Unit 3.1 - Basic Concept of Macroeconomics - Exercise

  Exercise - Basic Concept of Macroeconomics

Very Short Answer Questions                                                             2 Marks

1. Who used the word or term 'macroeconomics' first time and when?
2. What is Macroeconomics?
3. Point out the scope of macroeconomics.
4. Define closed economy.
5. Define open economy.
6. Define closed and open economy.
7. What do you mean by macroeconomic variable?
8. Point out any four macroeconomic variables. 

Short Answer Questions                                                                      5 Marks

1. Explain the concept of macroeconomics.
2. Describe the scope of macroeconomics.
3. Define closed economy. What are its features?
4. Define open economy. What are its features?
5. Distinguish between closed and open economy.
6. What do you mean by macroeconomic variables? List out the major macroeconomic variables. 

Long Answer Questions                                                                      10 Marks

1. What do you mean by macroeconomics? Explain its scope.
2. Explain the concept of  closed and open economies with their characteristics.
3. Define macroeconomic variable. Explain the the major macroeconomic variables.