Here we are providing 1 Mark Questions for Economics Class 12 Chapter 1 Introduction to Macroeconomics are the best resource for students which helps in class 12 board exams.
One Mark Questions for Class 12 Economics Chapter 1 Introduction to Macroeconomics
Question 1.
What is microeconomics?
Answer:
Microeconomics is the branch of economics that studies the behaviour of individual decision making units such as households and firms.. Equilibrium prices and quantities of goods and services are determined through the interaction of individuals in the market.
Question 2.
Define macroeconomics.
Answer:
Macroeconomics is the branch of economics that studies the behaviour of factors affecting the economy as a whole. It focuses on the behaviour of national level aggregates such as national income, total output, employment level, price level, etc. Macroeconomics is also called aggregative economics.
Question 3.
List the events of macroeconomic study.
Answer:
The events of macroeconomic study include:
(i) Rate of inflation
(ii) Level of unemployment
(iii) Decline in agricultural and industrial output
(iv) Fluctuations in business activities
(v) Accumulation of foreign exchange reserves
(vi) Capital market changes
Question 4.
Give one example of microeconomic variable.
Answer:
Demand for a particular good is a microeconomic variable.
Question 5.
What is the name of Keynesian book published in 1936?
Answer:
The name of the Keynesian book published in 1936 is The General Theory of Employment, Interest and Money’.