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National Income Accounting
Question
Define microeconomics. Give one/two examples of microeconomics. Is study of cotton textile industry a microeconomic study or macroeconomic study?
Solution
Meaning of microeconomics — Briefly, microeconomics is the study of individual economic units of an economy. It is that part of economic theory which deals with the individual parts of the economic system like individual households, individual firms, individual industries, etc. It concerns with the study of individual choice and decision-making.
Study of cotton textile industry is a microeconomic study.
Study of cotton textile industry is a microeconomic study.
Some More Questions From National Income Accounting Chapter
Briefly explain the following basic concepts related to NI:
National Income (NI).
Briefly explain the following basic concepts related to NI:
Final Goods and Intermediate Goods.
Briefly explain the following basic concepts related to NI:
Consumption Goods and Capital Goods
Briefly explain the following basic concepts related to NI:
Flow and Stock Concepts
Briefly explain the following basic concepts related to NI:
Gross Investment and Net Investment
Briefly explain the following basic concepts related to NI:
Domestic (Economic) Territory
Briefly explain the following basic concepts related to NI:
Normal Residents
Briefly explain the following basic concepts related to NI:
National Income at Current and Constant Prices (Nominal and Real NI).
Briefly explain the following basic concepts related to NI:
Consumption of Fixed Capital (Depreciation).
Briefly explain the following basic concepts related to NI:
Factor Cost vs. Market Price (or Net Indirect Taxes)
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Mock Test Series
Mock Test Series