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Question

Macroeconomics basically concerns with which of the following in an economy?

This question was previously asked in
UGC NET 2014 Paper 1 Question Paper (28-Dec-2014)
The correct answer is

Employment, Inflation and Growth

Macroeconomics is the branch of economics that studies the economy as a whole rather than individual firms, consumers or industries. The question asks which set of concerns matches that aggregate focus.

Its basic concerns are employment, inflation and growth. These are the classic macroeconomic aggregates: the overall level of employment and unemployment in the economy, the general level of prices and how fast it is rising, and the rate at which total national output expands over time. Macroeconomic policy is largely built around managing precisely these three variables.

Industry, trade and commerce, or agriculture, industry and trade, are sectors of the economy; studying them individually is closer to sectoral or microeconomic analysis than to the economy-wide aggregates. Population, income and economic planning mixes demographic and policy topics that are not the defining macroeconomic trio. Only employment, inflation and growth names the core aggregate variables.

Hence macroeconomics basically concerns employment, inflation and growth.

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