Maharashtra State BoardHSC Arts 12th Board Exam
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Do You Agree with the Following Statement? Give Reason. Macro-economics is a Partial Equilibrium Analysis. - Economics

Answer in Brief

Do you agree with the following statement? Give reason.

Macro-Economics is a partial equilibrium analysis.

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The above statement is not correct. Macroeconomics is a general equilibrium analysis. It studies all the economic variables simultaneously and also takes into account the functional relationship of these variables.  This approach assumes “everything depends on everything else”. On the other hand, partial equilibrium is the method of study in microeconomics.

Concept: Meaning and Features of Macro Economic
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Micheal Vaz Economics HSC 12th Standard Maharashtra State Board
Chapter 8 Introduction to Macro Economics
Exercise | Q 1.5 | Page 69
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