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Questions
Macro economics is different from micro economics.
State with reasons whether you agree or disagree with the following statement.
Macro economics is different from micro economics.
Options
Agree
Disagree
Solution
Yes, I agree with the given statement.
Reason:
- Scope: Microeconomics is concerned with individual units; hence, its scope is limited. Macroeconomics research aggregates concepts; therefore, its reach is broad.
- Study method: Microeconomics uses the slicing approach to investigate individual units. Macroeconomics is a branch of economics that studies the economy in its entirety.
- Economic agents: In microeconomics, each economic agent is concerned with their own interests and wellbeing. In terms of macroeconomics. Individual economic agents differ, and their purpose is to maximise national welfare.
- Equilibrium: Microeconomics examines the country's partial equilibrium. Macroeconomics is the study of economic general equilibrium.
- Domain: Microeconomics includes theories such as consumer behaviour, production and cost, rent, wages, interest, and so on. Macroeconomics is concerned with the theory of income, output, and employment. Consumption, investment, inflation, and other functions.
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