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5. How are micro economics and macro economics complementary to each other ?
Or
Explain with example interdependence between micro and macro economics.
Ans:- Although micro economics and macro economics are two approaches to the study
of economic phenomena yet they are interdependent and complementary to each
other. For instance on economy comprises all the producing units located within a
given geographical area. Thus total output of an economy is nothing but sum total
of outputs of individual producing units indicating dependence of macro analysis
upon micro analysis.
6. What is the alternative name of micro – economics?
Ans: Price Theory
7. What is the alternative name of macro economics ?
Ans:- Theory of income and Employment.
8. Name the Keynes most notable book and also tell its year of publication.
Ans:- “General Theory of Employment, Interest and Money”. ’1936’