Match the items given in List – I and List – II by considering which of the following are macroeconomic issues and which are microeconomic ones : Codes :List – I List – II a. The level of government revenue i. Microeconomic b. The rate of inflation ii. Macroeconomic c. The price of T.V. set d. The amount saved last year by households
a-ii, b-ii, c-i, d-ii
The test for each item is simple: if it concerns the economy as a whole, through totals and averages, it is macroeconomic; if it concerns a single market, good, firm or consumer, it is microeconomic.
The level of government revenue is the total tax and non-tax receipts of the government, an economy-wide aggregate central to fiscal policy, so it is macroeconomic, giving (a)-(ii). The rate of inflation measures the change in the general price level across the whole economy, so it too is macroeconomic, giving (b)-(ii). The price of a T.V. set is the price of one particular good determined in one particular market, which is squarely microeconomic, giving (c)-(i). The amount saved last year by households is the aggregate saving of the household sector, a national income aggregate, so it is macroeconomic, giving (d)-(ii).
This produces a-ii, b-ii, c-i, d-ii, which is the fourth code. Note the deliberate contrast between item (b), the general price level, and item (c), a single price - the same word price belongs to different branches depending on whether it is one good's price or the average of all prices.
Hence the correct match is a-ii, b-ii, c-i, d-ii.
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