1. Explain in your own words any three Macroeconomic variables from "Great Depression". 2. Explain your...

1. Explain in your own words any three Macroeconomic variables from "Great Depression".

2. Explain your answer for the following statements whether they are Macroeconomics or Microeconomics and why?

I. “The Price of Camel” Explain your answer for the following statements whether they are Macroeconomics or Microeconomics and why?

II. “The Growth and development of Oman Economy” Explain your answer for the following statements whether they are Macroeconomics or Microeconomics and why?

Expert Solution

1. A.Growth

It can be defined as a situation where economy can produce more goods and services compared to the previous time period.

B.Inflation

If prices of goods and services sustained for a long period then it is known as inflaton

C. Unemployment

It is a situation when a person wish to work and he is unable to find a work.

2.The price of camel: It is related to micro economics.The term micro means small. In micro economics we deals about individual cases and small things like individual demand,Individual income and expenditure etc.The price of camel is a individual case So , without any doubt we can say that it is part of micro economics

Growth and development of Oman Economy: It is related to macro economics.Because the term macro means large or big.So it deals about nation's income expenditure,GDP growth etc. So,directly we can say that this is part of macro economics

Rahul Sunny answered 2 years ago

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