Macroeconomics Complete Notes | BIM, BBA, BBS, BBM

Macroeconomics 1 AN INTRODUCTION TO MACROECONOMY Meaning Lipsey-“macroeconomics is the study of the determination of economic aggregate and averages, such as, total output, total employment, the general price level, the rate of economic growth” E Boulding-“macroeconomics deals not with individual quantities as such with aggregates of those quantities not with individual income but with national […]

Chapter 6: Inflation

Very Short Question Answer 1.  What is meant by inflation? Inflation is a persistent and appreciable rise in general price level or decline in the value of money. It implies that there exist inverse relationship between price level and value of money. 2. How many types of inflation on the basis of speed? On the […]

Chapter 5: Income Determination Model

Very Short Question Answer 1. Who developed IS-LM model? IS-LM model was developed by J.R. Hicks in 1937 A.D. 2. Define IS curve. IS curve is defined as the locus various combinations of rate of interest and level of income which gives product market equilibrium. 3. Define LM curve. LM curve is the locus of […]

Chapter 3: Classical Theory of Employment

Very Short Question Answer 1. What is unemployment? Unemployment is defined as the non-availability of jobs or works for people who are able and willing to work at the existing wage rate. It is a problem to both developed and developing countries. It creates problems like poverty, inequality, robbery, prostitution, theft, crime etc. 2. What […]

Chapter 1- Introduction to Macroeconomics

Very Short Question Answer 1. What is Macroeconomics? Macroeconomics is the branch of economics which deals with economy as a whole. In other words, it is the study very large economy-wide aggregate variables like national income, money, price level, unemployment, economic growth rates etc. 2. Point out the scope of microeconomics. The scope of macroeconomics […]