference Between Balanced and Unbalanced Budget
• Difference Between Micro and Macroeconomics
• Difficulties of Allocation of Income
• Effective Demand
• Expenditure Method of National Income
• Features of GDP
• Fee and Special Assessment
• Function of Money
• GDP and Welfare
• GNP at Market Price
• Gross Domestic Product at Market Price
• Gross National Product at Factor Cost
• Household Consumption Demand
• Income Method of National Income
• Investment Demand
• Money and Near Money
• National Income
• Net Domestic Product at Factor Cost
• Net Domestic Product at Market Price
• Net Export Demand
• NNP at Market Price
• Nominal GDP
• Non-Plan Expenditure
• Objectives of Govt. Budget
• Personal Disposable Income
• Personal Income
• Plan Expenditure
• Private Income
• Private Investment Demand
• Product Method of National Income
• Public Expenditure
• Public Finance
• Revenue Expenditure
• Surplus Budget
• Tax and Fee
• Tax and Price
• Tax and Special Assessment
• Unbalanced Budget

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