GK
BUSINESS ECONOMICS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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General price level is an example of ____
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Microeconomics
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Macroeconomics
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Either A or B
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None of the above
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Explanation:
Detailed explanation-1: -Microeconomics deals with various issues like demand, supply, factor pricing, product pricing, economic welfare, production, consumption, and more. Macroeconomics deals with various issues like national income, distribution, employment, general price level, money, and more. It is applied to internal issues.
Detailed explanation-2: -Microeconomics studies the decisions of individuals and firms to allocate resources of production, exchange, and consumption. Microeconomics deals with prices and production in single markets and the interaction between different markets but leaves the study of economy-wide aggregates to macroeconomics.
There is 1 question to complete.