Which one of the following is not covered in macro-economics?
Price and output determination of a commodity
The question rests on the basic division of economics into micro-economics, which studies individual units, and macro-economics, which studies the economy as a whole. We must spot the one item that belongs to the micro side.
Macro-economics deals with aggregates: the performance of the entire economy (national income, output, employment), the factors and forces behind economy-wide fluctuations such as business cycles, and the government's monetary and fiscal policies used to manage those aggregates. All three of these are squarely macro-economic subjects.
Price and output determination of a single commodity, however, is the classic subject of micro-economics. It analyses one market and one good, using the demand for and supply of that specific commodity to find its price and quantity. It looks at an individual unit, not the whole economy, so it does not belong to macro-economics.
Therefore, among the four, the item that is not covered in macro-economics is the price and output determination of a commodity.
Hence the answer is price and output determination of a commodity.
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