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Question
Do you agree with the following statement? Give reason.
The scope of Macro-Economics is wide.
Solution
The above statement is correct. Macroeconomics is all about the complete utilization of resources, full employment level, price stability, and growth of the economy. No economy is capable enough in utilizing all of its resources effectively and efficiently. In some economies, resources are underutilized, while in some economies resources are over utilized. To achieve an ever increasing growth rate and efficient utilization of resources, it is necessary to use macroeconomic models and policies. Since all the economies follow and frame macroeconomic policies for their economic growth, it can be said that it has a wide scope.
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